Finance Ministry and RBI push for faster rollout of unified lending interface to revolutionise digital credit access

The Finance Ministry, in collaboration with the Reserve Bank of India (RBI), held a high-level meeting with multiple stakeholders on Monday to accelerate the rollout and adoption of the Unified Lending Interface (ULI) — a new digital public infrastructure platform aimed at transforming credit delivery in India.

Envisioned as a credit-sector equivalent of UPI, ULI is designed to simplify and standardise the digital lending process by allowing seamless, secure access to verified data from multiple sources via open, standardised APIs. This will enable lenders to connect on a plug-and-play model and offer faster, data-driven loans.

The discussions at the meeting held in the presence of RBI Deputy Governer focused on scaling up ULI’s infrastructure and ensuring swift integration of government datasets to unlock its full potential. During the session, the RBI Deputy Governor underscored the platform’s national significance, urging participating ministries and state authorities to onboard their datasets at the earliest.  The stakeholders were called on to appoint nodal officers for fast-tracking the integration process, expressing confidence that ULI could become India’s next digital revolution on the credit side, akin to what UPI achieved in the payments ecosystem.