New Delhi: The Reserve Bank of India (RBI) is set to launch a Unified Lending Interface (ULI) to streamline the process of accessing credit, informed the governor Shaktikanta Das. This innovative platform will connect borrowers with multiple lenders, allowing for faster and more efficient loan approvals. The ULI aims to reduce the time and effort required for borrowers to compare loan offers and secure financing.
The pilot for ULI was launched last year by RBI to enable frictionless credit. After this, the RBI has decided to launch ULI nationwide. By consolidating the lending process, the RBI hopes to promote financial inclusion and make credit more accessible to a wider range of borrowers.
“Just like UPI transformed the payments ecosystem, we expect that ULI will play a similar role in transforming the lending space in India. The ‘new trinity’ of JAM-UPI-ULI will be a revolutionary step forward in India’s digital infrastructure journey,” Shaktikanta Das said at the Global Conference on “Digital Public Infrastructure and Emerging Technologies.
You Know UPI, What Is ULI?
According to Das, ULI facilitates a seamless and consent-based flow of digital information, including even land records of various states, from multiple data service providers to lenders. This cuts down the time taken for credit appraisal, especially for smaller and rural borrowers.
Das further explained that the ULI architecture has common and standardised APIs, designed for a ‘plug and play’ approach to ensure digital access to information from diverse sources resulting in reducing the complexity of multiple technical integrations.
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