Reserve Bank of India (RBI) governor Shaktikanta Das said it will soon roll out the Unified Lending Interface (ULI) across the country, aimed at transforming India's lending sector in the same way the Unified Payments Interface (UPI) revolutionised the payments ecosystem.
The new platform will provide lenders consent-based digital access to customers' financial and non-financial data - including land records - stored in various silos, helping them to lend seamlessly, especially to farmers and micro, small and medium enterprises (MSMEs).
Currently, credit assessment is not seamless as data is available across various sites such as the central and state governments, local authorities, banks and identity authorities. ULI will reduce the time taken for credit assessment, especially for small and rural borrowers.
Continuing this journey of digitisation of banking services, Das said at the Global Conference on Digital Public Infrastructure and Emerging Technologies, "We have launched a pilot of a technology platform that enables frictionless lending.
