Reserve Bank of India (RBI) Governor Shaktikanta Das has said that a nationwide launch of the Unified Lending Interface (ULI) will happen in due course. ULI platform facilitates seamless and consent based flow of digital information, including even land records of various states, from multiple data service providers to lenders. This cuts down the time taken for credit appraisal, especially for smaller and rural borrowers. The ULI architecture has common and standardised APIs, designed for a 'plug and play' approach to ensure digital access to information from diverse sources. This reduces the complexity of multiple technical integrations. It enables borrowers to get the benefit of seamless delivery of credit, quicker turnaround time without requiring extensive documentation.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content