Axis Bank Collaborates with RBIH to Introduce KCC and MSME Loans
Amongst the first banks to go live leveraging the Public Tech Platform for Frictionless Credit
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 Rs. 1.6 lakh to start with. MSME loans will be available across the country and will offer loans upto Rs. 10 lakh to customers.
