BUSINESS
The launch of Unified Lending Interface (ULI) will expand the market for digital lenders and allow them to reach customers in rural and semi-urban areas, say digital lenders. Many individuals in these areas are financially active and have credit histories, but their records are not in the form that banks and financial institutions prefer. The ULI will provide them the option to access to formal financial credit. “The launch of the ULI platform is a significant development that will deepen and widen fintech credit services seamlessly with reduced turnaround time and ease of credit delivery, particularly for MSMEs by leveraging the digital public infrastructure like Aadhar and UPI,” said Jatinder Handoo, CEO, Digital Lenders Association of India . “This will play a pivotal role in broadening the fintech credit market for supply-side players and accessibility for end customers.” For digital credit delivery, data required for credit appraisal are available with entities like central and state governments, account aggregators, banks, credit information companies, digital identity authorities, etc. However, they are in separate systems, creating hindrance in frictionless and timely delivery of rule-based lending. “The RBI ’s initiative to digitalise the lending process will not only streamline the access to credit, but also empower borrowers by enabling quicker, hassle-free loans tailored to their needs. As digital natives, this generation thrives on seamless, efficient solutions,” said Ashish Goyal, CFO and co-founder, Fibe. “ULI’s standardised, plug-and-play approach will promote uniformity across the board, enhancing the overall customer experience while making loans more accessible and transparent.” None
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