Taking a loan will be as easy as making a payment through UPI, RBI has made arrangements:

Taking a loan will be as easy as making a payment through UPI, RBI has made arrangements

Business

Desk 2024-08-27 18:33:00

Business: Right now the process of taking a loan is quite complicated. You have to complete a lot of paperwork. You have to visit banks every day. But, the government is now going to make this process very easy. Reserve Bank (RBI) Governor Shaktikanta Das has announced to bring Unified Lending Interface (ULI) platform like the payment app UPI.

RBI launched a pilot project of a technical platform to provide frictionless credit last year (August 2023). During the one-year pilot project, the central bank focused on Kisan Credit Card (KCC) loans, dairy loans, MSME loans, personal loans and home loans, which are in high demand.

What will be the benefit to consumers?

Even now, many apps claim to provide instant loans. But, RBI's control over them is very limited. These apps are often accused of arbitrariness and mental harassment. But, if RBI keeps a direct eye on the apps with ULI platform, then there will be less scope for any irregularities. This will make loan evaluation very easy, especially for rural and small consumers.

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