Announcement:

• Date: 26 August 2024.
• Announcer: RBI Governor Shaktikanta Das.
• Objective: Launch of ULI on the lines of UPI.

Significance:

• Revolution: Will improve the lending process, just like UPI did in the payment system.

Features:

• Simplicity: The process of taking a loan will be 

• Reduction in time and paper work: Credit processing will be faster.
• Open architecture: Facility to connect with financial institutions through API.
• Data collection: Will collect data from Aadhaar, e-KYC, land records, etc.
• Link services: Will link to services like dairy and property data.