Unified Lending Interface, commonly referred to as ULI, is an Indian digital lending interface.[1] ULI was introduced by Reserve Bank of India to speed up the process of giving loans. It facilitates the flow of digital information, such as land records from various states, directly to lenders.[2] It integrates an open architecture with open Application Programming Interfaces (APIs), allowing various financial institutions to connect in a ‘plug and play’ model.[3][4][5]
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It is currently in pilot stage.[6]
History
editUnified Lending Interface is aimed at reducing the time taken for appraisal, especially for small borrowers in rural areas. It is currently under pilot stage. The interface is expected to serve as the place for sourcing data to lenders from multiple sources about the potential borrowers. It is a consent based process.[7]
Service
editThe ULI platform consolidates data from various sources, including Aadhaar e-KYC, state government land records, PAN validation, and account aggregators for facilitating the lending process.[8]
See also
editReferences
edit- ^ "RBI introduces Unified Lending Interface: All you need to know". India Today. 2024-08-26. Archived from the original on 2024-09-22. Retrieved 2024-08-26.
- ^ "Unified Lending Interface is in pilot stage, will be launched nationwide in due course, says RBI Governor Shaktikanta Das". The Economic Times. 2024-08-26. ISSN 0013-0389. Archived from the original on 2024-09-22. Retrieved 2024-08-26.
- ^ "RBI to launch Unified Lending Interface: What is it and how will it benefit borrowers". The Indian Express. 2024-08-26. Archived from the original on 2024-08-26. Retrieved 2024-08-26.
- ^ "After UPI, RBI will now launch Unified Lending Interface or ULI for friction less credit". ANI News. Archived from the original on 2024-09-22. Retrieved 2024-08-26.
- ^ Syed, Falaknaaz (2024-08-26). "RBI to Launch ULI for Frictionless Credit Small, Rural Borrowers". www.deccanchronicle.com. Archived from the original on 2024-08-26. Retrieved 2024-08-26.
- ^ "RBI to launch Unified Lending Interface to provide 'frictionless credit'". The New Indian Express. 2024-08-26. Retrieved 2024-08-26.
- ^ "RBI Governor Launches Unified Lending Interface (ULI): What Is This?". News18. 2024-08-26. Archived from the original on 2024-08-26. Retrieved 2024-08-26.
- ^ "From UPI To Unified Lending Interface: RBI's Next Big Leap In Financial Technology". Times Now. 2024-08-26. Archived from the original on 2024-08-26. Retrieved 2024-08-26.