The Unified Lending Interface (ULI) may be taken out of the Reserve Bank Innovation Hub (RBIH) and housed in a separate utility with banks as stakeholders.
"A new utility has to be created for ULI for it to become commercial. This cannot happen within the RBIH, a wholly-owned subsidiary of the central bank," said a senior official. Neither the Reserve Bank of India (RBI) nor its subsidiaries undertake commercial operations.
Given the nature of ULI, the sources said, it cannot be folded into the National Payments Corporation of India (NPCI), which has been set up under the Payment and Settlement Systems Act, 2007.
The sources indicated that exploratory talks have been held for examining the creation of a utility for housing ULI with banks as stakeholders. This shall be on the lines of the NPCI, in which state-run banks, private banks, foreign banks, co-operative banks, and regional rural banks hold equity.
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