New Delhi: The Reserve Bank of India (RBI) introduced three initiatives: the PRAVAAH portal, the RBI Retail Direct mobile application, and the FinTech Repository. They were launched by Governor Shaktikanta Das, along with several other industry leaders, to improve regulatory processes, encourage retail investment, and provide complete data on the fintech sector.
The PRAVAAH portal (Platform for Regulatory Application, VAlidation and AutHorisation) is made for individuals and establishments, it is a secure and centralised platform to pursue authorisations, licenses, or regulatory approvals from the RBI. It allows online application submission, status tracking, and timely decision-making. It covers 60 different application forms covering various regulatory and supervisory departments.
The RBI Retail Direct mobile app is made for retail investors who want to buy and sell government securities directly from their smartphones. It is available on both Android and iOS. The app eases the process of transactions in both the primary and secondary markets.
The FinTech Repository provides complete data on Indian fintech firms, helping regulators and policymakers. The EmTech Repository offers data on RBI-regulated banks and NBFCs and their use of new technologies like AI, ML, cloud computing, DLT, and quantum computing. Both are managed by the Reserve Bank Innovation Hub (RBIH).
