Governor of the Reserve Bank of India, Shri Shaktikanta Das, announced the launch of three significant initiatives: the PRAVAAH portal, the Retail Direct Mobile App, and a Fintech Repository.
These initiatives, previously announced in the RBI’s bi-monthly Development and Regulatory Policies Statements, aim to streamline regulatory processes, facilitate retail investment in government securities, and enhance the understanding of the fintech sector.
The PRAVAAH portal (Platform for Regulatory Application, Validation, and Authorisation) is a centralised web-based system designed for individuals and entities to apply online for various regulatory approvals.
The portal features functionalities such as online application submission, status tracking, query response, and timely decision notifications.
Currently, 60 application forms are available on the portal, covering different regulatory and supervisory departments of the RBI, with plans to add more as needed.
Meanwhile, the Retail Direct Mobile App is an extension of the RBI’s Retail Direct Scheme, which was launched in November 2021 to enable retail investors to open Retail Direct Gilt accounts and participate in government securities (G-Secs) transactions.
The new mobile app allows users to buy and sell G-Secs directly from their smartphones, making the process more accessible and convenient. The app is available for download on both Android and iOS platforms.
The Fintech Repository aims to compile essential information on fintech entities, their activities, and technological applications. Both regulated and unregulated fintechs are encouraged to contribute to the repository.
Additionally, the EmTech Repository, specifically for RBI-regulated entities like banks and NBFCs, focuses on their adoption of emerging technologies such as AI, ML, Cloud Computing, and DLT.
Managed by the Reserve Bank Innovation Hub (RBIH), these repositories provide aggregate sectoral data, trends, and analytics useful for policymakers and industry members alike.
These tools are expected to significantly enhance the interaction between the Reserve Bank and its stakeholders, promoting transparency and ease of access to financial services.
Featured image credit: Edited from Freepik
