After the Unified Payment Interface (UPI), now RBI is preparing to bring a big change to take forward the journey of digitization of Indian banking services, which has been named ULI (Unified Lending Interface).
Now ULI will come after UPI
Reserve Bank of India Governor Shaktikanta Das said in his address at a program related to Digital Public Infrastructure and Emerging Technology in Bengaluru.
RBI is running a pilot project of a Unified Lending Interface (ULI) technology platform for frictionless credit in which the loan approval system will be streamlined so that people can be given loans in a very short time.
This will be very beneficial for those taking loans of small amounts. Unified Lending Interface will have been launched soon.
The RBI Governor said that after experiencing the pilot project, Unified Lending Interface (ULI) will soon be launched across the country.
He said that just as the UPI payment system has succeeded in bringing a big change in the entire digital payment ecosystem, in the same way, Unified Lending Interface is preparing to bring big changes in the lending space of India.
According to Shaktikanta Das, the new trio of Jan Dhan Aadhar Mobile-UPI-ULI (JAM-UPI-ULI) will be proved to be a new milestone in India’s journey of improved digital infrastructure.
Agriculture and MSME sectors will benefit
Shaktikanta Das said that in this platform, along with many data providers, lending institutions will also have land records of different states, in which seamless and consent-based digital information will also be available.
This will make it easy to give loans in less time even in small and rural areas. Borrowers will get rid of heavy documentation along with seamless delivery of credit.
Lending institutions will be able to get financial and non-financial data of customers in one place.
RBI Governor said that the Unified Lending Interface will benefit those sectors in which the demand for credit has not yet been met.
Especially people associated with agriculture and MSMEs who want to take loans will get a big benefit.
ULI can bring a big revolution in the field of digital credit in India. This will make it easier and faster to take loans.
This will be especially beneficial for small businesses and farmers. We hope that ULI will launch soon and make digital financial services more accessible in India.