Finance Ministry, RBI discuss scaling up unified lending interface

The finance ministry together with Reserve Bank held a meeting with various stakeholders, including state government representative to deliberate on ways to scale up Unified Lending Interface (ULI).

ULI is a new digital public infrastructure (DPI) designed to streamline the lending process, similar to UPI in the payment space. It is a technology platform built to facilitate easy access to authenticated data from various sources, through standardised APIs to which all lenders can connect seamlessly through a plug and play' model.

Financial Services Secretary M Nagaraju and RBI Deputy Governor T Rabi Sankar co-chaired a meeting with officials from various ministries/departments of Government of India and state governments on scaling up ULI, the finance ministry said in a post on X.

 

ULI is envisioned as a DPI for credit delivery designed to integrate technology, data, and policy into one seamless platform, Nagaraju said during the meeting which saw participation of senior officials of 13 departments and 11 state governments, among others.

During the meeting, the RBI Deputy Governor highlighted that ULI is a DPI of national importance and urged the participants for onboarding their datasets on the platform to tap into its potential, it said.

Nagaraju urged the stakeholders to nominate nodal officers for fast-tracking the integration of government datasets with ULI in order to make ULI India's next UPI on the credit side.