Axis Bank launches digital lending services powered by RBIH’s PTPFC
Axis Bank, one of India’s premier private banks, has introduced two digital lending products supported by the Reserve Bank Innovation Hub’s (RBIH) Public Tech Platform for Frictionless Credit (PTPFC). Offering Kisan Credit Cards (KCC) up to Rs. 1.6 lakh initially in Madhya Pradesh and MSME loans up to Rs. 10 lakh nationwide, the platform aims for a seamless digital experience without requiring document submission from customers.
Leveraging PTPFC, Axis Bank will access customer data securely, encompassing PAN validation, Aadhaar eKYC, and more. This integration ensures swifter credit services due to data acquisition from authenticated sources. The bank aims to upscale and diversify its product range based on insights from this initial phase, offering both independent and assisted access for user convenience.
Deputy Managing Director of Axis Bank, Rajiv Anand, emphasized the bank’s commitment to “OPEN” Banking and its eagerness to employ platforms like PTPFC for scalable and efficient lending processes. He sees this as a step forward in bolstering India’s credit spectrum.
Sameer Shetty, President & Head of Digital Banking and Transformation, remarked on PTPFC’s role in heralding a new era of credit democratization in India. By facilitating access to verified underwriting data, he envisions reduced lending costs while maintaining commendable credit quality. As pioneers, Axis Bank anticipates tapping into the immense opportunities this platform presents.