Reserve Bank of India has launched three major initiatives:
- PRAVAAH portal,
- Retail Direct Mobile App,
- FinTech Repository.
These three initiatives were announced in April 2023, April 2024, and December 2023 as part of RBI’s bi-monthly Statement on Development and Regulatory Policies.
Pravaah (Platform for Regulatory Application, VAlidation and AutHorisation) portal
Pravaah 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. The following are some of the key features available in the portal.
- Submit the application online on the portal;
- Track and Monitor the status of the application/reference;
- Respond to any clarification/query sought by the RBI in connection with the application/reference; and
- Receive a decision from the Reserve Bank in a time bound manner.
Benefits of Pravaah
The Pravaah website would allow any individual or company to easily apply online for numerous regulatory approvals. This platform will also improve the efficiency of the Reserve Bank’s numerous processes for issuing regulatory approvals and certifications.
Mobile Application for RBI Retail Direct portal
The retail direct site was introduced in November 2021 to let retail investors create Retail Direct Gilt accounts with the Reserve Bank of India (https://rbiretaildirect.org.in) via the Retail Direct Scheme. The system allows ordinary investors to purchase G-Secs in primary auctions as well as buy and sell them on the secondary market.
With the debut of the retail direct mobile app, retail investors may now deal in G-Secs using their cellphones. For Android users, the mobile app is available on the Play Store, while iOS users may get it from the App Store. The mobile app may also be downloaded using the QR code below.
Scan Below QR code to Download App
FinTech repository
The FinTech Repository intends to collect critical information regarding FinTech firms, their activities, technological applications, and so on. FinTechs, both licenced and unregulated, are urged to contribute to the Repository, which may be accessed at https://fintechrepository.rbihub.in.
Simultaneously, the EmTech Repository, a repository for exclusively RBI-regulated organisations (banks and NBFCs) on their use of new technologies (such as AI, ML, Cloud Computing, DLT, Quantum, etc.), is being launched and can be viewed at the URL: https://emtechrepository.rbihub.in.
Security
The Reserve Bank Innovation Hub (RBIH), a fully owned subsidiary of the RBI, manages the secure web-based applications known as FinTech and EmTech Repositories. The repository would make aggregate sectoral statistics, trends, analytics, and other information available to both policymakers and industry participants. The Reserve Bank of India invites FinTechs and regulated entities to actively contribute to the repositories.
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