The Reserve Bank of India’s (RBI) Unified Lending Interface (ULI) will enable consent based flow of digital information, including even land records of various states, from multiple data service providers to lenders, thereby leading to lower credit appraisal time, Governor Shaktikanta Das said today.
“The ULI architecture has common and standardised APIs, designed for a ‘plug and play’ approach to ensure digital access to information from diverse sources. This reduces the complexity of multiple technical integrations,” he said.
By digitising access to customer’s financial and non-financial data that otherwise resided in disparate silos, Das said the ULI is expected to cater to large unmet demand for credit across various sectors, particularly for agricultural and MSME borrowers.
“Just like UPI transformed the payments ecosystem, we expect that ULI will play a similar role in transforming the lending space in India.,” Das said, adding that the ‘new trinity’ of JAM-UPI-ULI will be a “revolutionary” step forward in India’s digital infrastructure journey.