Mumbai: Reserve Bank of India (RBI) governor Shaktikanta Das said that the central bank was set to launch Unified Lending Interface (ULI) nationwide soon as it expects this platform to transform the lending sector in India. The pilot for ULI was launched last year by RBI to enable frictionless credit. After this, the RBI has decided to launch ULI nationwide.
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.
“In sum, by digitising access to 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,” he added.
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