%20(500%20%C3%97%20280%20px)%20(500%20x%20300%20px)%20(7).png "Fin min, RBI meet govt officials on scaling up Unified Lending Interface")
Key Highlights:
a) To facilitate inter-bank money transfers
b) To enhance insurance coverage for rural India
c) To streamline credit delivery by integrating borrower data
d) To regulate digital currency transactions
Answer: c) ULI is designed as a Digital Public Infrastructure to simplify and speed up credit delivery by providing lenders with seamless access to borrower data from various sources.
- ULI is a consent-based, API-driven platform that gives lenders seamless access to borrower data (e.g., Aadhaar, land records, GST, credit scores) from multiple sources.
- It aims to streamline loan approvals, especially for MSMEs, farmers, and underserved borrowers, by reducing paperwork and delays.
- The meeting was co-chaired by Financial Services Secretary M. Nagaraju and RBI Deputy Governor T. Rabi Sankar.
- Officials were urged to nominate nodal officers and digitally integrate government datasets to fast-track ULI’s rollout—envisioned as the “UPI of credit”.
Question:
Q.1 What is the primary purpose of the Unified Lending Interface (ULI) as discussed in the high-level meeting on June 23, 2025?a) To facilitate inter-bank money transfers
b) To enhance insurance coverage for rural India
c) To streamline credit delivery by integrating borrower data
d) To regulate digital currency transactions
Answer: c) ULI is designed as a Digital Public Infrastructure to simplify and speed up credit delivery by providing lenders with seamless access to borrower data from various sources.
