Government plans to launch ULI – UPI Type Platform for Easy and Fast Loans

Govenment is working on a new high tech platform for Loans similar to UPI. Government wants to launch a new platform where users can get loans easily and in a fast way. Government wants to replicate the success of UPI and provide users easy access to loans. This new system will be called Unified Lending Interface (ULI).

A high-level meeting was held in New Delhi to discuss how to expand this new system. This meeting was led by Shri M. Nagaraju, Secretary of the Department of Financial Services (DFS), and Shri T. Rabi Sankar, Deputy Governor of the Reserve Bank of India (RBI). Officials from various government ministries, state governments, the RBI, and the RBI’s Innovation Hub also attended.

What is ULI?

ULI is a technology-driven platform that aims to make easy and fast credit (loans) available to all Indians. It is part of the government’s mission to promote:

• Digital empowerment
• Financial inclusion (making banking accessible to everyone, especially the poor and underserved)
• Better delivery of financial services at the grassroots level

ULI is expected to become for lending what UPI (Unified Payments Interface) became for digital payments — a game-changer. It means users can take loans easily from Banks.

What Was Discussed in the Meeting?

Secretary M. Nagaraju’s Address:

• He said that ULI is like a Digital Public Infrastructure (DPI) — a public system that combines technology, data, and policies in one place to support lending.
• Just like UPI made sending money easier, ULI will make getting loans easier, faster, and more inclusive.
• He highlighted that government departments (both central and state) have access to trusted, valuable data — such as income details, land ownership, and government schemes — which can be used to help banks lend to people who are usually ignored, like small farmers or low-income earners.
• He suggested that existing government initiatives that already support lending should be integrated with ULI to create one strong national system.

Deputy Governor T. Rabi Sankar’s Comments:

• He said the RBI wants to bring innovation to the lending system, just as it did for digital payments.
• He encouraged everyone — ministries, state governments, and other departments — to actively participate in this effort.
• According to him, ULI could become even more impactful than UPI.
• He stressed the importance of sharing data, which will help in better and faster loan approvals.

Decisions Made During the Meeting:

1. ✅ Use Data Wisely: Central and state governments will work to share their high-value data with ULI to help lenders make better decisions.
2. ✅ Appoint Nodal Officers: Each stakeholder (like departments and state governments) will assign a responsible officer to help speed up data integration with ULI.
3. ✅ Digitise Records: States will be encouraged to digitise land records and other important data, which can help in processing loans faster.
4. ✅ Create a Unified System: All existing loan schemes and programs will be connected with ULI so that India can have one unified and efficient credit system.

Why It Matters

This new step means getting loans could become quicker and easier, especially for those who struggle with access today — like small business owners, farmers, or people without credit histories. It also shows how India is using digital platforms to make financial services reach the last mile, i.e., even the most remote or underprivileged person.