Saturday, February 22, 2025

Banks disburse ₹38,000 crore of loans under ULI pilot

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Banks have disbursed a total of 7.5 lakh loans amounting to ₹38,000 crore till now under the Reserve Bank of India’s (RBI) Unified Lending Interface (ULI) pilot, RBI chief general manger Suvendu Pati said at an Indian Banks’ Association (IBA) event held here on Friday.

Thirty-six lenders, including public sector banks, private banks, small finance banks, district central co-operative banks, regional rural banks and NBFCs have been on-boarded on ULI pilot, which started in August last year.

These lenders use over 50 data services including authentication and verification services, land records data from six States, satellite service, transliteration, property search services, dairy insights and identity/document verification, the RBI said in its trends and progress in banking report.

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,” the report said.

CBDC

Further, RBI Deputy Governor (DG) T Rabi Sankar on Friday also called for more collaboration from banks to develop more use-case and adoption of central bank digital currency (CBDC) and ULI. “…Many banks are participating in CBDC pilot, banks are also creating solutions including programmable solutions, but I think this process can be made a lot faster if we as a banking industry take it up, put all our efforts behind it…,” he said.

The central bank’s initial inspiration was to reach 1 million CBDC transactions each day. However, the adoption of CBDC is yet to pick up and lenders are mostly using the digital currency to conduct internal transactions with employees.

DG Rabi Sankar said the regulator remains open to consultation with banks on the ways to increase CBDC adoption at the grass-root level.







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