"Just like the Unified Payments Interface (UPI) changed the payments ecosystem, we expect ULI to transform the lending landscape," says the RBI Governor.

Credit card companies now need to provide fortnightly reports of cardholders' credit habits to CIBIL or Experian, instead of the earlier monthly frequency.

Shaktikanta Das received the “A+” rating along with Christian Kettel Thomsen of Denmark and Thomas Jordan of Switzerland; this is Mr Das's second consecutive time receiving a positive rating.

It will provide borrowers with a tool to identify spurious lending apps; In 2022, Google dropped 2,500 lending apps from the Play Store.

The Monetary Policy Committee had kept the policy interest rate unchanged at 6.5% in June for the eighth consecutive time, citing inflationary concerns. The RBI governor defended the decision while addressing the Bombay Chamber of Commerce.