🏛️National
Topic #1Union Cabinet Clears Expansion of Unified Lending Interface (ULI)
- Developed by RBI Innovation Hub (RBIH), ULI operates on consent-based digital architecture similar to UPI for instant frictionless credit.
- Reduces loan sanction time for small farmers, dairy producers, and MSMEs from 2-3 weeks to under 5 minutes.
- Static GK Link: Reserve Bank of India (RBI) was established on April 1, 1935 under the RBI Act, 1934 on the recommendation of the Hilton Young Commission.
- Relevant Article: Article 110 of the Indian Constitution governs Money Bills and public finance authorizations.
🎯 Exam Target: UPSC CSE, SSC CGL, IBPS PO, SBI Clerk, State PSC Group 1 & 2