Loans worth Rs 38,000 crore disbursed on ULI platform

Reserve Bank of India

The Reserve Bank of India’s (RBI) Unified Lending Interface (ULI), touted as the UPI-of lending space, has disbursed 7.5 lakh loans worth Rs 38,000 crore so far, central bank's chief general manger (CGM) Suvendu Pati has said on.

Earlier, the central bank in the Trend and Progress report of Banking in India said as on December 6, 2024, over 6 lakh loans amounting to Rs 27,000 crore, including a substantial number of micro, small and medium enterprise (MSME) loans (1.60 lakh loans amounting to Rs 14,500 crore) were disbursed using application programming interfaces (APIs) from the platform.

Thirty-six lenders, including various banks (public sector banks, private banks, small finance banks, district central co-operative banks, regional rural banks) and NBFCs, have been onboarded on ULI.

These lenders are using more than 50 data services including, inter alia, authentication and verification services, land records data from six states, satellite service, transliteration, property search services, dairy insights and identity/document verification, the RBI report said.

Further, 12 “loan journeys” have been introduced, including kisan credit card, digital cattle, MSME (unsecured), housing, personal, tractor, micro business, vehicle, digital gold, e-Mudra, pension and dairy maintenance loans.

The RBI on August 17, 2023, launched the ULI, a technological platform that aims to provide a friction-less credit by cutting down the time taken for appraisal, especially for rural and smaller borrowers.