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Axis Bank partners with RBI Innovation Hub to launch credit cards
August 18, 2023
Axis Bank, one of the largest private sector banks in India, today announced the launch of two lending products powered by the Public Tech Platform for Frictionless Credit (PTPFC), introduced by the Reserve Bank Innovation Hub (RBIH), a wholly owned subsidiary of the RBI. The RBI had earlier in the week announced the launch of the PTPFC.
Axis Bank will offer Kisan Credit Card (KCC) and unsecured MSME loans to small business customers, powered by the platform. Both the products will be offered in a completely digital manner and require no submission of documents by customers. As a pilot, Kisan Credit Cards will be offered in Madhya Pradesh and will be available to customers for upto ₹1.6 lakh to start with. MSME loans will be available across the country and will offer loans upto ₹10 lakh to customers.
As part of the pilot, Axis Bank will leverage the PTPFC for accessing data for customers in a fully consented and secure manner. These include PAN validation, Aadhaar eKYC, Account Aggregator data, verification of land records and penny drop service to validate bank accounts. Given that the data will come directly from authenticated sources, the Bank expects to be able to offer faster and better credit services to customers.
Based on the learnings from this pilot, the Bank will expand the scale of existing products and launch new products on the platform in a calibrated manner. The products will be available in both self-serve and assisted mode, to enable maximum reach and support to customers through the journey.
Important Links:
- 4-IN-1 Professional Diploma in Banking, Financial Services & Insurance (PDBFSI): https://tscfm.org/courses/4-in-1-professional-diploma-in-banking-financial-services-insurance-pdbfsi/