New Delhi, May 28 -- The Reserve Bank of India (RBI) has revolutionized the nation's lending landscape by launching the Unified Lending Interface (ULI), a secure, centralized platform that streamlines access to financial data for lenders. Powered by WSO2's API Management and Identity solutions, this groundbreaking initiative has slashed loan processing times from 4-6 weeks to just a few minutes-marking a transformative milestone in India's financial services sector.

Until recently, lenders in India faced the daunting challenge of sourcing both financial and non-financial data from a multitude of fragmented systems. Data silos spread across Central and State authorities, fintechs, techfins, account aggregators, credit bureaus, and digital...