Govt. Launches ULI- Unified Landing Interface- Loan to all Farmers and MSME
Reserve bank of India recently launched a flagship programme to change credit system in India. That is ULI- Uniform Lending Interface. It is similar to UPI in India. It will help to get loan easy to common man of India specially small MSME and in Rural area public.
What is ULI – ULI is a digital Platform launched by RBI- Reserve Bank of India to make Lending easier. Main purpose is to provide “frictionless Credit” to MSME and Farmers. It was launched as a Pilot Project in 2023. It will be revolutionary step in credit market. It will change completely credit ecosystem in India like UPI.
Features of ULI – Main features of ULI are summaries as below.
- ULI will access the digital data of customer include farmers and MSME thorough their Financial and Non Financial Data.
- ULI will use API- Application Programming Interface that will help in “Plug and Play” Approach for MSME.
- “Plug and Play” is concept for MSME where all facility like infrastructure, Power & Machineries are available in a single place or building or area to ease in production for MSME.
- JAM-UPI- ULI will be a like a trinity that will boost Indian lending sector.
- Integration of these Three Service like JAM-UPI- ULI will help to promote financial inclusion in India.
Benefit of ULI– ULI will prove be beneficial to different area as below.
- It will help to get easy loan to Farmers and MSME’s through their Land Record and other . In
- Combine effect of JAM-UPI- ULI will help to enhance India’s digital Infrastructure.
How ULI will Work
Under ULI all land record will get digitalized access to all credit agencies that will help to get speedy loan. It will combine all financial and non financial record including land record to a single platform. Time in processing in loan will be less. This way farmers and MSME get loan in very short spam of time.
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