Reserve Bank to launch ULI app for quick loans

BENGALURU: The Reserve Bank is launching a digital platform called Unified Lending Interface (ULI) to provide quick loans to customers. Speaking in Bengaluru at the event of the Global Conference on Digital Public Infrastructure and Emerging Technologies, Reserve Bank Governor Shaktikanta Das said ULI is an app based on the UPI model.

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 pilot project of ULI was launched last August. Through ULI, it will be possible to digitally identify eligible borrowers and transfer loan amounts quickly into the customers' accounts. Shaktikanta Das said that the 'new trinity' of JAM-UPI-ULI will be a revolutionary step forward in India's digital infrastructure journey.

Digital Lending Interface

A Digital Lending Interface is a system that quickly approves loans by digitally evaluating the information available to the central government, state governments, banks, financial institutions, and credit analysis agencies. This will significantly reduce the personal verification time for customers.