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Informist, Thursday, Dec. 26, 2024

 

--RBI: Gave INR 270 bln of credit via Unified Lending Interface as on Dec. 6 

--RBI: Gave INR 145 bln of credit to MSMEs via loan interface as on Dec. 6 

 

NEW DELHI – Lenders have disbursed over 600,000 loans worth INR 270 billion under the Unified Lending Interface as of Dec. 6, the Reserve Bank of India said in an annual report published Thursday. The pilot of the Unified Lending Scheme began in August 2023.

 

Among the total disbursal, 160,000 loans amounting to INR 145 billion were given to micro, small, and medium enterprises using application programming interfaces from the lending platform, the central bank said in its 'Report on Trend and Progress of Banking in India 2023-24 (Apr-Mar)'

 

A total of 36 lenders have been onboarded under the scheme, including public banks, private banks, small finance banks, district central co-operative banks, regional rural banks and non-banking financial companies.

 

Since the launch of the pilot, 12 loan journeys have been introduced, including Kisan credit card, digital cattle, MSME unsecured, housing, personal, tractor, micro business, vehicle, digital gold, e-Mudra, pension, and dairy maintenance loans. "Based on the learnings and the positive response from stakeholders, the scope and coverage of the platform is being expanded to include more loan journeys, data providers and lenders," the RBI said.

 

Envisaged by the RBI as a game-changer for lending like the Unified Payments Interface has been for payments, the Unified Lending Interface platform offers end-to-end digital credit by using data on prospective borrowers from various sources such as land records.  End

 

Reported by Shubham Rana

Edited by Tanima Banerjee

 

 

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