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Unified Lending Interface, commonly referred to as ULI, is an Indian digital lending interface. [1] ULI was introduced by Reserve Bank of India to speed up the process of giving loans. It facilitates the flow of digital information, such as land records from various states, directly to lenders. [2] It integrates an open architecture with open Application Programming Interfaces (APIs), allowing various financial institutions to connect in a ‘plug and play’ model. [3] [4] [5]
It is currently in pilot stage. [6]
Unified Lending Interface is aimed at reducing the time taken for appraisal, especially for small borrowers in rural areas. It is currently under pilot stage. The interface is expected to serve as the place for sourcing data to lenders from multiple sources about the potential borrowers. It is a consent based process. [7]
The ULI platform consolidates data from various sources, including Aadhaar e-KYC, state government land records, PAN validation, and account aggregators for facilitating the lending process. [8]
The Reserve Bank of India, abbreviated as RBI, is India's central bank and regulatory body responsible for regulation of the Indian banking system. Owned by the Ministry of Finance, Government of India, it is responsible for the control, issue and maintaining supply of the Indian rupee. It also manages the country's main payment systems and works to promote its economic development. Bharatiya Reserve Bank Note Mudran (BRBNM) is a specialised division of RBI through which it prints and mints Indian currency notes (INR) in two of its currency printing presses located in Mysore and Salboni. The RBI, along with the Indian Banks' Association, established the National Payments Corporation of India to promote and regulate the payment and settlement systems in India. Deposit Insurance and Credit Guarantee Corporation was established by RBI as one of its specialized division for the purpose of providing insurance of deposits and guaranteeing of credit facilities to all Indian banks.
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