Reserve Bank of India (RBI) governor Shaktikanta Das on August 26 explained the features of the central bank’s project for a public tech platform for frictionless credit that he said will now be called Unified Lending Interface (ULI).
“We propose to now call the tech platform for frictionless credit the Unified Lending Interface (ULI),” he said in his inaugural address at the Global Conference on DPI and Emerging Technologies in Bengaluru, as part of RBI@90 initiative.
From UPI to ULI
Das said the current ecosystem of digital payments offers a unique bouquet of quick and safe transfer of funds.
He noted that the Unified Payment Interface (UPI) was launched in April 2016 by the National Payments Corporation of India (NPCI), which has played a significant role in the growth of digital payments in India.
Similarly, last year, the central bank launched a pilot of a tech platform for frictionless credit, which will now be called Unified Lending Interface (ULI), though its launch will be done in “due course,” the governor said.
RBI governor explains what ULI will do and how it will help
-ULI cuts down time for credit appraisal for small borrowers
-Entire ULI system is consent base; data privacy is protected
-This reduces the complexity of multiple tech integration
-We expect ULI will play a similar role in transforming the lending ecosystem in India
-New trinity of JAM, UPI and ULI will be a revolutionary step forward in India's digital journey
The nationwide launch of ULI will be done in due course, the governor said.
The central bank launched the pilot project for the public tech platform for frictionless credit on August 17, 2023. It was done via the Reserve Bank Innovation Hub (RBIH), a wholly-owned subsidiary of the RBI.
The platform, RBI had said, would enable the delivery of frictionless credit by facilitating a seamless flow of required digital information to lenders.
www.cnbctv18.com
“We propose to now call the tech platform for frictionless credit the Unified Lending Interface (ULI),” he said in his inaugural address at the Global Conference on DPI and Emerging Technologies in Bengaluru, as part of RBI@90 initiative.
From UPI to ULI
Das said the current ecosystem of digital payments offers a unique bouquet of quick and safe transfer of funds.
He noted that the Unified Payment Interface (UPI) was launched in April 2016 by the National Payments Corporation of India (NPCI), which has played a significant role in the growth of digital payments in India.
Similarly, last year, the central bank launched a pilot of a tech platform for frictionless credit, which will now be called Unified Lending Interface (ULI), though its launch will be done in “due course,” the governor said.
RBI governor explains what ULI will do and how it will help
-ULI cuts down time for credit appraisal for small borrowers
-Entire ULI system is consent base; data privacy is protected
-This reduces the complexity of multiple tech integration
-We expect ULI will play a similar role in transforming the lending ecosystem in India
-New trinity of JAM, UPI and ULI will be a revolutionary step forward in India's digital journey
The nationwide launch of ULI will be done in due course, the governor said.
The central bank launched the pilot project for the public tech platform for frictionless credit on August 17, 2023. It was done via the Reserve Bank Innovation Hub (RBIH), a wholly-owned subsidiary of the RBI.
The platform, RBI had said, would enable the delivery of frictionless credit by facilitating a seamless flow of required digital information to lenders.
Just like the UPI, RBI is ready with a unified lending interface, or ULI - CNBC TV18
RBI's public tech platform for frictionless credit will now be called Unified Lending Interface (ULI). Here's how it works:
