RBI urges participants to onboard datasets on ULI to tap into its potential

Reserve Bank of India

The Reserve Bank of India's (RBI) Deputy Governor has urged participants to onboard their datasets on Unified Lending Interface (ULI) platform so as to tap into its potential, Department of Financial Services said on June 23 through a social media post on platform X.

The Unified Lending Interface (ULI) is a digital platform aimed at streamlining the lending process, similar to how the Unified Payments Interface (UPI) ignited  digital payments in India.

Finance Secretary Ajay Seth and RBI deputy governor T Rabi Sankar were part of the meeting which was also attended by senior officials from 13 Ministries/Departments of Government of India, 11 State Governments, RBIH, RBI and DFS.

Secretary, DFS urged 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.

ULI is being developed as a digital public infrastructure to expedite and simplify the loan disbursal process for MSMEs by allowing lenders to verify key documents and borrower credentials in real time. It integrates multiple data sources, including land records, audited financials and GST filings into a single interface accessible to banks and non-bank lenders.

The push to fast-track the ULI also aligns with the government's broader vision for digital lending and inclusive fintech growth.

The RBI had launched the pilot version of ULI, then known as the Public Tech Platform for Frictionless Credit, in August 2023. It was formally announced as ULI by then RBI governor Shaktikanta Das at the RBI@90 Global Conference in Bengaluru on August 26, 2024.