Credit score no longer a barrier? ULI aims to simplify and speed up lending
The move is spearheaded by the Department of Financial Services (DFS), it aims to create a more inclusive, transparent and seamless lending ecosystem by integrating data, policy and technology.
ULI is conceptualised to streamline the loan approval and application process. Thus making credit accessible to a broader segment of the masses, including but not limited to small businesses, farmers and those lacking a strong credit score.
Currently lending institutions rely heavily on credit bureaus such as CIBIL, CRIF High Mark, Equifax among others to assess an applicant's repayment ability. Still with ULI lenders will be able to evaluate creditworthiness using alternative data such as utility payments, GST returns and other similar government records making it a clear game-changer for underserved aspirational borrowers.
The Finance Ministry recently confirmed that top officials from DFS, RBI and various government departments met to improvise and accelerate ULI's nationwide implementation. Financial institutions have been asked to review adoption progress on a monthly basis, and those yet to join the ULI network have been urged to act in swift fashion. Consent based data sharing. This ensures transparency and privacy.
Standardised APIs permit seamless integration across lending platforms.
Evaluation of non-traditional financial behaviour, boosts credit availability for underserved segments.
Lower operational costs, streamlines backend processes for lending institutions.
If executed in seamless fashion and successfully, ULI could significantly bring down the dependency on credit scores, boost transparency and extend formal credit to segments earlier considered unbankable. For aspirational borrowers, this means easier, faster access to personal loans, without the stress of a low or nearly no credit history.
As the nation's fintech sector continues to evolve and grow, ULI could prove to be the most impactful credit innovation yet, redefining how risk assessment is carried out in the lending ecosystem.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
NDTV
4 hours ago
- NDTV
'We're Maldives First Responders, Always: Indian Envoy On Reset In Ties
Male: As Prime Minister Narendra Modi arrived in Male to attend the Maldives' 60th Independence Day celebrations as Guest of Honour, India's High Commissioner to the Maldives, G Balasubramanian, spoke exclusively to NDTV about the steady turnaround in bilateral relations - and the road ahead. "This visit marks a reset," he said, referring to the recent chill in ties between the two countries, particularly after President Mohamed Muizzu came to power in 2023 on a platform that had leaned closer to Beijing and called for the withdrawal of Indian military personnel. But a year on, the diplomatic language has shifted - from confrontational to constructive. Mr Balasubramanian pointed to India's consistent and quiet diplomacy during this period, coupled with targeted development aid and people-centric engagement. "India-Maldives relations have stood the test of time. They are rooted in history, geography, and mutual goodwill - and they will only strengthen further after this visit," he said. Big Projects, Bigger Signal Among the key symbols of India's development partnership is the Greater Male Connectivity Bridge, which is now 65 per cent complete. Once finished, the bridge - funded by a USD 500 million Indian line of credit - will become the largest infrastructure project in the Maldives and connect the capital with nearby islands. "It will unlock enormous economic potential for the country," Mr Balasubramanian said. The visit has also delivered substantive outcomes: An extension of India's line of credit, and a formal start to Free Trade Agreement (FTA) talks, signalling a deepening economic partnership even as both sides rework the optics. India's Place Amid Rising Chinese Influence Asked about China's growing presence in the Maldives, the High Commissioner was measured but clear. "India's ties with Maldives are independent. They are not determined by our dynamic with any other country. The common people here know India has always stood by them. We have been their first responders - whether during natural disasters or man-made tragedies," he said. His comments come at a time when India is carefully re-engaging with the Muizzu administration, choosing investment, education, and connectivity over overt confrontation - a strategy that now seems to be bearing fruit. Tourism, Health, Education: A Two-Way Street Looking ahead, Mr Balasubramanian sees untapped potential in people-to-people links - especially in tourism, health care, and education. While Maldivians have long visited Indian hospitals and universities, the High Commissioner noted that outbound Indian tourism could grow as well. "India offers something the Maldives doesn't - mountains, rivers, a vast cultural landscape. There's growing interest among Maldivians to explore India," he said. A Reset With Roots For India, this visit is not just about optics, but reaffirming its role as a trusted, reliable partner - irrespective of who holds office in Male. As the High Commissioner said, "That's our biggest strength: consistency. Governments may change, but our friendship with the people of Maldives remains."
