The Unified Lending Interface (ULI), a technology platform that facilitates seamless credit, will be implemented nationwide by the Reserve Bank of India (RBI) in due course.
He delivered the opening address at the two-day Global Conference on Digital Public Infrastructure and Emerging Technologies in Bengaluru, which was convened to commemorate the RBI’s 90th anniversary.
ULI enables the seamless transfer of digital information, such as land records from a variety of states, from multiple data service providers to lenders. This reduces the duration of the credit appraisal process, particularly for rural and smaller consumers.
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The entire system is consent-based, meaning that it is predicated on the consent of the prospective borrower. He also stated that the requirement of data privacy is entirely protected. The complexity of numerous technical integrations is mitigated by this platform.
It allows borrowers to enjoy the convenience of seamless credit delivery and a faster turnaround time without the need for exhaustive documentation.
The ULI is anticipated to transform the lending ecosystem in India in the same way as the UPI transformed the payments ecosystem.
This initiative is of paramount importance to all policymakers and authorities, regardless of their affiliation with governments, central banks, private banks, or private financial corporations.
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