RBI Launches PRAVAAH Portal, and 2 Other Initiatives
The Reserve Bank of India launched three major initiatives, including a mobile app to enable retail investors to participate in the government securities (G-Secs) market.Similarly, the central bank launched the PRAVAAH portal for any individual or entity to apply online for various regulatory approvals in a seamless manner.
The third initiative Fintech Repository, launched by RBI governor Shaktikanta Das, will be a data storehouse of Indian FinTech firms for a better understanding of the sector from a regulatory perspective and facilitate in designing appropriate policy approaches.
PRAVAAH Portal
PRAVAAH (Platform for Regulatory Application, VAlidation and AutHorisation) is a secure and centralised web-based portal for any individual or entity to seek authorisation, license or regulatory approval on any reference made by it to the Reserve Bank. It will enhance the efficiency of various processes related to granting of regulatory approvals and clearances by the RBI.
At present, 60 application forms covering different regulatory and supervisory departments of RBI have been made available on the portal. This also includes a general purpose form for applicants to submit their requests which are not included in any other application form. More application forms would be made available as may be required.
Mobile App For RBI retail Direct Portal
Retail investors can now transact in government securities (G-Secs) using the mobile app on their smartphones.
The retail direct portal was launched in November 2021 to facilitate retail investors to open their Retail Direct Gilt accounts with the Reserve Bank of India under the Retail Direct Scheme. The scheme allows retail investors to buy G-Secs in the primary auctions as well as buy and sell G-Secs in the secondary market.With the launch of the retail direct mobile app, retail investors can now transact in G-Secs using the mobile app on their smartphones.
FinTech Repository
The FinTech Repository aims to capture essential information about FinTech entities, their activities, technology uses, etc. FinTechs, both regulated and unregulated, are encouraged to contribute to the repository.
Simultaneously, a related repository for only RBI regulated entities (banks and NBFCs) on their adoption of emerging technologies (like artificial intelligence, machine learning, Cloud Computing, distributed ledger technology, quantum, etc), called EmTech Repository, is also being launched.
The FinTech and EmTech Repositories are secure web-based applications and are managed by the Reserve Bank Innovation Hub (RBIH), a wholly-owned subsidiary of RBI. The repository would enable availability of aggregate sectoral level data, trends, analytics, etc, that would be useful for both policymakers and participating industry members. Reserve Bank of India encourages the FinTechs and Regulated Entities to actively contribute to the repositories.
Click here to read more about the RBI’s Initiatives.
