RBI Governor Shaktikanta Das introduces ULI and describes it as a groundbreaking advancement in the lending sector, forming a new trinity with JAM and UPI. The Reserve Bank of India is preparing to roll out a nationwide ‘Unified Lending Interface’ (ULI) platform. This platform aims to transform the lending landscape by simplifying the credit assessment process, particularly for small and rural borrowers.

RBI Governor Shaktikanta Das unveiled ULI and stated that the new trinity of JAM-UPI-ULI will revolutionise lending. On August 26, RBI Governor Shaktikanta Das declared that the Reserve Bank of India (RBI) will launch its ‘Unified Lending Interface’ (ULI) technology platform nationwide.

Initially introduced as a trial project last year, the platform seeks to provide “seamless credit” and will soon be accessible nationwide.

During a Technology event in Bengaluru, Shaktikanta Das remarked, “Similar to how UPI revolutionised the payments ecosystem, we anticipate that ULI will have a comparable impact on transforming the lending landscape in India. The ‘new trinity’ of JAM-UPI-ULI will be a momentous advancement in India’s digital infrastructure journey,” as reported by ANI.

The ULI platform is structured to simplify and streamline credit assessments, particularly for small and rural borrowers. By enabling the smooth flow of digital information, including land records from different states, between data service providers and lenders based on consent, the platform significantly reduces the time required for credit approvals.

Shaktikanta Das explained that the ULI architecture incorporates common and standardised APIs, enabling a ‘plug-and-play’ approach. This design reduces the complexity of integrating multiple technical systems, allowing borrowers to gain faster access to credit with minimal documentation.

As quoted by ANI, Das mentioned that digitising access to traditional and non-financial data is expected to address the significant unmet demand for credit across various sectors, particularly for agricultural and MSME borrowers.

He also highlighted the success of the Unified Payment Interface (UPI), noting, “The current ecosystem of digital payments in India offers a range of simple, secure, and safe options for instant or quick transfer of funds, both for large and small amounts, for businesses and individuals,” as quoted by ANI.

Governor Das emphasised the RBI’s continuous efforts to safeguard and fortify the financial system. “We are consistently working on devising policies, strategies, systems, and platforms that will fortify our financial sector, making it more agile and customer-focused,” he stated, as quoted by ANI.

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