RBI to launch Unified Lending Interface for “friction less credit”

The RBI Governor, Shaktikanta Das, announced that the platform offering ‘frictionless credit,’ launched initially as a pilot last year, will soon be implemented nationwide. The platform, named Unified Lending Interface (ULI), streamlines digital information flow, including land records, to facilitate faster credit appraisal, particularly for small and rural borrowers, reducing processing times significantly.