Axis Bank goes live on account aggregator platform; loan disbursals up 30% month-on-month
An early investor in the AA framework, Axis Bank's loan disbursals have increased more than 30 per cent month-on-month since going live on the data sharing platform
Axis Bank on Thursday said it has started disbursing loans through the Account Aggregator (AA) framework, which enables easy and instant access to financial information of customers in a secure manner.
The country's third largest private sector lender has already gone live on multiple Account Aggregators like Anumati-AA, OneMoney-AA and FinViu-AA, covering retail and SME customers.
An early investor in the AA framework, Axis Bank's loan disbursals have increased more than 30 per cent month-on-month since going live on the data sharing platform.
The bank offers personal loans, credit cards, auto loans and small business loans through the account aggregator system, Axis Bank said in a release.
The lender said one can get instant loans in a completely digital and paperless manner.
AA is a powerful proposition which is scaling up rapidly allowing easy and instant access to financial information of customers in a safe and secure manner.
For customers, the AA framework is a big enabler as their financial information spread across multiple banks, insurers, mutual funds and other institutions are consolidated under a single digital framework, making it easily accessible.
Sameer Shetty, President and Head - Digital Business and Transformation, Axis Bank, said in keeping with the bank's open approach, it can offer instant, digital and paperless loan solutions to customers.
"Customers can share their bank details with us and get access to loans. Account Aggregators are entities licensed by the RBI and offer customers a seamless digital journey to share their bank accounts with other regulated entities.
"We believe this is transformational, as it will improve lending of digital products and help in democratizing access to credit," Shetty said.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Retirement Planning: SIP+SWP combination; Rs 15,000 monthly SIP for 25 years and then Rs 1,52,000 monthly income for 30 years
Top Gold ETF vs Top Large Cap Mutual Fund 10-year Return Calculator: Which has given higher return on Rs 11 lakh investment; see calculations
Retirement Calculator: 40 years of age, Rs 50,000 monthly expenses; what should be retirement corpus and monthly investment
SBI 444-day FD vs Union Bank of India 333-day FD: Know maturity amount on Rs 4 lakh and Rs 8 lakh investments for general and senior citizens
Home loan EMI vs Mutual Fund SIP Calculator: Rs 70 lakh home loan EMI for 20 years or SIP equal to EMI for 10 years; which can be easier route to buy home; know maths
Power of Compounding: How many years it will take to reach Rs 2 crore corpus if your monthly SIP is Rs 3,000, Rs 4,000, or Rs 5,000
10:15 PM IST