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- RBI Loan App; Unified Lending Interface Details Explained | Shaktikanta Das
New Delhi58 minutes ago
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Now you will not have to run around banks for car, personal or home loans. To simplify this process, the government is bringing a Unified Lending (ULI) platform similar to the payment app UPI.
This was announced by Reserve Bank of India Governor Shaktikanta Das. Shaktikanta Das said that last year (August 2023) the Reserve Bank had launched a pilot project of a technical platform for frictionless credit.
Within one year since launch, the platform focused on Kisan Credit Card loans, dairy loans, MSME loans, personal loans and home loans.
What will be the benefit?
The government and RBI have limited control over the existing apps that provide instant loans. But the government will directly monitor the best apps on the ULI platform. Just like now you can make instant payments through UPI by entering a PIN, you will be able to take a loan by entering a PIN. This will also be linked to your bank account.
ULI will make credit processing easier
- Unified Lending Interface (ULI) is designed to simplify the entire loan availing system and reduce the time and paper work taken in credit processing.
- It combines open architecture with open application programming interfaces (APIs), allowing financial institutions to easily connect in a ‘plug and play’ model.
How will this work?
- The ULI app will collect data from various sources including AADHAAR, e-KYC, state government land records, PAN validation and account aggregators.
- It will also be linked with services like milk data from dairy cooperatives and home or property search data.
UPI was launched in 2016
Shaktikanta Das said that the Unified Payment Interface (UPI) was launched by the National Payments Corporation of India (NPCI) in April 2016. UPI has achieved a lot of success in its 8-year journey.
In July 2024, 1,444 crore transactions were done through Unified Payment Interface i.e. UPI. During this, a total amount of Rs 20.64 lakh crore was transferred.
How does UPI work?
For UPI service, you have to create a virtual payment address. After this, it has to be linked to the bank account. After this, there is no need to remember your bank account number, bank name or IFSC code etc. The person making the payment simply processes the payment request according to your mobile number.
If you have his/her UPI ID (e-mail ID, mobile number or Aadhaar number) then you can easily send money through your smartphone. Not only money but you will also not need net banking, credit or debit card for utility bill payment, online shopping, shopping etc. You can do all these tasks through Unified Payment Interface system.
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