What is RBI ULI: Reserve Bank’s ULI will simplify the loan process by synchronizing the data from different sources of Aadhaar e-KYC, state government land records, PAN validation and account aggregator.
RBI ULI: Unified Payments Interface (UPI) payment has reduced people’s habit of keeping cash and cards in their pockets. If you want to make payment, take out the mobile phone from your pocket and the payment or transfer of money is done in a few seconds. UPI has brought a revolution in the direction of digital payment. Here, payment is done on pressing the button… Now Reserve Bank of India is going to bring a similar revolutionary change for loans. Reserve Bank of India is going to bring ULI (Unified Lending Interface) on the lines of UPI. To simplify the work of the loan sector and reduce the time taken in getting a loan as well as to eliminate the hassle of running around banks, Reserve Bank of India has started the pilot project of ULI.
What is RBI’s ULI
Reserve Bank’s ULI will simplify the loan process by synchronizing data from different sources of Aadhaar e-KYC, state government land records, PAN validation and account aggregator. With its help, the process of credit and loan will be simplified and it will be expedited. RBI is preparing to bring big changes through digital credit. After UPI, RBI will now launch Unified Lending Interface (ULI). Efforts are being made to simplify the process of giving loans through ULI. Small businessmen and industries (MSME) will benefit the most from this. Those who take small loans will benefit from this. Reserve Bank Governor Shaktikanta Das said in this regard that RBI has launched the pilot project of its latest technological initiative ULI. It will soon be implemented across the country. With its implementation, it will become easier to take loans and distribute loans for banks and financial companies.
What will be the benefit of ULI
RBI has started the pilot project of ULI with the aim of making the work of the loan sector easy and smooth. It will be an integrated loan platform, with the help of which people will be able to get loans in less time and easily. People taking small loans will get the benefit of Unified Lending Interface (ULI). Especially the companies of small villages and towns and MSME sector will get the most benefit. With the help of ULI, banks and non-banking financial companies will find it easy to take loans. With the help of ULI, efforts are being made to simplify the process of giving loans. With its help, banks and non-banking companies will find it easy to distribute loans. With the help of ULI, time will be saved in paperwork and visiting banks in distributing loans.
You will get loan quickly, how will the ULI system work
ULI has been developed on the same lines as UPI works. The way the online payment app UPI works. The ULI system will work in the same way. There will be loan apps approved by RBI on ULI. Where you will be able to apply for a loan. The bank account of the loan applicant will be linked to it. On getting the loan approved, the loan amount will be transferred to the bank account as soon as the security pin is entered on the app. RBI Governor Shaktikanta Das, while explaining the specialty of this platform, said that this app will have other details including land records of different states. Through this, it will be easy to get loan approval for borrowers in small and rural areas.
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Documents for loan
RBI Governor said that ULI provides digital data, which requires very little paperwork. The land records of the loan takers are present in the app, with the help of which the process of checking the documents for valuation becomes easy. This app has been designed in such a way that it collects information from different sources. Due to which not many documents are required to apply for a loan. This app collects the necessary information of the loan taker’s Aadhaar, PAN card, E-KYC, land records, account etc. from different sources in a short time. The financial data of the loan taker can be easily checked in less time. With the help of this app, the complexity of giving loans can be reduced.
Help in controlling instant loans
Many people get trapped in the trap of instant loans and then get entangled in the web of interest in such a way that people’s condition becomes bad to get out of it. There are hundreds of apps in the market in the name of small personal loans, which first trap people in the loan trap and later become a problem. With the help of RBI’s ULI, people will be helped to avoid the clutches of instant loans. People will be able to get loans quickly. By getting loans easily, people will not get trapped in the clutches of those distributing instant loan apps.
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