Axis Bank on Thursday 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.
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Axis Bank will offer Kisan Credit Card (KCC) and unsecured MSME loans to small business customers, powered by the platform. Both 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 available to customers for up to Rs 1.6 lakh to start with. MSME loans will be available across the country and will offer loans up to Rs 10 lakh to customers.
