Lending takes turn for U: How new credit platform can be a game changer

Moving pieces need to be synchronised for Unified Lending Interface to work

Last fortnight, Reserve Bank of India (RBI) Governor Shaktikanta Das put the spotlight back on a drably termed year-old pilot project: Public tech platform for frictionless credit (PTPFC). “From now on, we propose to call it the Unified Lending Interface… just like UPI  (Unified Payments Interface) transformed the payments ecosystem, we expect that ULI will play a similar role in transforming the lending space”.

Developed by the Innovation Hub (RBIH), a subsidiary of the central bank, ULI is meant to enable seamless flow of digital information to lenders. It is to knit data residing with central and