RBI Launches PRAVAAH | Retail Direct Mobile App | FinTech Repository to Revolutionize Financial Services
- Blog|Advisory|FEMA & Banking|
- 3 Min Read
- By Taxmann
- |
- Last Updated on 4 June, 2024
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PRAVAAH (Platform for Regulatory Application Validation and Authorization) is a secure, centralized web-based portal introduced by the Reserve Bank of India (RBI) to streamline the process of obtaining regulatory approvals. It allows individuals and entities to submit their applications for regulatory approvals online, track the status of their applications, respond to any queries or requests for clarification from the RBI, and ensure timely communication of decisions. The portal offers 60 application forms across various RBI regulatory and supervisory departments, with more to be added.
Table of Contents
- PRAVAAH – Simplifying Regulatory Approvals
- Retail Direct Mobile App – Investing Made Easy
- FinTech Repository – A Comprehensive Database
- Conclusion – A Leap Towards Digital Transformation
Introduction
On May 28, 2024, Shri Shaktikanta Das, the Governor of the Reserve Bank of India (RBI), introduced three groundbreaking initiatives:
- the PRAVAAH portal
- the Retail Direct Mobile App
- the FinTech Repository.
These initiatives, previously announced in RBI’s development and regulatory policy statements, mark a significant step in enhancing the efficiency and accessibility of financial services in India.
1. PRAVAAH – Simplifying Regulatory Approvals
PRAVAAH (Platform for Regulatory Application Validation and Authorization) is a secure, centralized web-based portal designed to streamline obtaining regulatory approvals from the RBI.
|
Key Features of PRAVAAH |
Description |
| Online Application Submission | Individuals and entities can submit their applications for regulatory approvals online. |
| Tracking and Monitoring | Users can track the status of their applications and monitor progress. |
| Query Response | Applicants can respond to any queries or requests for clarification from the RBI. |
| Timely Decisions | The portal ensures that decisions are communicated on time. |
Currently, 60 application forms across various RBI regulatory and supervisory departments are available on PRAVAAH, with more to be added as needed. This portal is accessible at PRAVAAH Portal.
2. Retail Direct Mobile App – Investing Made Easy
Retail Direct Mobile App enhances the existing Retail Direct Portal, launched in November 2021, by offering retail investors a convenient way to buy and sell government securities (G-Secs).
|
Activities Allowed in the Mobile App |
Description |
| Open Retail Direct Gilt Accounts | Investors can open accounts with the RBI directly from their smartphones. |
| Participate in Auctions and Markets | Investors can buy G-Secs in primary auctions and trade them in the secondary market. |
| Download and Use Easily | The app is available on Android and iOS platforms, ensuring accessibility for all users. |
This mobile-friendly approach aims to make government securities more accessible to retail investors, promoting broader participation in the financial markets.
3. FinTech Repository – A Comprehensive Database
FinTech Repository is a centralized database capturing essential information about FinTech entities, activities, and technologies.
|
Use of FinTech Repository |
Description |
| Understanding the Sector | Providing a comprehensive view of the FinTech landscape from a regulatory perspective. |
| Policy Formulation | Assisting policymakers in designing informed regulations and policies. |
| Industry Insights | Offering valuable data and trends for industry stakeholders. |
A related repository, the EmTech Repository, also focuses on adopting emerging technologies like AI, ML, Cloud Computing, and Blockchain by RBI-regulated entities. Both repositories are managed by the Reserve Bank Innovation Hub (RBIH) and are accessible at FinTech Repository and EmTech Repository.
4. Conclusion – A Leap Towards Digital Transformation
The launch of PRAVAAH, the Retail Direct Mobile App, and the FinTech Repository highlights the RBI’s commitment to developing innovation, enhancing regulatory efficiency, and promoting financial inclusion. These initiatives are poised to transform the financial regulation and investment landscape in India, making it more streamlined, transparent, and accessible.
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