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Unified Lending Interface, commonly referred to as ULI, is an Indian digital lending interface. [1] ULI was introduced by Reserve Bank of India to speed up the process of giving loans. It facilitates the flow of digital information, such as land records from various states, directly to lenders. [ 2 ]
Public Credit Registry (PCR), created by the Reserve Bank of India, is a public digital registry to capture and store financial information of borrowers in India, both existing and new borrowers. The credit registry will collate the borrowing history of both individuals and corporate borrowers.
The preamble of the Reserve Bank of India describes the basic functions of the reserve bank as: [13]...to regulate the issue of Bank notes and keeping of reserves with a view to securing monetary stability in India and generally to operate the currency and credit system of the country to its advantage; to have a modern monetary policy framework to meet the challenge of an increasingly complex ...
India's retail digital lending space has grown significantly in the past decade (2012–22) from US$9 billion to US$270 billion with a CAGR of 39.5%. [11] This huge rise in the lending space can be attributed to various factors. Low credit card penetration: As per the data from RBI, the number of credit card holders was 62 million in 2021. [12]
MobiKwik is an Indian financial technology company, founded in 2009 that provides a mobile phone-based payment system and digital wallet. [3] [4] In 2013 the Reserve Bank of India authorized the company's use of the MobiKwik wallet, [5] and in May 2016 the company began providing small loans to consumers as part of its service.
In December 2019, the RBI increased the lending limit on P2P platforms to Rs 50 lakh, up from the previous limit of Rs 10 lakh. [8] In 2021, LenDenClub was chosen to participate in the Microsoft for Startups program and its co-founders Bhavin Patel and Dipesh Karki were featured in the Businessworld's BW Disrupt 40 Under 40 list.