7 minutes agoAuthor: Sandeep Singh
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You must have received messages from such loan apps on your mobile phone, which offer to give loans worth lakhs in just one click without any documents. Their web of deception is so dangerous that naïve people easily fall into its trap. But very soon they realize that they have been caught in the web of blackmail and harassment.
But now you can avoid becoming a victim of these fake loan giving apps.
Actually, the Reserve Bank of India (RBI) is going to launch a Unified Lending Interface (ULI) at the national level. Work on its pilot project was going on for the last one year.
Reserve Bank of India Governor Shaktikanta Das gave detailed information about this on August 25.
Governor Shaktikanta Das said at the Global Conference on Digital Public Infrastructure and Emerging Technology held in Bengaluru that just like UPI changed the way of payment, in the same way ULI can bring a big change in the field of loans in India.
so today news of need I will talk about what is ULI? Also, we will know that-
- How will ULI work?
- Which people will benefit the most from this?
Question- What is ULI?
answer- Reserve Bank of India is introducing a new system called ULI, which will work like UPI. That is, just like online payment is done in just one click by entering the PIN through UPI, on the same lines, loan can now also be approved by entering the PIN. This will save the applicant from having to visit the bank or finance company. He can easily take a loan sitting at home.
ULI will only have loan apps approved by the Reserve Bank of India, in which the user will be able to apply for various types of loans. ULI guarantees to make the long loan process very easy.
Question- How much loan can be availed from ULI?
answer- In this, data will be collected from different sources like Aadhar card, E-KYC, state government land records, PAN verification. With the help of this data, the applicant’s loan repayment capacity can be known. This entire process will happen only with the consent of the applicant. Also, your confidential information present in it will remain completely confidential.
Question- Who is expected to benefit the most from the introduction of ULI?
answer- Earlier, anyone had to go through a long banking process to get a loan. Small businessmen, middle class families and farmers faced the most problems in this. Many times, people’s loans were not approved even after having the documents.
But the Reserve Bank of India has used the UPI analogy in ULI. In this, the applicant does not need to provide many documents and his loan also gets approved easily.
Many times, due to lack of small documents or papers, farmers and people doing small jobs faced problems in getting loans. Due to lack of just one paper, they had to visit the bank or loan giving agency for months. But now with the advent of ULI, all these problems will be solved.
Under this, your most important document is your PAN number. It will automatically collect all the information like your financial status, income, loan repayment capacity, assets etc. through the PAN number. Your entire data will be recorded in ULI at one place. This will help in knowing whether the person who has applied for the loan is eligible or not. This will also save time.
Apart from this, companies giving loans in ULI will also not have any problem in identifying the data of the applicants applying because ULI itself will decide the credibility of the applicant. It will be completely safe and transparent.
Question- What kind of changes are expected after the introduction of ULI?
answer- In this era of digital transactions, people’s spending limit has increased. Due to increased expenses, many times people’s budget gets spoiled and they need a loan. In today’s era, there are many platforms that provide loans for car loans, home loans or luxury items. Many of these apps are fake and illegal, which steal people’s personal data on the pretext of loans and later collect the desired amount from them through blackmailing.
In the month of June, a young man committed suicide in Indore due to blackmailing by a Chinese loan app. The loan giving app had hacked the personal data of the young man and he was being blackmailed continuously.
Earlier in the month of February, an engineering student in Andhra Pradesh committed suicide after being harassed by the financiers of loan apps.
After the introduction of ULI, cyber fraud related to the increasing loan apps in the country can also be reduced to a great extent.
The National Payments Corporation of India (NPCI) launched UPI in April 2016. In the last 8 years, UPI has emerged as a game changer in the world of digital payments. In July 2024, 1,444 crore transactions were done through UPI. During this period, a total of Rs 20.64 lakh crore has been transferred. Now the Reserve Bank of India expects similar success from ULI, in which by accessing the financial and non-financial records of the customer, ULI can easily meet the huge demand for loans in sectors like agriculture and MSME.
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