In the digital era, people are now free from the hassle of carrying cash with them. Wherever you go, you can quickly pay at most places through your mobile or card. Be it shopping for clothes or vehicles. The time has come for digital payment everywhere. By making digital payments in one click, people have not only saved themselves from keeping a huge amount in their pockets, but their money has also become safe.
People used to make payments for any purchase through UPI, but now UPI has also become a thing of the past. Because now ULI has come for the people. What is ULI, and how does it work? Let’s learn everything about it.
The Reserve Bank of India (RBI) ‘s Unified Payment Interface (UPI), the largest bank in the country, is considered the best payment gateway in the world. But now RBI has gone one step ahead and started another new system.
Attempt To Bring New Revolution For Loan Sector
The Reserve Bank of India is preparing to launch a Unified Lending Interface (ULI) to revolutionise the loan sector.
What Will Happen With ULI?
If you want to take out a loan, the ULI system will be no less than a boon. After the arrival of ULI, taking a loan will become very easy. RBI Governor Shaktikanta Das also shared important information about this in a recent program. He told me who would benefit from ULI and how.
According to Kant, it will be launched to simplify and facilitate work in the loan sector. He said the ULI pilot project started last year and will be launched soon.
Who Will Get Big Benefit
According to the RBI Governor, people in small and rural areas will benefit more from this integrated loan platform. They will get loans easily and in less time. He said that just like UPI made it easier to use the payment system, taking a loan with ULI will become very easy.
According to Das, ULI is part of the digitisation of banking services. It also includes land records of borrowers from all data providers, which helps reduce the time taken for credit valuation.
There Will Be No Need For More Documents
ULI has been designed to collect information from different sources. Therefore, those applying for loans will not need to provide more documents.
The Aadhar and E-KYC of the customer applying for the loan and land records, PAN, and important account information will be collected from different sources in less time. In simple language, it will work to connect an open architecture with an open application programming interface.
This will connect different financial institutions. All customer information will be on one platform, and it will be easy to give loans to customers quickly.
