Finance ministry holds assembly on scaling up of Unified Lending Interface, ETCFO
The finance ministry along with Reserve Financial institution held a gathering with varied stakeholders, together with state authorities consultant to deliberate on methods to scale up Unified Lending Interface (ULI).
ULI is a brand new digital public infrastructure (DPI) designed to streamline the lending course of, just like UPI within the cost house. It’s a expertise platform constructed to facilitate quick access to authenticated information from varied sources, via standardised APIs to which all lenders can join seamlessly via a ‘plug and play’ mannequin.
Monetary Companies Secretary M Nagaraju and RBI Deputy Governor T Rabi Sankar co-chaired a gathering with officers from varied ministries/departments of Authorities of India and state governments on scaling up ULI, the finance ministry stated in a publish on X.
ULI is envisioned as a DPI for credit score supply designed to combine expertise, information, and coverage into one seamless platform, Nagaraju stated in the course of the assembly which noticed participation of senior officers of 13 departments and 11 state governments, amongst others.
In the course of the assembly, the RBI Deputy Governor highlighted that ULI is a DPI of nationwide significance and urged the members for onboarding their datasets on the platform to faucet into its potential, it stated.
Nagaraju urged the stakeholders to appoint nodal officers for fast-tracking the mixing of presidency datasets with ULI so as to make ULI India’s subsequent UPI on the credit score aspect.
