The Reserve Bank of India has launched three major initiatives – the PRAVAAH portal, the Retail Direct Mobile App and a FinTech Repository – aimed at enhancing public access to the central bank and facilitating regulatory approvals and transactions.
The PRAVAAH (Platform for Regulatory Application, Validation, and Authorisation) portal is a secure and centralized web-based platform for individuals and entities to apply online for various regulatory approvals from the RBI. The portal streamlines the process of seeking authorizations, licenses, or regulatory approvals by providing a single point of contact for applicants. It is expected to improve the efficiency of the RBI’s regulatory approval and clearance processes.
The Retail Direct Mobile App offers retail investors easy access to the Retail Direct platform and facilitates transactions in government securities (G-Secs). The app enables retail investors to open Retail Direct Gilt accounts with the RBI, participate in primary auctions for G-Secs, and buy and sell G-Secs in the secondary market. The app is available for download on the Play Store for Android users and the App Store for iOS users.
The Fintech Repository is a comprehensive database containing information on the Indian fintech sector. The repository aims to provide a better understanding of the sector from a regulatory perspective and facilitate the design of appropriate policy approaches. It includes information on Indian fintech companies, their products and services, and the regulatory framework applicable to them.
The RBI has also launched a related repository called the EmTech Repository meant for RBI-regulated entities (banks and NBFCs). The EmTech Repository contains information on the adoption of emerging technologies such as artificial intelligence (AI), machine learning (ML), cloud computing, distributed ledger technology (DLT), and quantum computing by these entities.
(With ANI input)