New Delhi, June 24 -- In a significant step toward easing credit access for India's Micro, Small and Medium Enterprises (MSMEs), the Finance Ministry and the Reserve Bank of India (RBI) held a review meeting on June 23 to assess the progress of the Unified Lending Interface (ULI) platform.

Finance Secretary Ajay Seth and RBI Deputy Governor T. Rabi Sankar-who co-chair oversight of the platform-were scheduled to attend the meeting, according to a government source cited by Moneycontrol.

The need to fast-track the Unified Lending Interface (ULI) comes amid persistent credit bottlenecks for MSMEs, which contribute nearly 30 percent to India's GDP but continue to face delays and rejections due to insufficient collateral and complex document...