What is Unified Lending Interface?
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ULI is a platform that facilitates the seamless flow of a customer’s digitised financial and non-financial data from multiple data service providers to lenders, making credit underwriting seamless and customer journeys frictionless for a diverse range of borrowers.
The RBI on August 10, 2023 had announced the setting up of a Public Tech Platform for Frictionless Credit and has announced the introduction of a new technology platform called the Unified Lending Interface (ULI) by its subsidiary Reserve Bank Innovation Hub.ULI is a digital platform that is expected to make the lending process easy. It would enable friction-less credit while delivering banking services to farmers and MSME borrowers.ULI facilitates seamless flow of digital information, including land records of various states, from multiple data service providers to lenders. It is expected to cater to large unmet demand for credit across various sectors, particularly among agricultural and MSME borrowers.The ULI architecture has common and standardised APIs designed for a plug-and-play approach to ensure digital access to information from diverse sources, i.e., information relevant to a lender giving out a loan to a potential borrower.The entire system is based on the consent of the potential borrower. ULI reduces the complexity of multiple technical integrations.ULI will be part of the ‘new trinity’ of JAM (Jan Dhan, Aadhaar, and Mobile), UPI, and ULI, representing a significant advancement in India’s digital infrastructure.