RBI will launch ULI: The Unified Payment Interface (UPI) of the Reserve Bank of India (RBI) is making its mark all over the world, while now RBI is preparing a plan to bring Unified Lending Interface i.e. ULI in the country to bring a revolution in the loan sector. After its introduction, it will become easier to take a loan.
RBI Governor Shaktikanta Das shared this information in a program and told who will benefit from this and how? 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 will be launched soon.
This Integrated Loan platform is being specially designed to provide loans easily and in a short time to the people of small and rural areas. Just like the arrival of UPI brought about a revolution in the payment system and brought about a big change in its methods, similar expectations are being expressed for changes in the loan sector.
The RBI governor said that Banking Services Continuing its digitalization journey, last year, we started using this platform which helps in streamlining the loan process without any hassles.
On its launch, especially farmers and micro, small and medium enterprises will be able to get quick loans. Referring to the features of this platform, he said that it will have land records and other data of different states, on the basis of which the time taken in loan approval for borrowers in small and rural areas will be reduced.
He said that ULI has been designed in such a way that it collects information from different sources, due to which those applying for a loan 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 Aadhaar, e-KYC as well as land records, PAN and account of the customer applying for the loan from different sources in a short time.
Today, the number of people taking instant loans is constantly increasing. Hundreds of apps are running in the market to distribute small personal loans, which provide instant loans to the needy in minutes and people get trapped in the debt trap. RBI’s ULI can also prove to be helpful in controlling these instant loan distributing apps and can provide loans quickly.
