Summary:

On November 6, 2024, RBI Deputy Governor T Rabi Sankar announced the Unified Lending Interface (ULI) at the Business Standard BFSI Summit in Mumbai. ULI, a public infrastructure project, aims to democratize private-sector lending access, similar to how UPI has impacted digital payments. He emphasized ULI's role as an innovation platform within regulatory frameworks, as well as India's resilience to anticipated economic changes due to the US election results.

He highlighted UPI's future, focusing on expanding its reach to include feature phone users and offline environments, with the goal of achieving global acceptability. The rise of UPI has had little impact on cash circulation, but it has slowed the growth of physical currency. Fraud instances have grown but remained stable per transaction. He called for prudence in deploying AI in finance and emphasized balanced oversight to promote fintech growth. He also mentioned the RBI's pilot project for Central Bank Digital Currency (CBDC).

Source: IBEF 

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