ULI platform to revolutionize lending by speeding up credit access for small, rural businesses.
Digital flow of data via ULI aims to slash loan processing times, easing credit for agriculture and MSMEs.
RBI’s ULI could mirror UPI’s impact, streamlining lending and boosting economic growth in key sectors.
India is gearing up to launch a new digital platform designed to make lending easier for small and rural businesses, tackling a major issue with credit access across the board. The Governor of the Reserve Bank of India (RBI), Shaktikanta Das, announced the upcoming Unified Lending Interface (ULI) at a recent event, highlighting its potential to reshape India’s lending market.
The ULI platform aims to speed up credit assessments by allowing the smooth, consent-based sharing of digital information between borrowers and lenders. Governor Das explained that the ULI will give digital access to key information like land records from various sources, directly to financial institutions.
This digital data flow is expected to shorten loan processing times, especially helping smaller and rural borrowers who often experience delays due to the mountain of paperwork typ…
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