RBI Dy Guv stresses ULI, priority-sector lending
SRINAGAR, SEPTEMBER 18: Reserve Bank of India (RBI) Deputy Governor Rohit Jain Friday called for a stronger credit push and wider adoption of the Unified Lending Interface (ULI) in J&K while reviewing banking operations with the zonal heads of major banks operating in the Union Territory.
Jain emphasised the role of banks in supporting economic activity and strengthening financial inclusion, urging them to maintain adequate banking infrastructure, improve credit delivery and expand the outreach of banking services to priority sectors, particularly underserved sections.
He stressed the need for coordinated efforts by banks to meet the evolving credit requirements of J&K and remain responsive to customer needs, particularly in grievance redress and service delivery.
The Deputy Governor also called for greater digitalisation of banking services while flagging growing concerns over digital frauds.
He specifically urged banks to increase loan processing through ULI, highlighting its potential to transform credit delivery in a manner similar to the impact of UPI on digital payments.
During the meeting, the Regional Director, RBI, Jammu, presented an overview of J&K’s financial landscape and highlighted its economic potential across agriculture, micro, small and medium enterprises (MSMEs), tourism, handicrafts and services.
Zonal heads of major banks subsequently presented details of their operations in J&K, including banking network, Credit-Deposit ratio, credit flow and Priority Sector Lending.
The review also covered the progress of banks in onboarding onto ULI, re-KYC coverage and settlement of unclaimed deposits, besides special initiatives undertaken by individual banks for the Union Territory.
Jain’s directions come amid efforts to improve credit delivery and broaden access to formal financial services, particularly for sectors and sections that remain underserved.
