In a path-breaking move, the Reserve Bank of India (RBI) has recently launched three key initiatives- the PRAVAAH portal, the Retail Direct Mobile App, a Fintech Repository, and EmTech. The move aims to ease public access to the apex bank and improve the processes of regulatory approvals and transactions.
Key highlights
- PRAVAAH, which stands for Platform for Regulatory Application, Validation, and Authorisation, is a highly secured and centralized web-based platform. It enables individuals and entities to apply online for various regulatory approvals from the central bank.
- The portal makes the process of seeking authorizations, licenses, or regulatory approvals easier by providing a single point of contact for applicants.
- This portal is expected to improve the efficiency of the processes associated with regulatory approval and clearance. At present, the portal has 60 application forms related to various regulatory and supervisory departments of the RBI.
- The Retail Direct Mobile App is developed to provide retail investors easy access to the Retail Direct Platform. This will ensure ease of transaction in government securities (G-Secs).
- Retail investors will be able to open Retail Direct Gilt accounts with the RBI through the app. The app will enable them to participate in primary auctions for G-Secs and buy and sell them in the secondary market.
- The Fintech Repository is a comprehensive database encompassing information on the Indian fintech sector, such as FinTech entities, their products and services, activities, technology they use, regulatory framework applicable to them, etc. This will provide a better understanding of the sector from a regulatory perspective and help in designing policies apt for the sector’s growth.
- The RBI has also unveiled EmTech Repository exclusively for RBI-regulated entities, such as banks and NBFCs, on their adoption of modern technologies, including artificial intelligence (AI), machine learning (ML), Cloud Computing, distributed ledger technology (DLT), Quantum computing, etc.
- Both FinTech and EmTech Repositories are highly secured web applications, managed by the Reserve Bank Innovation Hub (RBIH), which is a wholly-owned subsidiary of RBI.
