In a significant move aimed at enhancing the accessibility and efficiency of financial services, the Reserve Bank of India (RBI) has launched three major initiatives: the PRAVAAH portal, the Retail Direct Mobile App, and a FinTech Repository. The launch event was officiated by Shaktikanta Das, Governor of the RBI, in the presence of key officials and industry representatives.
PRAVAAH Portal: The PRAVAAH (Platform for Regulatory Application, Validation, and Authorization) portal is designed to streamline the process of seeking regulatory approvals. This centralized, web-based platform allows individuals and entities to apply for authorizations, licenses, and other regulatory clearances. The portal’s key features include online application submission, real-time tracking and monitoring of application status, response management for RBI queries, and timely decision notifications from the RBI. Initially, 60 application forms covering various regulatory and supervisory departments of the RBI are available on PRAVAAH, with more to be added as needed.
Retail Direct Mobile App: The Retail Direct Mobile App, part of the RBI’s Retail Direct Scheme launched in November 2021, offers retail investors a convenient way to invest in government securities (G-Secs). The app enables users to open Retail Direct Gilt accounts and facilitates transactions in G-Secs, both in primary auctions and the secondary market. The mobile app is available for download on Android and iOS platforms, ensuring seamless access for investors on the go.
FinTech Repository: The FinTech Repository is a comprehensive database of information on Indian FinTech firms, aiming to enhance the regulatory understanding of the sector. This initiative will aid in the formulation of informed policy decisions. Additionally, an EmTech Repository for RBI-regulated entities, focusing on their adoption of emerging technologies like AI, ML, and blockchain, is also being launched. Both repositories are managed by the Reserve Bank Innovation Hub (RBIH) and are accessible through secure web applications. The RBI encourages active participation from FinTechs and regulated entities to contribute to these repositories, which will provide valuable sectoral data, trends, and analytics.
These initiatives reflect the RBI’s commitment to leveraging technology for improving regulatory processes and fostering innovation in the financial sector.
