Fin Min, RBI Meet Govt Officials On Scaling Up Unified Lending Interface

(MENAFN- Live Mint) M. Nagaraju, secretary, department of financial services (DFS) and officials of the Reserve Bank of India on Monday held a meeting with officials from various ministries and departments of the Union and state governments on scaling up the planned Unified Lending Interface (ULI).

ULI is an online platform that provides consent-based financial and non-financial data of borrowers from multiple service providers to lenders. The main aim of ULI is to support micro, small and medium enterprises.

Currently, ULI is in its testing phase and its nationwide launch is awaited.

Also read | Mint Quick Edit | Dial ULI for digital credit outreach

Participants at the meeting, called by the finance ministry, included senior officials from 13 ministries and Departments of the Union government, 11 state governments, RBIH (Reserve Bank Innovation Hub) RBI and DFS.

Nagaraju said ULI is envisioned as a digital public infrastructure for credit delivery-designed to integrate technology, data, and policy into one seamless platform.

Nominate nodal officers

He also urged stakeholders to nominate nodal officers for fast-tracking the integration of government datasets with ULI in order to make ULI India's next UPI on the credit side.

This unified interface is expected to reduce paperwork and time spent in the lending process.

The platform would provide borrowers with data on a unified platform and help speed up loan approvals by reducing the time taken in data collection from multiple sources.

Also read | India's Unified Lending Interface is worth much more than it seems

ULI will allow lenders to access the financial and non-financial data of customers including land records, credit scores, etc through a consent-based system. This platform will collect the data from multiple sources in a single place.

The main objective of ULI is to speed up the loan approval process by providing easy data access to lenders. It will be helpful for borrowers seeking quick loan approvals and lenders who need financial and non-financial data of borrowers for quick verification.

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