RBI To Introduce ULI: A New Platform For Easy Loans To Farmers And MSMEs
by Jaagruk Bharat
4 September 2024
74 Views
RBI Guidelines
To fasten loan disbursal, especially for credit-needy agriculture borrowers and lower-end borrowers like farmers, and Micro, Small and Medium Enterprises (MSMEs), the RBI has initiated a new digital lending platform known as Unified Lending Interface (ULI). A reduced time horizon was also announced by RBI Governor Shaktikanta Das, who mentioned that this platform will function in the same way as the UPI did for the payment ecosystem.
What Is The Goal Behind Unified Lending Interface (ULI)?
The main purpose of ULI is to decrease the time required for credit approvals where Central and State Governments, Banks, and Other Financial Institutions are integrated through various data providers. The idea here is to eliminate the current barriers occasioned by the spread of data across the various entities thus enhancing the loan processes.
How Unified Lending Interface (ULI) Works?
The ULI platform relies on the principle of open architecture and API so that other financial players interconnect in a way that can be likened to ‘Plug and Play’. This implies that the banks and other lending institutions can obtain the requisite data as and when required to disburse loans and thus there is no need for physical paperwork and door-to-door visits by borrowers. It allows getting to the content without any interference and within a very short amount of time.
Read More: SEBI Launches Saarthi 2.0: Personal Finance App For Investors
Which Pilot Projects Leading to Unified Lending Interface?
Before the introduction of the Unified Limited Interface, the RBI conducted pilot projects to digitalise loans such as KCC loans and dairy loans etc. The aforementioned pilots also led to the effective accomplishment of the goal that aimed at minimising the time taken to process loans.
As we speak, the platform has grown to offer loans for MSMEs, personal loans and home loans up to March 2024. Twelve banks were involved in the pilot project and eight of them were able to connect with 31 data services.
What Are The Benefits of Unified Limited Interface (ULI)?
ULI is supposed to meet the highly demanded credit needs in different sectors such as agriculture and MSMEs. It matches lenders with digital; associates, which increases the efficiency of credit appraisal by cutting out time spent on researching records of land for instance. This will especially prove to be beneficial for the small and especially rural borrowers who require timely funds for their farming and business activities.
Read More: Investing in FDs with an NBFC? Check New RBI Guidelines On Withdrawing From NBFCs
What Is The New Trinity?
Mr Das, RBI Governor also mentioned strongly that ULI is the part of digitalisation process. He introduced a new "Trinity" of digital services: JAM standing for Jan Dhan Accounts, Aadhaar, and Mobile Phones, UPI standing for Unified Payments Interface and also ULI. Altogether, these platforms seem to unite the concept of making financial services as efficient as possible and simplify the process of getting a loan or paying for goods.
What Is The Future of Unified Limited Interface (ULI)?
In the future, ULI plans to expand the list of data sources including gig platforms and payment systems to enable lenders to make better credit decisions. Currently, the Reserve Bank Innovation Hub is building the platform and in the future, the management of this platform can be transferred to the NPCI or other organisation.
Read More: Good News For Investors, Govt Lifts Angel Tax In Union Budget 2024
Conclusion
The latest concept revamped and planned to be implemented in the Indian Lending Scenario is the Unified Lending Interface (ULI) which is going to enhance the lending and processing for farmers, MSMEs & small borrowers. Having linked up various data services and making sure people can get digital access to information, ULI holds the potential to revolutionise how credit is provided in the country.
For more such updates and useful insights, stay connected with Jaagruk Bharat!
Important Links
Official website: https://rbi.org.in/
Press Release: https://rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx
Contact Information: https://rbi.org.in/Scripts/helpdesk.aspx
Similar Articles
Our Company
Home
About
T&C
Privacy Policy
Eula
Disclaimer Policy
Code of Ethics
Contact Us
Jaagruk Bharat with its team work tirelessly to bring all government schemes, Sarkari Yojanas, policies and guidelines to you in a simplified and structured format.
Our team is at the forefront of gathering, verifying and breaking all central government and state government regulations uncomplicatedly.
Our mission and vision are to make the common citizen of India aware of all government-laid-out rules and policies in a single place. Thus, we Jagruk Bharat have created an all-inclusive portal for 1.5 billion Indian citizens to understand, utilize and avail benefits of govt schemes and policies and by bringing them under one roof.
Jaagruk Bharat (जागरूक भारत) is a one stop centralised destination where you can effortlessly find, understand, and apply for various government schemes. We are committed to ensuring transparency and empowering Indian citizens. Our goal is to keep India Jagruk about government policies, the latest news, updates, and opportunities.
