ULI will transform the lending space in India, says Das
Reserve Bank Governor Shaktikanta Das on Monday (August 26, 2024) said the central bank is constantly working on policies, systems, and platforms to make the country’s financial sector strong, nimble and customer-centric.
Addressing the RBI@90 Global Conference on ‘Digital Public Infrastructure and Emerging Technologies’, Mr. Das recalled various initiatives being taken by the RBI with regard to Unified Lending Interface (ULI) and Central Bank Digital Currency (CBDC).
He talked about India’s advancements in the field of digitalisation of financial services. He further said Unified Payments Interface (UPI), a real-time payment system, has emerged as a robust, cost-effective and portable retail payment system and is attracting active interest across the globe.
“Continuing on this journey of digitalisation of banking services, last year we launched the pilot of a technology platform which enables frictionless credit. From now on, we propose to call it the Unified Lending Interface (ULI),” he said.
The ULI platform facilitates seamless and consent-based flow of digital information, including 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.
He said that by digitising access to the customer’s financial and non-financial data that otherwise resided in disparate silos, ULI is expected to cater to large unmet demand for credit across various sectors, particularly for agricultural and MSME borrowers.
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