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RBIH looks to tap Rapido, Swiggy, Amul data for UPI-like lending platform, says CEO Rajesh Bansal

Economic TimesEconomic Times Ā· 1d
RBIH looks to tap Rapido, Swiggy, Amul data for UPI-like lending platform, says CEO Rajesh Bansal

The Reserve Bank Innovation Hub (RBIH) is collaborating with data-rich aggregators and farmers' collectives to develop the Unified Lending Interface (ULI) platform. RBIH has approached companies like Namma Yatri, Rapido, Swiggy, Zomato, and Amul for building the platform and is also exploring collaboration with Google Pay and other entities. The ULI platform aims to enable consent-based transfer of customers' financial and non-financial data to lenders, accelerating credit appraisals. The platform has been integrated with DigiLocker and GSTN, and several states have unlocked their land record data for the platform. The platform is expected to transform lending by reducing appraisal time and simplifying technical integrations.

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