RBI to launch Unified Lending Interface to transform lending space

RBI Governor Shaktikanta Das on Monday said the pilot of a technology platform which enables frictionless credit is now proposed to be called as the ‘Unified Lending Interface’ (ULI). He said the ULI is a further step on the journey of digitalisation of banking services.

This innovative digital platform is set to transform the way credit is accessed and disbursed in the country, particularly for underserved segments.

What is the Unified Lending Interface?

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.