ULI will simplify the loan process:RBI
The Reserve Bank of India (RBI) last year launched a pilot project of a new scheme to promote digital banking. The scheme, called Frictionless Credit Platform, was launched with the aim of simplifying the loan disbursement process. The name of this platform has now been changed to Unified Loan Interface (ULI).
In his speech in Bengaluru, RBI Governor Shaktikanta Das said, Unified Loan Interface (ULI) will simplify and speed up the disbursement of loans. Along with this, it will be easier for banks and non-banking financial companies to lend. Lending agencies will get important digital information like land records from one place.
It is expected to reduce both the time and paperwork involved in processing the results, Governor Das said. The governor further said that Unified Loan Interface (ULI) will benefit the small villages and towns and small and medium enterprises (MSMEs) of the country. Unified Loan Interface (ULI) is developed based on plug and play model. This makes it easy for any organization to adopt.
Based on the good experience of the pilot project, Unified Loan Interface (ULI) will soon be implemented across the country. However, Digital Public Infrastructure (DPI) broadly refers to core technology systems built into the public domain. It is freely available to users and other developers.
