RBI Guv unveils Unified Lending Interface to revolutionise credit access

The Reserve Bank of India (RBI) launched the Unified Lending Interface (DLI) to make credit appraisal smoother and faster, RBI Governor Shaktikanta Das said on Monday at the Global Conference on DPI and Emerging Technologies.

Presently, in its pilot phase, ULI aims to facilitate seamless and frictionless credit access by enabling the smooth flow of digital information, including land records, from multiple data providers to lenders.

Das explained that the platform, built with standardised APIs, simplifies technical integrations and reduces credit appraisal time, particularly benefiting small and rural borrowers.

"It enables borrowers to get the benefit of seamless delivery of credit, quicker turnaround time without requiring extensive documentation in sum, while digitising access to customers' financial and non-financial data that otherwise decided in disparate silos," Das added.

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The ULI system is consent-based, ensuring robust data privacy and protection. Governor Das emphasised that ULI is expected to address the substantial unmet demand for credit in the agriculture and MSMEs sectors.

"Just like the UPI transformed the payments ecosystem, we expect that ULI will play a similar role in transforming the lending ecosystem in India," he added.

The nationwide launch of ULI is expected soon.