- New Platform Launch: The RBI is preparing to launch the United Lending Interface (ULI), a new technology platform designed to simplify access to credit for India’s underbanked and financially excluded borrowers.
- Target Audience: ULI aims to address the large unmet demand for credit, particularly among agricultural and MSME (micro, small, and medium-sized enterprises) borrowers.
- Functionality and Features:
- Pilot Phase: The platform has been in a pilot phase since its inception last year.
- Seamless Data Flow: ULI facilitates the seamless flow of digital information, including land records from various states and other data from multiple service providers to lenders.
- Standardised APIs: It uses standardised APIs and a consent-based approach to reduce the complexity of multiple technical integrations for lenders.
- Streamlined Credit Processes: For borrowers, it offers quicker credit delivery and reduced documentation requirements by digitising financial and non-financial data.
- Comparison with UPI: The inception of ULI builds on the success of India’s United Payments Interface (UPI), a retail payment system that has seen significant growth since its launch in 2016.
- Expansion Beyond India: In January 2024, the National Payments Corporation of India (NPCI) announced a partnership with Google Pay to expand UPI internationally. In February, the NPCI also announced that UPI would be rolled out in France through Lyra Network.
