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Informist, Wednesday, Jul. 16, 2025

 

--Fin min: Banking secy, RBI Sankar met heads of select banks, NBFCs Wed 

--Govt: Banking secy, RBI Sankar reviewed Unified Lending Interface progress 

--Govt: Banking secy advised lenders to join Unified Lending Interface 

 

NEW DELHI – Reserve Bank of India Deputy Governor T. Rabi Sankar Wednesday asked banks and non-banking financial companies to adopt Unified Lending Interface as the default gateway for providing rule based loans and enable straight-through processing of loans wherever feasible.

 

Sankar, along with Financial Services Secretary M. Nagaraju met heads of banks and non-banking financial companies Wednesday to review the progress on the Unified Lending Interface, which offers end-to-end digital credit by using data on prospective borrowers from various sources, including land records. Unified Lending Interface is a technology platform built to facilitate easy access to authenticated data from various sources, through a standardised application programming interface to which all lenders can connect seamlessly through a 'plug and play' model.

 

Nagaraju advised the heads of the financial institutions to monitor the progress on a monthly basis. He asked remaining lenders to join the platform at the earliest. "The Secretary emphasised ULI as a critical Digital Public Infrastructure (DPI) for the lending ecosystem and underscored the need to scale it up, enable end to end digital loan journeys, leveraging data/services available through ULI (Unified Lending Interface)," the Department of Financial Services said in a post on X, formerly known as Twitter. 

 

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. Over 750,000 loans aggregating to INR 380 billion have been disbursed since August 2023 through the lending interface, RBI Chief General Manager Suvendu Pati had said at an event in January.  End

 

Reported by Shubham Rana

Edited by Akul Nishant Akhoury

 

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