Unified Lending Interface
{{For|the payment system|Unified Payments Interface}}
{{Infobox brand|name=Unified Lending Interface (ULI)|country=India}}
Unified Lending Interface, commonly referred to as ULI, is an Indian digital lending interface.{{Cite web |date=2024-08-26 |title=RBI introduces Unified Lending Interface: All you need to know |url=https://www.indiatoday.in/business/story/rbi-introduces-unified-lending-interface-uli-to-simplify-credit-for-rural-msme-borrower-2587986-2024-08-26 |access-date=2024-08-26 |website=India Today |language=en |archive-date=2024-09-22 |archive-url=https://web.archive.org/web/20240922140631/https://www.indiatoday.in/business/story/rbi-introduces-unified-lending-interface-uli-to-simplify-credit-for-rural-msme-borrower-2587986-2024-08-26 |url-status=live }} 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.{{Cite news |date=2024-08-26 |title=Unified Lending Interface is in pilot stage, will be launched nationwide in due course, says RBI Governor Shaktikanta Das |url=https://economictimes.indiatimes.com/industry/banking/finance/banking/unified-lending-interface-is-in-pilot-stage-will-be-launched-nationwide-in-due-course-says-rbi-governor-shaktikanta-das-/articleshow/112795090.cms?from=mdr |access-date=2024-08-26 |work=The Economic Times |issn=0013-0389 |archive-date=2024-09-22 |archive-url=https://web.archive.org/web/20240922140735/https://economictimes.indiatimes.com/industry/banking/finance/banking/unified-lending-interface-is-in-pilot-stage-will-be-launched-nationwide-in-due-course-says-rbi-governor-shaktikanta-das-/articleshow/112795090.cms?from=mdr |url-status=live }} It integrates an open architecture with open Application Programming Interfaces (APIs), allowing various financial institutions to connect in a ‘plug and play’ model.{{Cite web |date=2024-08-26 |title=RBI to launch Unified Lending Interface: What is it and how will it benefit borrowers |url=https://indianexpress.com/article/explained/explained-economics/explained-rbi-unified-lending-interface-9533758/ |access-date=2024-08-26 |website=The Indian Express |language=en |archive-date=2024-08-26 |archive-url=https://web.archive.org/web/20240826083924/https://indianexpress.com/article/explained/explained-economics/explained-rbi-unified-lending-interface-9533758/ |url-status=live }}{{Cite web |title=After UPI, RBI will now launch Unified Lending Interface or ULI for friction less credit |url=https://www.aninews.in/news/business/after-upi-rbi-will-now-launch-unified-lending-interface-or-uli-for-friction-less-credit20240826131645/ |access-date=2024-08-26 |website=ANI News |language=en |archive-date=2024-09-22 |archive-url=https://web.archive.org/web/20240922140632/https://www.aninews.in/news/business/after-upi-rbi-will-now-launch-unified-lending-interface-or-uli-for-friction-less-credit20240826131645/ |url-status=live }}{{Cite web |last=Syed |first=Falaknaaz |date=2024-08-26 |title=RBI to Launch ULI for Frictionless Credit Small, Rural Borrowers |url=https://www.deccanchronicle.com/business/economics/rbi-to-launch-uli-for-frictionless-credit-small-rural-borrowers-1819164 |access-date=2024-08-26 |website=www.deccanchronicle.com |language=en |archive-date=2024-08-26 |archive-url=https://web.archive.org/web/20240826183934/https://www.deccanchronicle.com/business/economics/rbi-to-launch-uli-for-frictionless-credit-small-rural-borrowers-1819164 |url-status=live }}
History
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.{{Cite web |date=2024-08-26 |title=RBI Governor Launches Unified Lending Interface (ULI): What Is This? |url=https://www.news18.com/business/banking-finance/rbi-governor-launches-unified-lending-interface-uli-what-is-this-9028441.html |access-date=2024-08-26 |website=News18 |language=en |archive-date=2024-08-26 |archive-url=https://web.archive.org/web/20240826130706/https://www.news18.com/business/banking-finance/rbi-governor-launches-unified-lending-interface-uli-what-is-this-9028441.html |url-status=live }}
Service
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.{{Cite web |date=2024-08-26 |title=From UPI To Unified Lending Interface: RBI's Next Big Leap In Financial Technology |url=https://www.timesnownews.com/business-economy/industry/from-upi-to-unified-lending-interface-rbis-next-big-leap-in-financial-technology-article-112800140 |access-date=2024-08-26 |website=Times Now |language=en |archive-date=2024-08-26 |archive-url=https://web.archive.org/web/20240826110543/https://www.timesnownews.com/business-economy/industry/from-upi-to-unified-lending-interface-rbis-next-big-leap-in-financial-technology-article-112800140 |url-status=live }}