BENGALURU: The Reserve Bank of India is set to launch a new digital platform known as the Unified Lending Interface (ULI), designed to streamline and expedite the loan application process. Announced at the Global Conference on Digital Public Infrastructure and Emerging Technologies in Bengaluru, the ULI app is modeled after the successful Unified Payments Interface (UPI).
The ULI platform aims to enhance the efficiency of loan approvals by enabling a smooth and consent-based transfer of digital information. This includes accessing and verifying land records from various states and integrating data from multiple service providers directly with lenders. By doing so, ULI will allow for a more rapid identification of eligible borrowers and facilitate the swift transfer of loan amounts into their accounts.
Governor Shaktikanta Das highlighted that the introduction of ULI represents a significant advancement in India’s digital infrastructure, referring to it as part of a ‘new trinity’ alongside JAM (Jan Dhan-Aadhaar-Mobile) and UPI. The ULI system is designed to digitally assess and approve loans by evaluating data from central and state governments, banks, and credit agencies, thus greatly reducing the time required for personal verification.
The pilot phase of the ULI project began last August, and its broader rollout is expected to revolutionize the lending process by making it more efficient and accessible.
