36 lenders, including various banks (PSBs, PVBs, SFBs, district central co-operative banks, regional rural banks) and NBFCs have been onboarded. Further, 12 loan journeys have been introduced
FinTech BizNews Service
Mumbai, 27 December, 2024: Reserve Bank of India released its “Report on Trend and Progress of Banking in India 2023-24”, on 26 Dec, 2024.
Digital Lending
Several reports indicate continued presence of unscrupulous players in digital lending space, who falsely claim association with REs. To aid the customers in verifying the claims of a Digital Lending App’s (DLA’s) association with an RE, the Reserve Bank is in the process of creating a public repository of DLAs deployed by REs. The repository will contain data submitted by REs, without any intervention by the Reserve Bank and REs will be required to update the same whenever there is an addition of a new DLA or deletion of an existing DLA.
Scaling up Unified Lending Interface
The ULI (earlier called Public Tech Platform for Frictionless Credit) is a digital public infrastructure in lending space, which will unlock critical financial, non-financial and alternate data for lenders to enable informed credit decisions. The pilot on ULI commenced from August 17, 2023. As on December 6, 2024, over 6 lakh loans amounting to Rs 27,000 crore, including a substantial number of micro, small and medium enterprise (MSME) loans (1.60 lakh loans amounting to Rs14,500 crore) have been disbursed using application programming interfaces (APIs) from the platform.
36 lenders, including various banks (PSBs, PVBs, SFBs, district central co-operative banks, regional rural banks) and NBFCs have been onboarded. These lenders are using more than 50 data services including, inter alia, authentication and verification services, land records data from six states, satellite service, transliteration, property search services, dairy insights and identity/ document verification. Further, 12 loan journeys have been introduced, 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.
