Unified Lending Interface: RBI Announces Launch of ULI, Know How it Will Help in Loan Services?

Business News: On August 26th, the Reserve Bank of India (RBI) announced to launch the Unified Lending Interface (ULI) soon. Along with ULI, Aadhar E-KYC, the State Government's land record, PAN Validation, and Account Aggregator will work together to simplify the credit and loan application process by combining data from several sources. It will help in facilitating the development of a simple and efficient credit platform for the country. 

Benefits of ULI

ULI will work specifically with small borrowers to expedite the credit evaluation process. In August 2023, the RBI launched a test of a technical platform ULI for frictionless credit. During the pilot phase, the platform primarily focused on Kisan Credit Card Loan, Dairy Loan, MSME Loan, Personal Loan, and Home Loan. The RBI intends to gradually launch ULI across the country.  According to Governor Shaktikanta Das, this will bring significant changes in the country's financial industry, similar to the UPI system.