INSUBCONTINENT EXCLUSIVE:
RBI Governor Shaktikanta Das announces launch of Unified Lending Interface (ULI) across nation
(Photo: PTI)3 min read Last Updated Aug 26 2024 | 11:32 AM IST
The Reserve Bank of India (RBI) Governor Shaktikanta Das on Monday said
that the central bank was set to launch Unified Lending Interface (ULI) nationwide soon as it expects this platform to transform the lending
sector in India much like UPI has transformed the payments ecosystem.
The pilot for ULI was launched last year by RBI to enable
expect that ULI will play a similar role in transforming the lending space in India
of digital information, including even land records of various states, from multiple data service providers to lenders.
This cuts down the
time taken for credit appraisal, especially for smaller and rural borrowers.
Das further explained that the ULI architecture has common
and standardised APIs, designed for a 'plug and play' approach to ensure digital access to information from diverse sources resulting in
reducing the complexity of multiple technical integrations.
As a result, it enables borrowers to get the benefit of seamless delivery of
and non-financial data that otherwise resided in disparate silos, ULI is expected to cater to large unmet demand for credit across various
that there should not be any rush to roll out system-wide CBDC before one acquires a comprehensive understanding of its impact on users, on
Actual introduction of CBDC can be phased in gradually
Undoubtedly, CBDC has the potential to underpin the payment systems of the future, both for domestic payments and also cross-border
of payments, currently both the offline and programmability functionalities are also being tested
The programmability feature of CBDC could serve as a key enabler for financial inclusion by ensuring delivery of funds to the targeted
