Get Personal Loan upto ₹10 Lakhs in 10 mins!

  • Employment Type

    RBI Gov Shaktikanta Das unveils ULI, says ’new trinity of JAM-UPI-ULI will be a revolutionary step’ in lending space

    The Reserve Bank of India is set to launch a nationwide 'Unified Lending Interface' (ULI) platform, aiming to revolutionise the lending landscape in India by streamlining the credit appraisal process, particularly for small and rural borrowers.

    Livemint, Written By Shivangini
    Updated27 Aug 2024, 10:15 PM IST
    RBI Gov Shaktikanta Das unveils ULI, says 'new trinity of JAM-UPI-ULI will be a revolutionary step' in lending space
    RBI Gov Shaktikanta Das unveils ULI, says ’new trinity of JAM-UPI-ULI will be a revolutionary step’ in lending space(Photo: PTI)

    The Reserve Bank of India (RBI) will introduce its ‘Unified Lending Interface’ (ULI) technology platform across the nation, RBI Governor Shaktikanta Das announced on August 26.

    Introduced as a pilot project last year, the platform aims to provide “frictionless credit” and will soon be available nationwide.

    Get Quick Cash in just Minutes!

    Best Personal Loan for you at lowest interest rate
    Instant Apply
    Also Read | PM Modi congratulates Shaktikanta Das for ‘A+’ rating in Global Finance Report

    Speaking at the Global Conference on Digital Public Infrastructure and Emerging Technologies in Bengaluru, Shaktikanta Das said, “Just like UPI transformed the payments ecosystem, we expect that ULI will play a similar role in transforming the lending space in India. The ‘new trinity’ of JAM-UPI-ULI will be a revolutionary step forward in India's digital infrastructure journey,” as reported by ANI.

    The ULI platform is designed to streamline and simplify the credit appraisal process, particularly for small and rural borrowers. By enabling the seamless and consent-based flow of digital information—including land records from various states—between data service providers and lenders, the platform significantly reduces the time required for credit approvals.

    Also Read | PM Modi congratulates Shaktikanta Das for ‘A+’ rating in Global Finance Report

    Shaktikanta Das explained that the ULI architecture features common and standardised APIs, enabling a ‘plug-and-play approach. This design reduces the complexity of integrating multiple technical systems, allowing borrowers to benefit from quicker access to credit with minimal documentation.

    “By digitising access to both financial and non-financial data that traditionally existed in separate silos, ULI is expected to address the substantial unmet demand for credit across various sectors, particularly for agricultural and MSME borrowers,” Das said, as quoted by ANI.

    Also Read | Transferred money to the wrong UPI ID? Here’s how to recover it fast

    He also highlighted the success of the Unified Payment Interface (UPI), noting, "The current ecosystem of digital payments in India offers a bouquet of simple, safe, and secure options for instant or quick transfer of funds, both large and small value, for businesses and individuals,” as quoted by ANI.

    Governor Das emphasised the RBI's ongoing efforts to secure and strengthen the financial system. “We are constantly working on devising policies, approaches, systems, and platforms that will make our financial sector stronger, nimble, and customer-centric,” he stated, as quoted by ANI.

    Compare & Apply for Credit Cards!

    Instant Approval
    Wide Choices
    Apply Now

    Catch all the Business News , Economy news , Breaking News Events andLatest News Updates on Live Mint. Download TheMint News App to get Daily Market Updates.

    MoreLess
    First Published:27 Aug 2024, 10:15 PM IST
    Business NewsEconomyRBI Gov Shaktikanta Das unveils ULI, says ’new trinity of JAM-UPI-ULI will be a revolutionary step’ in lending space
    Know your CIBIL Score for free
    Get Instant Loan at Low Interest Rates
    Bajaj Finserv
    Loan Amount Upto
    Upto 40 Lacs
    Tenure
    12-60 months
    Rate of Interest
    14% - 18%*
    Processing Fee Upto
    Upto 1.15% of loan amount
    Axis Bank
    Loan Amount Upto
    Upto Rs 50 Lacs
    Tenure
    12-84 months
    Rate of Interest
    starts from 16%*
    Processing Fee Upto
    1.5% of loan amount
    View More Offers
    Calculators
    EMI Calculator
    Calculate your monthly installment amount for a loan based on the principal, interest rate, and tenure
    Income Tax Calculator
    Choose the right income tax regime & discover your tax savings
    Best offers for you
    Personal Loans
    100% Digital, Zero Paperwork.
    Credit score
    Know your score for Free.
    HomeMarketsPremiumInstant LoanMint Shorts