Now you will not have to visit banks for car, personal or home loans. To make this process easier, the government is bringing a Unified Landing (ULI) platform like the payment app UPI. Reserve Bank of India Governor Shaktikanta Das announced this. Shaktikanta Das said that last year (August 2023), the Reserve Bank launched a pilot project of a technical platform for frictionless credit. After the launch, during one year, the platform focused on Kisan Credit Card Loan, Dairy Loan, MSME Loan, Personal Loan and Home Loan. What will be the benefit?
The government and RBI have limited control over the existing apps that provide instant loans, but the government will directly monitor the best apps on the ULI platform. Just like now you can make instant payment through UPI by entering the PIN. In the same way, you will be able to take a loan by entering the PIN. It will also be linked to your bank account. ULI will make credit processing easier, how will it work? UPI was launched in 2016
Shaktikanta Das told that Unified Payment Interface (UPI) was launched in April 2016 by National Payments Corporation of India (NPCI). UPI has got a lot of success in its 8-year journey. In July 2024, 1,444 crore transactions were done through Unified Payment Interface i.e. UPI. During this, a total amount of Rs 20.64 lakh crore was transferred. How does UPI work?
For UPI service, you have to create a virtual payment address. After this it has to be linked to the bank account. After this there is no need to remember your bank account number, bank name or IFSC code etc. The payer simply processes the payment request according to your mobile number. If you have his UPI ID (e-mail ID, mobile number or Aadhaar number), then you can easily send money through your smartphone. Not only money, you will not need net banking, credit or debit card for utility bill payment, online shopping, shopping etc. You can do all these tasks through Unified Payment Interface system.
