After UPI, RBI will now launch Unified Lending Interface or ULI for friction less credit

Banglore, Aug 26: The technology platform for providing "frictionless credit" launched by the Reserve Bank of India (RBI) last year as a pilot project will be introduced nationwide soon, said Reserve Banks of India Governor, Shaktikanta Das on Monday.

This technology platform will be named "Unified Lending Interface (ULI)", Das said while speaking in Bengaluru at the event of the Global Conference on Digital Public Infrastructure and Emerging Technologies.

Governor Dassaid "Just like UPI transformed the payments ecosystem, we expect that ULI will play a similar role in transforming the lending space in India. The 'new trinity' of JAM-UPI-ULI will be a revolutionary step forward in India's digital infrastructure journey."

The ULI platform facilitates a seamless and consent-based flow of digital information, including even land records of various states, from multiple data service providers to lenders.

The technology platform introduced last year as a pilot projects cuts down the time taken for credit appraisal, especially for small and rural borrowers.

Das stated 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.