RBI to launch Unified Lending Interface to speed up credit for rural borrowers

Daily Current Affairs / RBI to launch Unified Lending Interface to speed up credit for rural borrowers

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Category : Business and economics Published on: August 30 2024

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The Reserve Bank of India (RBI) has introduced the 'Unified Lending Interface (ULI)' technology platform nationwide, aiming to simplify credit appraisals and enhance access to credit, especially for small and rural borrowers, by enabling seamless, consent-based digital information flow between service providers and lenders.
The ULI platform, inspired by the success of the Unified Payments Interface (UPI), features standardized Application Programming Interfaces (APIs) to reduce the complexity of multiple technical integrations, speeding up credit approvals with minimal documentation.