Axis Bank's shares experienced a nearly 1% increase in value on August 18 following the approval of its new Executive Director. At 12:33 pm, the stock was trading at Rs 942.45 on the NSE, reflecting a 0.69% rise. The Reserve Bank of India sanctioned the appointment of Subrat Mohanty as Executive Director for a three-year term, beginning August 17. Alongside this news, Axis Bank introduced two lending products – Kisan Credit Cards and MSME loans – as part of its growth strategy.
The bank's newly launched Kisan Credit Card (KCC) and MSME loans will be facilitated through the Public Tech Platform for Frictionless Credit (PTPFC), a system established by the Reserve Bank Innovation Hub (RBIH). This move aligns with the RBI's efforts to streamline credit processes by leveraging digital information.
The lending products provided digitally without the need for document submission, will initially be available for customers in Madhya Pradesh (KCC) and across India (MSME loans). Axis Bank aims to use PTPFC's data resources to assess customer eligibility, including PAN validation, Aadhaar eKYC, Account Aggregator data, land record verification, and account validation.
The bank intends to expand and diversify its product offerings through the platform based on its learnings from the pilot phase. Axis Bank's management expressed enthusiasm about the potential for more efficient lending processes and improved customer experiences.
Several brokerage firms have expressed optimism about Axis Bank's prospects. They've assigned target prices and 'buy' ratings, citing the bank's steady performance and growth potential. The bank's stock has gained 10.31% over the past six months, outpacing the 7.8% rise in the Nifty Bank index.
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The bank's newly launched Kisan Credit Card (KCC) and MSME loans will be facilitated through the Public Tech Platform for Frictionless Credit (PTPFC), a system established by the Reserve Bank Innovation Hub (RBIH). This move aligns with the RBI's efforts to streamline credit processes by leveraging digital information.
The lending products provided digitally without the need for document submission, will initially be available for customers in Madhya Pradesh (KCC) and across India (MSME loans). Axis Bank aims to use PTPFC's data resources to assess customer eligibility, including PAN validation, Aadhaar eKYC, Account Aggregator data, land record verification, and account validation.
The bank intends to expand and diversify its product offerings through the platform based on its learnings from the pilot phase. Axis Bank's management expressed enthusiasm about the potential for more efficient lending processes and improved customer experiences.
Several brokerage firms have expressed optimism about Axis Bank's prospects. They've assigned target prices and 'buy' ratings, citing the bank's steady performance and growth potential. The bank's stock has gained 10.31% over the past six months, outpacing the 7.8% rise in the Nifty Bank index.
highly accurate banknifty calls
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