जागरूक भारत अपनी टीम के साथ मिलकर लगातार काम करता है ताकि सभी सरकारी योजनाओं, नीतियों और दिशानिर्देशों को सरल और व्यवस्थित तरीके से आपके सामने पेश किया जा सके। हमारी टीम केंद्रीय और राज्य सरकार के सभी नियमों और विनियमों को आसानी से इकट्ठा करने, सत्यापित करने और प्रस्तुत करने में सबसे आगे है।
हमारा मिशन और दृष्टिकोण यह है कि भारत के हर नागरिक को सभी सरकारी नियमों और नीतियों से एक ही स्थान पर अवगत कराया जाए। इसलिए, हमने जागरूक भारत के रूप में 1.5 अरब भारतीय नागरिकों के लिए एक समग्र पोर्टल तैयार किया है, जहां वे सरकारी योजनाओं और नीतियों को समझ सकें, उनका उपयोग कर सकें और लाभ उठा सकें, सभी जानकारी एक ही छत के नीचे उपलब्ध है।
जागरूक भारत (Jagruk Bharat) एक केंद्रीकृत और सुव्यवस्थित गंतव्य है, जहां आप विभिन्न सरकारी योजनाओं को आसानी से खोज, समझ, और आवेदन कर सकते हैं, जिससे पारदर्शिता सुनिश्चित होती है और भारतीय नागरिकों को सशक्त किया जाता है।
हमारा उद्देश्य है कि भारत को सरकारी नीतियों, नवीनतम समाचारों, अपडेट और अवसरों के बारे में जागरूक बनाया जाए।जागरूक भारत (Jagruk Bharat) की मदद से आपकी कठिन से कठिन समस्या का आसान समाधान होगा...
अपने हक़ को अपनाओ ! जागरूक भारत पर आओ
All Copyrights are reserved by Jaagruk Bharat
Our Picks
Another Case Of MPox: India Is Preparing For Future Outbreaks! What You Need To Know?
20-09-2024 at 5:30 AM
Poshan Abhiyaan Jan Andolan Scheme Complete Guide - Poshan Maah 2024
19-09-2024 at 3:30 PM
Highlights
Blade Found In Air India Food: FSSAI Directs Installation Of X-Ray Machine
19-09-2024 at 3:30 PM
AirSewa App Complaint Portal - DGCA Airline Grievance | Complaint to DGCA
19-09-2024 at 3:30 PM
Insights
eShram Card 2024: Eligibility, Benefits, Status, Apply & Download Online
19-09-2024 at 12:30 PM
Online Application For CGHS Card Mandatory: Change In Rules For Central Govt. Employees
19-09-2024 at 8:30 AM
Rashtriya Vayoshri Yojana (RVY): All You Need To Know
19-09-2024 at 8:30 AM
by Jaagruk Bharat
4 September 2024
RBI Guidelines
RBI To Introduce ULI: A New Platform For Easy Loans To Farmers And MSMEs
new trinity
farmers loan
msmes loan
financial institutions
74 Views
To fasten loan disbursal, especially for credit-needy agriculture borrowers and lower-end borrowers like farmers, and Micro, Small and Medium Enterprises (MSMEs), the RBI has initiated a new digital lending platform known as Unified Lending Interface (ULI). A reduced time horizon was also announced by RBI Governor Shaktikanta Das, who mentioned that this platform will function in the same way as the UPI did for the payment ecosystem.
What Is The Goal Behind Unified Lending Interface (ULI)?
The main purpose of ULI is to decrease the time required for credit approvals where Central and State Governments, Banks, and Other Financial Institutions are integrated through various data providers. The idea here is to eliminate the current barriers occasioned by the spread of data across the various entities thus enhancing the loan processes.
How Unified Lending Interface (ULI) Works?
The ULI platform relies on the principle of open architecture and API so that other financial players interconnect in a way that can be likened to ‘Plug and Play’. This implies that the banks and other lending institutions can obtain the requisite data as and when required to disburse loans and thus there is no need for physical paperwork and door-to-door visits by borrowers. It allows getting to the content without any interference and within a very short amount of time.
Read More: SEBI Launches Saarthi 2.0: Personal Finance App For Investors
Which Pilot Projects Leading to Unified Lending Interface?
Before the introduction of the Unified Limited Interface, the RBI conducted pilot projects to digitalise loans such as KCC loans and dairy loans etc. The aforementioned pilots also led to the effective accomplishment of the goal that aimed at minimising the time taken to process loans.
As we speak, the platform has grown to offer loans for MSMEs, personal loans and home loans up to March 2024. Twelve banks were involved in the pilot project and eight of them were able to connect with 31 data services.
What Are The Benefits of Unified Limited Interface (ULI)?
ULI is supposed to meet the highly demanded credit needs in different sectors such as agriculture and MSMEs. It matches lenders with digital; associates, which increases the efficiency of credit appraisal by cutting out time spent on researching records of land for instance. This will especially prove to be beneficial for the small and especially rural borrowers who require timely funds for their farming and business activities.
