Unified Lending Interface likely to move from Mint Road's hub to new entity

Commercial banks to be stakeholders in NPCI-like body

The Unified Lending Interface (ULI) may be taken out of the Reserve Bank Innovation Hub (RBIH) and housed in a separate utility with banks as stakeholders.

“A new utility has to be created for ULI for it to become commercial. This cannot happen within the RBIH, a wholly-owned subsidiary of the central bank,” said a senior official. Neither the Reserve Bank of India (RBI) nor its subsidiaries undertake commercial operations.

Given the nature of ULI, the sources said, it cannot be folded into the National Payments Corporation of India (NPCI), which has been set up under the