Ease of lending

Following a pilot project, the Reserve Bank of India (RBI) is preparing to launch a new nationwide Unified Lending Interface, or ULI, in due course.

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The platform seeks to enhance lending to various sectors of the economy, especially agriculture, and micro, small, and medium enterprises (MSMEs).

Once implemented, it has the potential to transform the credit landscape in the country, akin to the Unified Payments Interface (UPI), which revolutionised digital payments. At the recently held RBI@90 Global Conference on “Digital Public Infrastructure and Emerging Technologies", RBI Governor Shaktikanta Das highlighted the ULI platform would facilitate a seamless and consent-based flow of digital information from multiple data service providers to lenders. Notably, the ULI architecture will ensure digital access to information from diverse sources, enabling lenders to get accurate information about the creditworthiness of potential borrowers.