Shaktikanta Das, Governor of Reserve Bank of India (RBI) has launched three major initiatives of the bank, namely the PRAVAAH portal, the Retail Direct Mobile App and a FinTech Repository. These three initiatives were earlier announced as part of RBI’s bi-monthly Statement on Development and Regulatory Policies in April 2023, April 2024 and December 2023 respectively.
‘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. Individuals or entity can apply online for various regulatory approvals in a seamless manner. 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.
According to a PIB release, at present, 60 application forms covering different regulatory and supervisory departments of RBI have been made available on the portal. This also includes a general purpose form for applicants to submit their requests which are not included in any other application form. More application forms would be made available as may be required. The portal can be accessed at: https://pravaah.rbi.org.in.
Mobile Application for RBI Retail Direct portal
The Retail Direct Mobile App will provide retail investors a seamless and convenient access to the retail direct platform and provide ease of transacting in government securities (G-Secs). The portal was launched in November 2021 to facilitate retail investors to open their Retail Direct Gilt accounts with the Reserve Bank of India (https://rbiretaildirect.org.in) under the Retail Direct Scheme.
With the launch of the retail direct mobile app, retail investors can now transact in G-Secs using the mobile app on their smartphones. The mobile app can be downloaded from the Play Store for Android users and App Store for iOS users.
FinTech Repository
The Fintech Repository will contain information on the Indian FinTech Sector for a better understanding of the sector from a regulatory perspective and facilitate in designing appropriate policy approaches. FinTechs, both regulated and unregulated, are encouraged to contribute to the Repository accessible at the URL: https://fintechrepository.rbihub.in.
Simultaneously, a related repository for only RBI 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 and can be accessed at: https://emtechrepository.rbihub.in.
The FinTech and EmTech Repositories are secure web-based applications and are managed by the Reserve Bank Innovation Hub (RBIH), a wholly owned subsidiary of RBI. The repository would enable availability of aggregate sectoral level data, trends, analytics, etc., that would be useful for both policymakers and participating industry members. Reserve Bank of India encourages the FinTechs and Regulated Entities to actively contribute to the Repositories.