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DFS Secretary urges fast-tracking of government data integration with ULI
The statement came during a high-level meeting co-chaired by the secretary, DFS, and T Rabi Sankar, deputy governor, Reserve Bank of India (RBI). The meeting brought together senior officials from 13 ministries and departments of the Government of India, 11 state governments, RBI Innovation Hub (RBIH), the RBI and the DFS to deliberate on scaling up ULI, according to a finance ministry statement.
ULI is being developed as a transformative credit rail to democratise access to formal credit by leveraging public digital infrastructure, enabling faster, more accurate credit assessments through secure, consent-based data sharing.
ULI is a platform that unlocks financial and non-financial data, making credit underwriting seamless and customer journeys frictionless for a diverse range of borrowers.
According to Business Standard reporting on December 27, 2024, ULI — RBI's UPI-like digital public infrastructure in the lending space — has facilitated the disbursal of over 600,000 loans amounting to Rs 27,000 crore.
Out of this, about 160,000 loans amounting to Rs 14,500 crore were disbursed to micro, small and medium enterprises (MSMEs), according to the RBI's Trend and Progress report.
According to the report, 12 loan journeys have been introduced on the ULI platform, including Kisan Credit Card, digital cattle, MSME (unsecured), housing, personal, tractor, micro business, vehicle, digital gold, e-Mudra, pension and dairy maintenance loans.
'Based on the learnings and the positive response from stakeholders, the scope and coverage of the platform is being expanded to include more loan journeys, data providers and lenders,' the RBI said in the report.
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