Transforming Credit: Scaling Up Unified Lending Interface

The finance ministry and Reserve Bank discuss scaling up the Unified Lending Interface (ULI), a new digital public infrastructure to simplify lending, much like UPI for payments. Officials stress its importance and urge stakeholders to integrate datasets for streamlined credit processes.

The finance ministry, in partnership with the Reserve Bank, convened a significant meeting with stakeholders including state officials, to strategize on enhancing the Unified Lending Interface (ULI). This meeting aimed at scaling up ULI, a recent digital public infrastructure akin to UPI, but focused on simplifying lending processes.

Described as a digital revolution in credit, the ULI platform is designed to facilitate seamless access to authenticated data via standardized APIs. M Nagaraju and T Rabi Sankar spearheaded the discussion, highlighting ULI's potential to transform credit delivery by integrating technology, data, and policy.

Addressing the assembly, the RBI Deputy Governor underscored the national significance of ULI, urging dataset integration to realize its full potential. Stakeholders were encouraged to assign dedicated officers for fast-tracking data integration, positioning ULI to potentially mirror UPI's success in the financial sector.

(With inputs from agencies.)