Private sector lender Yes Bank on September 17 announced that it has partnered with NICDC Logistics Data Services Limited (NLDSL) in order to develop use-cases to support corporate users in augmenting their supply chain on the Unified Logistics Interface Platform (ULIP) under government's new logistics policy that was announced today.
The announcement came after Prime Minister Narendra Modi launched the new National Logistics Policy (NLP) at the Vigyan Bhawan in New Delhi.
The policy is aimed at promoting seamless movement of goods and enhancing the competitiveness of the industry by reducing costs. It is expected to focus on areas such as process re-engineering, digitisation, and multi-modal transport. The move assumes significance as high logistics cost impacts the competitiveness of domestic goods in the international market.
A key initiative of this policy - ULIP - will develop a logistics gateway by integrating information available with various government agencies and create a nationwide single-window platform for end-to-end visibility. This platform would have direct and indirect benefits to all stakeholders of the logistics ecosystem.
Further, Yes Bank noted that these use-cases developed can be utilised for the simplification of compliance, risk assessment, and approvals for trade finance transactions. The data points available on the ULIP platform will also be made available to the customers, which will help in reducing their overall logistical cost, the lender added.
Commenting on the development, Prashant Kumar, Managing Director and CEO, YES Bank said, “The comprehensive and unified platform provided by ULIP will support in further augmenting supply chain and bringing the logistical cost down to support businesses, especially MSMEs.”
Moneycontrol had earlier reported that under this new logistics policy, the ULIP will integrate seven ministries, the Ministry of Ports, Shipping and Waterways, the Ministry of Civil Aviation, the Ministry of Road Transport and Highways, the Ministry of Commerce and Industry, the Ministry of Railways, the Ministry of Finance, and the Ministry of Electronics and Information Technology, on one platform to provide logistics companies with information about cargo movement in the country.
The government will integrate around 17 digital systems from the seven ministries on ULIP.
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