Read More: Investing in FDs with an NBFC? Check New RBI Guidelines On Withdrawing From NBFCs
What Is The New Trinity?
Mr Das, RBI Governor also mentioned strongly that ULI is the part of digitalisation process. He introduced a new "Trinity" of digital services: JAM standing for Jan Dhan Accounts, Aadhaar, and Mobile Phones, UPI standing for Unified Payments Interface and also ULI. Altogether, these platforms seem to unite the concept of making financial services as efficient as possible and simplify the process of getting a loan or paying for goods.
What Is The Future of Unified Limited Interface (ULI)?
In the future, ULI plans to expand the list of data sources including gig platforms and payment systems to enable lenders to make better credit decisions. Currently, the Reserve Bank Innovation Hub is building the platform and in the future, the management of this platform can be transferred to the NPCI or other organisation.
Read More: Good News For Investors, Govt Lifts Angel Tax In Union Budget 2024
Conclusion
The latest concept revamped and planned to be implemented in the Indian Lending Scenario is the Unified Lending Interface (ULI) which is going to enhance the lending and processing for farmers, MSMEs & small borrowers. Having linked up various data services and making sure people can get digital access to information, ULI holds the potential to revolutionise how credit is provided in the country.
For more such updates and useful insights, stay connected with Jaagruk Bharat!
Important Links
Official website: https://rbi.org.in/
Press Release: https://rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx
Contact Information: https://rbi.org.in/Scripts/helpdesk.aspx
Similar Articles
Recommended
Blade Found In Air India Food: FSSAI Directs Installation Of X-Ray Machine
AirSewa App Complaint Portal - DGCA Airline Grievance | Complaint to DGCA
eShram Card 2024: Eligibility, Benefits, Status, Apply & Download Online
Old Age Pension Scheme | Check Vridha Pension Scheme List and Apply Online
Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY) | Helps Supply Free Food To Migrants And The Poor
Orunodoi Scheme Apply Online : Helping The Poor In Assam
Our Company
Home
About
T&C
Privacy Policy
Eula
Disclaimer Policy
Code of Ethics
Contact Us
Jaagruk Bharat with its team work tirelessly to bring all government schemes, Sarkari Yojanas, policies and guidelines to you in a simplified and structured format.
Our team is at the forefront of gathering, verifying and breaking all central government and state government regulations uncomplicatedly.
Our mission and vision are to make the common citizen of India aware of all government-laid-out rules and policies in a single place. Thus, we Jagruk Bharat have created an all-inclusive portal for 1.5 billion Indian citizens to understand, utilize and avail benefits of govt schemes and policies and by bringing them under one roof.
Jaagruk Bharat (जागरूक भारत) is a one stop centralised destination where you can effortlessly find, understand, and apply for various government schemes. We are committed to ensuring transparency and empowering Indian citizens. Our goal is to keep India Jagruk about government policies, the latest news, updates, and opportunities.
जागरूक भारत अपनी टीम के साथ मिलकर लगातार काम करता है ताकि सभी सरकारी योजनाओं, नीतियों और दिशानिर्देशों को सरल और व्यवस्थित तरीके से आपके सामने पेश किया जा सके। हमारी टीम केंद्रीय और राज्य सरकार के सभी नियमों और विनियमों को आसानी से इकट्ठा करने, सत्यापित करने और प्रस्तुत करने में सबसे आगे है।
हमारा मिशन और दृष्टिकोण यह है कि भारत के हर नागरिक को सभी सरकारी नियमों और नीतियों से एक ही स्थान पर अवगत कराया जाए। इसलिए, हमने जागरूक भारत के रूप में 1.5 अरब भारतीय नागरिकों के लिए एक समग्र पोर्टल तैयार किया है, जहां वे सरकारी योजनाओं और नीतियों को समझ सकें, उनका उपयोग कर सकें और लाभ उठा सकें, सभी जानकारी एक ही छत के नीचे उपलब्ध है।
जागरूक भारत (Jagruk Bharat) एक केंद्रीकृत और सुव्यवस्थित गंतव्य है, जहां आप विभिन्न सरकारी योजनाओं को आसानी से खोज, समझ, और आवेदन कर सकते हैं, जिससे पारदर्शिता सुनिश्चित होती है और भारतीय नागरिकों को सशक्त किया जाता है।
हमारा उद्देश्य है कि भारत को सरकारी नीतियों, नवीनतम समाचारों, अपडेट और अवसरों के बारे में जागरूक बनाया जाए।जागरूक भारत (Jagruk Bharat) की मदद से आपकी कठिन से कठिन समस्या का आसान समाधान होगा...
अपने हक़ को अपनाओ ! जागरूक भारत पर आओ
All Copyrights are reserved by Jaagruk Bharat