RBI to Roll Out Unified Lending Interface Nationwide Soon

The RBI will soon launch the Unified Lending Interface (ULI) nationwide, aiming to simplify and expedite credit access. Governor Shaktikanta Das announced this at a global conference, highlighting ULI's role in transforming India's lending ecosystem by leveraging seamless digital information flow from diverse sources.

The technology platform for providing 'frictionless credit' launched by the Reserve Bank of India (RBI) last year as a pilot project will soon be introduced nationwide, said RBI Governor Shaktikanta Das on Monday. This platform will be named 'Unified Lending Interface (ULI),' Das announced while speaking in Bengaluru at the Global Conference on Digital Public Infrastructure and Emerging Technologies.

'Just like UPI transformed the payments ecosystem, we expect that ULI will play a similar role in transforming the lending space in India,' said Das. He referred to the 'new trinity' of JAM-UPI-ULI as a revolutionary step forward in India's digital infrastructure journey. ULI facilitates a seamless, consent-based flow of digital information from multiple data service providers to lenders, including land records from various states.

Introduced last year as a pilot project, ULI reduces the time taken for credit appraisal, especially for small and rural borrowers. Das explained that the ULI architecture employs common and standardized APIs designed for a 'plug and play' approach, ensuring digital access to information from diverse sources. 'This reduces the complexity of multiple technical integrations and enables borrowers to receive credit more easily and quickly without extensive documentation,' Das stated. The platform is expected to address the large unmet demand for credit, particularly for agricultural and MSME borrowers.

Expressing confidence in ULI, Das reiterated, 'Just like UPI transformed the payments ecosystem, we expect that ULI will play a similar role in transforming the lending space in India.' He emphasized that the 'new trinity' of JAM-UPI-ULI represents a significant advancement in India's digital infrastructure journey.

Discussing the success of the Unified Payment Interface (UPI), Das noted, 'The current ecosystem of digital payments in India offers a range of simple, safe, and secure options for instant or quick transfer of funds, both large and small value, for businesses and individuals. The RBI is consistently working to secure the financial system in the country.'

'We are constantly working on devising policies, approaches, systems, and platforms to make our financial sector stronger, nimble, and customer-centric,' Das concluded. (ANI)

(With inputs from agencies.)