YES Bank partners with NLDSL to develop use cases on ULIP

Private sector lender Yes Bank on September 17 announced that it has partnered with NICDC Logistics Data Services Limited (NLDSL) in order to develop use-cases to support corporate users in augmenting their supply chain on the Unified Logistics Interface Platform (ULIP) under government’s new logistics policy that was announced today.

The announcement came after Prime Minister Narendra Modi launched the new National Logistics Policy (NLP) at the Vigyan Bhawan in New Delhi.

The policy is aimed at promoting seamless movement of goods and enhancing the competitiveness of the industry by reducing costs. It is expected to focus on areas such as process re-engineering, digitisation, and multi-modal transport. The move assumes significance as high logistics cost impacts the competitiveness of domestic goods in the international market.

A key initiative of this policy ULIP will develop a logistics gateway by integrating information available with various government agencies and create a nationwide single-window platform for end-to-end visibility. This platform would have direct and indirect benefits to all stakeholders of the logistics ecosystem.

Further, Yes Bank noted that these use-cases developed can be utilised for the simplification of compliance, risk assessment, and approvals for trade finance transactions. The data points available on the ULIP platform will also be made available to the customers, which will help in reducing their overall logistical cost, the lender added.