Unified Lending Interface: Shaping a New Frontier in Digital Credit

The finance ministry and the Reserve Bank of India recently engaged with stakeholders to explore the prospects of scaling up the Unified Lending Interface (ULI). Seen as a digital public infrastructure with transformative potential, similar to UPI in the payment industry, ULI aims to overhaul the credit delivery system across the nation.

During the meeting, Financial Services Secretary M Nagaraju and RBI Deputy Governor T Rabi Sankar emphasized ULI's potential to ensure frictionless credit access for every Indian. The platform seeks to integrate technology, data, and policy into a seamless system, encouraging financial inclusion and efficient service delivery.

RBI Deputy Governor T Rabi Sankar highlighted ULI as a national asset, urging state and central departments to contribute data to the platform. Nagaraju encouraged stakeholders to fast-track dataset integration, aiming to create a robust lending ecosystem akin to UPI's impact on payments.

(With inputs from agencies.)