RBI's Digital Push: CBDC Sandbox & ULI Expand Financial Reach
The Reserve Bank of India (RBI) has taken significant strides in digital innovation. It has launched a CBDC retail sandbox and piloted the Unified Lending Interface (ULI), expanding its reach to numerous data sources and lenders.
The ULI, since its inception, has grown to encompass 120 data sources and services, connecting with 58 lenders. It has successfully sanctioned 3.2 million loans, totalling INR 1.7 trillion. This expansion has streamlined and digitised credit delivery for various loan products.
Parallelly, the RBI has introduced a sandbox allowing fintech players to access APIs, build prototypes, and test products in a secure, simulated environment. This initiative aims to encourage faster experimentation and reduce operational risks for participants.
The RBI's CBDC retail sandbox provides fintech players and startups access to digital rupee, while the pilot for tokenised CDs explores asset tokenisation. The ULI's expansion demonstrates the RBI's commitment to digitising and simplifying financial processes, benefiting both lenders and borrowers.
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