UNIFIED LENDING INTERFACE (ULI)-  to boost rural credit

RBI, central Bank of India, likely to introduce and advanced technology ULI(The Unified Lendiing Interface) for making it easier for the rural people to get access to loans. This will definitely will improve the financial Inclusion in rural areas. ULI is designed to improve the lending process by lowering costs and speeding up how quickly loans are given out.

The Unified Payments Interface (UPI)

The Unified Payments Interface (UPI), launched in 2016, has completely changed how digital payments are made in India. It allows people to make real-time transactions through a single mobile app that connects with multiple banks. UPI has been very successful and has drawn global attention for its efficiency, playing a big role in increasing digital payments in India. 

The Unified Lending Interface (ULI)

ULI enables seamless, consent-based digital information flow, including land records from various sources to lenders, speeding up credit appraisal for small businesses and rural borrowers. Its standardised, plug-and-play APIs simplify integration, reducing the need for extensive documentation. ULI addresses unmet credit demand, particularly for agriculture and MSMEs, by digitising access to financial and non-financial data.

Features of ULI

Easy Information Sharing:

Standardized APIs(Application Programming Interface)

Less Paperwork

More scope for Financial Inclusion

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