After the success of Unified Payment Interface i.e. UPI, the Reserve Bank of India is likely to launch Unified Lending Interface i.e. ULI. It will be very easy for people to get loans through this.
Notably, through this ULI system, the common man, especially the people of villages, will be able to take loans from home without any paperwork. Farmers, MSME industries will get help in taking their farming and business forward by taking loans. Since last year, RBI has been working on the launch of this project and it will be launched soon.
UPI system-based PhonePe, Google Pay and Paytm online apps have made payment transactions very easy today. It is being monitored by the National Payment Corporation of India i.e. NPCI. RBI is also coming up with a similar platform ULI, on which many lending apps will be based. People will not need paperwork to take loans and the loan will reach your linked bank account with one click.
Just like there was a revolution in the payment system after the arrival of UPI and a big change came in its methods, similar expectations are being expressed for change in the loan sector.
On Monday, Reserve Bank of India Governor Shaktikanta Das said that a digital lending platform will be made available soon. He said, ‘Just as UPI changed the payment system, we hope that ULI has the potential to change the loan sector in India’.
He further added, ‘This will make it easier for users especially engaged in agriculture and small employment to take loans’. Shaktikanta Das said that the ‘new trinity’ of Jan Dhan-Aadhaar, UPI and ULI will bring a big change in the financial sector of the country.
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