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MUMBAI (Reuters) – India will launch a platform to channel credit to small and rural borrowers to meet the huge unmet demand in various sectors, especially agricultural and small businesses, the Reserve Bank of India governor said on Monday.
Unified Lending The interface The Nasdaq:ULI platform, which will launch “in due course,” will reduce the time required to assess credit for these borrowers and facilitate approval-based digital information flow, Shaktikanta Das said at an event.
The governor said the ULI platform is designed to ensure digital access to information from diverse sources.
The pilot project was launched last year as part of the central bank’s efforts to digitise banking services, which has made India one of the fastest growing digital payments markets in the world, Das said.
These initiatives include digital wallets, mobile banking, and the Unified Payments Interface (UPI), which allows users to transfer funds between bank accounts using a mobile device.
“Just as UPI has transformed the payments ecosystem, we expect ULI to play a similar role in transforming the lending space in India,” Das said.