News18
4 hours ago
- News18
Buying Property In UP? 1% Stamp Duty Relief Rolled Out For Woman Property Buyers; Details Here
Last Updated: The UP government's decision aligns with the Union Budget 2024, where the Centre also proposed reducing stamp duty on property deeds executed in favour of women. The Uttar Pradesh government has approved a major relief for women property buyers. In a significant move aimed at empowering women, the UP Cabinet has approved a 1% discount in stamp duty on properties valued up to Rs 1 crore, if purchased in the name of a woman. The decision was taken earlier this week during a Cabinet meeting chaired by Chief Minister Yogi Adityanath at Lok Bhavan in Lucknow. Until now, the stamp duty exemption was restricted to properties worth up to Rs 10 lakh, where a maximum discount of Rs 10,000 could be availed. With the latest decision, this exemption now applies to properties worth up to Rs 1 crore, significantly expanding its scope and impact. Sharing details of the move, UP Labour Minister Anil Rajbhar said, 'The government believes this decision will help middle-class women become property owners, which will not only increase their confidence but they will also become financially more capable and respected in the society." He added that this step will further strengthen the Mission Shakti programme, which is focused on making women self-reliant and empowered. The UP government's decision aligns with the Union Budget 2024, where the Centre also proposed reducing stamp duty on property deeds executed in favour of women. Officials said the state's move is expected to lead to a sharp rise in property registrations in the names of women. Vikas Tomar, executive president and business head at Square Yards, welcomed the decision and said it would particularly benefit the mid-segment market: 'The Uttar Pradesh government's decision to reduce stamp duty by 1% for women on property purchases up to Rs 1 crore is a positive step and will likely boost sentiment among women aspiring to own a home… With this added incentive, we're likely to see greater interest in the mid-range category across cities like Noida, Greater Noida, and Ghaziabad, with more buyers moving forward with purchases under women's ownership." Vikas Bhasin, MD of Saya Group, called the move beneficial but urged the government to go further: 'Stamp duty and other levies form a significant part of home-buying costs, and any reduction helps buyers save a substantial amount of money. However, we have consistently advocated for a broader reduction—especially since it is charged in addition to GST on under-construction properties. The government should consider reducing these charges for all homebuyers to make ownership more affordable." Sahil Agarwal, CEO of Nimbus Realty, echoed a similar sentiment on the decision and said, 'It's a progressive step. At a time when interest from women buyers is steadily increasing, this rebate could tip the scale. From an industry perspective, it aligns well with the current demand wave we're witnessing in suburban NCR, which is witnessing a rise in co-owned properties and purchases by women-led households. Further, it will not only bring down the upfront costs of home buying for women, but also encourage families to include women in asset ownership." view comments First Published: July 26, 2025, 13:08 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Hindustan Times
6 hours ago
- Hindustan Times
₹260-cr fake billing scam busted in Mandi Gobindgarh, 2 arrested
Ludhiana: Officials from the Central Goods and Services Tax (CGST), Ludhiana commissionerate, have unearthed a large-scale fake billing racket in Mandi Gobindgarh. Acting on specific intelligence inputs, multiple search operations were conducted in Mandi Gobindgarh unearthing a syndicate involved in availing and passing on fake Input Tax Credit (ITC) in the iron and steel sector using five firms. Officials from the Central Goods and Services Tax (CGST), Ludhiana commissionerate, have unearthed a large-scale fake billing racket in Mandi Gobindgarh. During the search operations, the officers uncovered a modus operandi involving the acquisition of debt-ridden rolling mills, which were used as fronts by scamsters to avail and pass on fake ITC, thereby evading the scrutiny of GST enforcement agencies, an official statement said on Friday. Following the search operations, two individuals who were operating and controlling these firms were arrested on July 24. 'As per the preliminary assessment, the quantum of bogus bills stands at a staggering ₹260 crore, resulting in a GST loss of ₹47 crore to the exchequer,' it said. With the two arrests made so far, the investigation is ongoing to uncover the full extent of the network and identify other entities involved.
