RBI Guv launches PRAVAAH, Retail Direct mobile app and FinTech repository
The Reserve Bank of India (RBI) has launched three major initiatives to enhance regulatory processes, facilitate retail investment, and provide comprehensive data on the fintech sector. The PRAVAAH portal is a secure web-based platform for individuals and entities seeking authorizations, licenses, or approvals from the RBI. The RBI Retail Direct mobile application simplifies transactions for retail investors, and the FinTech Repository provides data on Indian fintech firms for better regulatory understanding and policy formulation.
The (RBI) on Tuesday launched three major initiatives namely the portal, RBI mobile application and as earlier announced in April 2023, April 2024 and December 2023 respectively.The said initiatives, aimed at enhancing , facilitating , and providing comprehensive data on the , were launched by in presence of several leaders from the industry.
According to the central bank, the PRAVAAH portal (Platform for Regulatory Application, VAlidation and AutHorisation) is a secure, centralized web-based platform designed for individuals and entities to seek authorizations, licenses, or regulatory approvals from the RBI.
Moreover, it features online application submission, status tracking, and timely decision-making, covering 60 different application forms across various regulatory and supervisory departments.
As for the , it has been designed to offer easy access to retail investors allowing them to buy and sell (G-Secs) directly from their smartphones.
Available on both Android and iOS, the app simplifies transactions in the primary and secondary markets.
Lastly, the FinTech Repository, as per the top bank, is aimed at providing comprehensive data on Indian FinTech firms, facilitating better regulatory understanding and policy formulation.
"Simultaneously, a related repository for only regulated entities (banks and NBFCs) on their adoption of emerging technologies (like AI, ML, Cloud Computing, DLT, Quantum, etc.), called EmTech Repository is also being launched," the RBI said in a media release.
Both repositories, managed by the Reserve Bank Innovation Hub (RBIH), are designed to support policymakers and industry participants with valuable sectoral insights, it said.
Source: Stocks-Markets-Economic Times
