On Tuesday, May 28, the Reserve bank of India finally launched the three major initiatives – PRAVAAH portal, RBI Retail Direct mobile application and a FinTech Repository that were announced as part of RBI’s bi-monthly statement on Development and Regulatory Policies in April 2023, April 2024 and December 2023 respectively.
With these three initiatives, RBI Governor Shaktikanta Das aims to enhance regulatory processes, facilitate retail investment and provide comprehensive data on the Financial Technology sector.
The launch was made in the presence of Shri Satish Kashinath Marathe, Prof. Sachin Chaturvedi, Directors on the Central Board of the Reserve Bank; Prof. H. Krishnamurthy, member of Board, Reserve Bank Innovation Hub (RBIH); Dr. M D Patra, Shri M Rajeshwar Rao, Shri T Rabi Sankar, Shri Swaminathan J, Deputy Governors of the Reserve Bank; MD & CEOs of select banks and NBFCs; Chief Executive, IBA; MD/CEOs of Clearing Corporation of India Limited (CCIL), Reserve Bank Information Technology Ltd. (ReBIT), Indian Financial
Technology and Allied Services (IFTAS) and RBIH; representatives of Fintechs and
other senior officials of the Reserve Bank.
In addition, RBI has launched another version of the repository that serves RBI regulated entities specifically. “Simultaneously a related repository for only RBI regulated entities (banks and NBFCs) on their adoption of emerging technologies (like AI, Machine Learning, Cloud Computing, Distributed Ledger Technology, Quantum etc) called EmTech repository is also being launched,” it said in a press release.
RBI’s Initiative
PRAVAAH portal
The PRAVAAH (Platform for Regulatory Application, Validation, and Authorisation) portal is a secure and centralized web-based platform for individuals and entities to apply online for various regulatory approvals from the RBI. The portal streamlines the process of seeking authorizations, licenses, or regulatory approvals by providing a single point of contact for applicants. It is expected to improve the efficiency of the RBI’s regulatory approval and clearance processes.
At present, 60 application forms covering different regulatory and supervisory departments of the central bank 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.
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Retail Direct Mobile App
The Retail Direct Mobile App offers retail investors easy access to the Retail Direct platform and facilitates transactions in government securities (G-Secs). The app enables retail investors to open Retail Direct Gilt accounts on its site under the Retail Direct scheme, participate in primary auctions for G-Secs, and buy and sell G-Secs in the secondary market. The app is available for download on the Play Store for Android users and the App Store for iOS users.
FinTech Repository
The Fintech Repository is a comprehensive database containing information on the Indian fintech sector. The repository aims to provide a better understanding of the sector from a regulatory perspective and facilitate the design of appropriate policy approaches. It includes information on Indian fintech companies, their products and services, and the regulatory framework applicable to them. The repository can be accessible from here.
