NEW DELHI: India is set to launch the “Unified Lending Interface” (ULI) nationwide, following its pilot project last year, according to Shaktikanta Das, Governor of the Reserve Bank of India (RBI). Das announced the upcoming rollout of ULI at the Global Conference on Digital Public Infrastructure and Emerging Technologies in Bengaluru.
Das compared ULI to the Unified Payments Interface (UPI), which revolutionized digital payments in India. He expects ULI to similarly transform the lending sector by streamlining the process. ULI will allow for a smooth, consent-based exchange of digital information, including land records from various states, between data service providers and lenders. This will reduce the time required for credit appraisal, particularly benefiting small and rural borrowers.
The ULI platform simplifies the lending process by reducing the need for extensive documentation and multiple technical integrations. This means borrowers will experience faster credit approvals and easier access to loans.
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Das highlighted the success of UPI in creating a secure and efficient digital payments ecosystem in India. He believes ULI will bring similar improvements to the lending sector, making it easier for individuals and businesses to access credit quickly and efficiently.
