RBI Announces Unified Lending Interface (ULI) Launch in the Future

The Reserve Bank of India (RBI) on Thursday announced one nation-wide technology platform: the new version of UPI -- Unified Lending Interface (ULI). It is aimed to assist in the quick processing of loans for individual very particularly those belonging from rural areas. To make loans faster and cheaper in origination costs, ULI is being designed to improve the lending process.

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• ULI seeks to streamline loan application information within government departments and credit institutions
• ULI Identifies Web API BestSuites Ecosystem with Simple Data Transmission, UniformAPIs and Less Paper Flow.
• The ULI will be under guaranteed high credit demand -- especially agriculture and small businesses.
• Acknowledged as a move to strengthen the digital infrastructure, just like JAM and UPI efforts in India.

Taking into account how UPI has changed the way Indians look at digital payments

• Transformative Digital Payments Ecosystem UPI one of the most successful stories in Indian fintech — Since its launch in Feb 2016
• This can help standardise the loan delivery framework, empower borrowers and contribute to growth of Indian economy.