From now on, bank customers do not have to go to the bank to take a loan. There will be no hassle with submitting documents. Loan money will come to the account with one click of a mobile phone! The Reserve Bank of India (RBI) is all set to launch a digital system across the country. A large number of financial experts believe that this will bring about a revolution in the Indian economy.
On Monday, August 26, RBI Governor Shaktikanta Das hinted at introducing a Unified Lending Interface (ULI) for loans. A few days ago, the central bank started as a pilot project. Shaktikanta compared it to the Unified Payments Interface (UPI). "The ULI has been created keeping in mind the credit needs of rural residents. The loan will be given for a short period. ’
The RBI governor said that after the launch of UPI, there has been a huge change in the world of payments. The use of notes in the retail market has decreased a lot. The number of UPI users is increasing day by day. If the ULI starts widely, the amount of borrowing will increase a lot. Which will completely change the picture of the rural economy, he said.
"The ULI is designed in such a way that a customer can collect information from various sources. In this case, the applicant can submit an e-KYC to take the loan. He doesn't have to give a lot of documents. But despite this, he will get a loan very quickly and easily.’
According to RBI sources, the number of instant borrowers is increasing rapidly. There are many apps for small personal loans. In the future, the central bank will use the ULI as a regulatory aid.
