Which financial institution announced the launch of Unified Lending Interface (ULI) on 26 August 2024?

The correct answer is RBI.

Key Points

• The Reserve Bank of India (RBI) announced the launch of the Unified Lending Interface (ULI) on 26 August 2024.
• The ULI aims to streamline the lending process by integrating multiple financial institutions on a single platform.
• This initiative is designed to enhance the efficiency and transparency of loan disbursements.
• ULI leverages advanced technology to provide a seamless experience for both lenders and borrowers.
• The initiative is part of RBI's ongoing efforts to promote digital financial inclusion in India.

Additional Information

• Unified Payments Interface (UPI)
  • UPI is an instant real-time payment system developed by the National Payments Corporation of India (NPCI).
  • It facilitates inter-bank transactions by instantly transferring funds between two bank accounts on a mobile platform.
  • UPI is regulated by the RBI and works by instantly transferring funds through a mobile device.
  • As of 2023, UPI has revolutionized the digital payment landscape in India with over 10 billion transactions per month.
• Pradhan Mantri Jan Dhan Yojana (PMJDY)
  • Launched on 28 August 2014, PMJDY aims to provide universal access to banking facilities for all households in India.
  • It includes financial services like savings & deposit accounts, remittance, credit, insurance, and pension.
  • As of 2023, over 47 crore accounts have been opened under this scheme.
  • PMJDY has significantly contributed to financial inclusion in India, particularly in rural areas.
• Digital India Initiative
  • Launched on 1 July 2015, the Digital India initiative aims to transform India into a digitally empowered society and knowledge economy.
  • The initiative focuses on three key areas: digital infrastructure, digital services, and digital literacy.
  • It includes projects like BharatNet, DigiLocker, and e-Governance.
  • Digital India has significantly increased internet penetration and digital literacy across the country.