While the Unified Payment Interface (UPI) of the Reserve Bank of India is famous in the world, now to bring revolution in the loan sector, RBI is preparing to introduce Unified Lending Interface i.e. ULI in the country. After its arrival, taking loan will become easier. Addressing a program on Monday, RBI Governor Shaktikanta Das shared information about it and told who will benefit from it and how?
Amazing hope like UPI
The Reserve Bank of India (RBI) started the pilot project of ULI last year with the aim of making work in the loan sector easy and smooth and now it can be launched soon. This integrated loan platform is being prepared especially for providing loans easily and in less time to the people of small and rural areas. Just as there was a revolution in the payment system after the arrival of UPI and there was a big change in its methods, similar expectations are being expressed for change in the loan sector.
Farmers and MSME will get loan quickly!
During a program, RBI Governor Shaktikanta Das gave information about this and said that continuing the journey of digitization of banking services, we started using this platform last year, which makes the loan process easy without any hindrance. On its launch, especially farmers and micro, small and medium enterprises (MSME) will be able to get loans quickly. Referring to the features of this platform, he said that it will have other data including land records of different states. Through which the time taken in loan approval for borrowers in small and rural areas will be greatly reduced.
No more documents are required for the loan
RBI Governor Shaktikanta Das further said that the Unified Landing Interface is a part of the digitization of banking services. ULI actually provides digital data, including land records of loan takers from various data providers, which helps in reducing the time taken in credit valuation.
He said that ULI has been designed in such a way that it collects information from different sources, due to which the loan applicants do not need to provide too many documents and they can get the loan easily. The ULI platform will collect the necessary information related to the customer applying for the loan such as Aadhaar, E-KYC as well as land records, PAN and account from different sources in a short time.
Will provide easy access to customer data
Talking about the working of ULI, it is clear that it will work to simplify the digital loan process. According to Shaktikanta Das, the financial and non-financial data of customers which is still buried in files and takes a long time to search while taking a loan, this ULI makes the work easier by providing easy digital access to it. According to Das, ULI has been designed with a ‘plug and play’ approach, which reduces many types of complexities in the loan process.
Simply put, it integrates an open architecture with an open application programming interface (API) allowing different financial institutions to connect in a ‘plug and play’ model and make all customer-related information available through a single platform.
Source (PTI) (NDTV) (HINDUSTANTIMES)