Unified Lending Interface (ULI)

• What It Is: The Reserve Bank of India (RBI) will soon launch a new platform called the Unified Lending Interface (ULI) across the country.
• Purpose: ULI aims to change the lending sector in India in a way like how UPI (Unified Payments Interface) changed payments.
• How It Works: ULI will allow lenders to access digital information quickly and easily, reducing the time needed to evaluate loan applications. This is especially helpful for small and rural borrowers.
• Benefits: Faster credit approval with less paperwork, and it helps lenders access necessary information from various sources more efficiently.

Central Bank Digital Currency (CBDC)

• What It Is: CBDC is a digital form of money issued by the RBI. It’s being tested in both retail and wholesale sectors.
• Current Status: The retail CBDC pilot, started in 2022, has over 5 million users and 16 banks. It is testing new features like offline use and programmability.

Future Plans: The RBI wants to thoroughly understand the impact of CBDC on users and the economy before fully rolling it out. They believe CBDC could be crucial for future payment systems, both within India and internationally.