Reserve Bank of India Governor Shaktikanta Das announced on Monday that the central bank’s new Unified Lending Interface (ULI) platform, designed to enable “frictionless credit,” will be launched soon. Currently, the platform is in the pilot stage.
Governor Das explained that by digitizing access to customers’ financial and non-financial data, which previously existed in separate silos, ULI aims to meet the significant unmet credit demand across various sectors, especially for agricultural and MSME borrowers.
“The new platform will facilitate a seamless, consent-based flow of digital information, including land records from various states, from multiple data service providers to lenders. This will significantly reduce the time required for credit appraisal, particularly for smaller and rural borrowers,” said Shaktikanta Das.
Governor Shaktikanta Das added that ULI’s plug-and-play approach will allow borrowers to benefit from seamless credit delivery and quicker turnaround times without extensive documentation.
Highlighting UPI’s transformative impact on the payments ecosystem, Das stated that ULI will similarly revolutionize the lending space in India.
“The ‘new trinity’ of JAM-UPI-ULI will mark a revolutionary step forward in India’s digital infrastructure journey,” he said.