RBI’s Unified Lending Interface aims to enhance ease of lending
With seamless flow of information, ULI will make it easy for lenders to assess creditworthiness of borrowers, mainly benefitting MSMEs and agri sectors
The platform will cut down time for loan approval and disbursement, making the process more efficient with minimal documentation
There is a significant gap between credit supply and demand, especially in rural areas. ULI aims to address this gap
Moving beyond credit scores, ULI will use advanced algorithms and data sources like land records and digital footprints to ease risk assessment
While ULI promises lending growth, banks must mobilise higher deposits. RBI will also need to monitor lending practices closely