RBI launched 3 initiatives: PRAVAAH, Retail Direct Mobile App, and FinTech Repository

Introduction

RBI has launched three major platforms on May 28, 2024, namely:
• The PRAVAAH portal
• The Retail Direct Mobile App, and
• The FinTech Repository.
The RBI earlier announced these in its bi-monthly statement on Development and Regulatory Policies. These initiatives are taken to revolutionize financial services.

PRAVAAH: Online Submission Platform

PRAVAAH stands for Platform for Regulatory Application Validation and Authorization, an online application submission portal. Users can submit, track, respond, and seek clarifications regarding their regulatory applications from RBI online. This web-based portal provides a single streamlined platform for individuals and entities to directly contact the RBI and apply for numerous regulatory approvals.
As of now, around 60 application forms are available on PRAVAAH portal.

Retail Direct Mobile App: Participation in G-Sec Market

The second initiative launched in the Retail Direct Mobile App, through which retail investors can participate in the government securities market. It has enhanced the Retail Direct App, launched in November 2021. Through this app, available both on Android and iOS, investors are now able to participate in auctions and buy government securities from their smartphones conveniently. This promotes more participation from investors as it is more accessible.

The Fintech Repository: A Database of all FinTech Firms

Another initiative launched is The Fintech Repository which will contain a database of the FinTech firms whether regulated or unregulated. It would assist in policymaking by providing comprehensive data on the activities and technology used by the FinTech firms.

Similarly, RBI has also launched the EmTech Repository which is only meant for entities regulated by the RBI like banks and Non-Banking Financial Institutions, who are adopting technology such as AI, DLT, machine learning, cloud computing, etc.

Both these repositories, launched by RBI, are the secured web-based portals that are solely overlooked by the Reserve Bank Innovation Hub (RBIH), a wholly-owned subsidiary of RBI. Both of these repositories will provide comprehensive data and analytics on a single platform to policymakers and the concerned entities.

Conclusion

This initiative of launching digital platforms like PRAVAAH, the Retail Direct Mobile App, and the FinTech Repository reflects the commitment of the Central Bank of India to move closer to the digitalization of financial services, innovation, and regulatory efficiency. These platforms are aimed at transforming the financial landscape of the nation where services are made accessible digitally to individuals.

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