Unified Lending Interface: The UPI payment system has been successful in bringing about a revolutionary change in the retail digital payment ecosystem in India due to the digital payment that happens in seconds, which is acknowledged by the whole world. After the revolution in digital payment through UPI (Unified Payment Interface), taking forward the journey of digitalization of banking services, RBI is preparing to bring about big changes through digital credit which has been named ULI (Unified Lending Interface).
After UPI, now ULI is coming
Reserve Bank of India Governor Shaktikanta Das said in his address at a program related to Digital Public Infrastructure and Emerging Technologies in Bengaluru that RBI is running a pilot project of Unified Lending Interface (ULI) technology platform for frictionless credit in which the loan approval system will be streamlined so that loans can be given to people in a very short time. This will be of great benefit to those who take loans of small amounts.
Unified lending interface will be launched soon
The RBI Governor said that after the experience of the pilot project, Unified Lending Interface (ULI) will soon be launched across the country. He said that just as the UPI payment system has been successful in bringing a big change in the entire digital payment ecosystem, in the same way the Unified Lending Interface is set to bring a big change in India’s lending space. According to Shaktikanta Das, the new trio of Jan Dhan Aadhaar Mobile-UPI-ULI (JAM-UPI-ULI) will prove to be a milestone in India’s journey of digital infrastructure.
Agriculture and MSME sector will benefit
Shaktikanta Das said that, in this platform, along with multiple 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 to small and rural areas in less time. Borrowers will get seamless delivery of credit and will also get rid of heavy documentation. The lending institution will be able to get financial and non-financial data of customers in one place. The RBI Governor said, Unified Lending Interface will benefit those sectors in which the credit demand has not been met till now. Especially people associated with agriculture and MSME sector who want to take loan will get a big benefit.
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