RBI Launches PRAVAAH, Retail Direct Mobile Apps and Fin-tech Repository
Moneylife Digital Team 29 May 2024
Shaktikanta Das, governor of Reserve Bank of India (RBI), launched three major initiatives of RBI, a platform for regulatory application, validation and authorisation (PRAVAAH) portal, a retail direct mobile app and a fin-tech 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 portal will make it convenient for any individual or entity to apply online for various regulatory approvals seamlessly. This portal will also enhance the efficiency of different processes related to granting regulatory approvals and clearances by RBI.
 
The retail direct mobile app will provide retail investors seamless and convenient access to the retail direct platform and provide ease of transacting in government securities (G-Secs).
 
The fin-tech repository will contain information on the Indian fin-tech sector for a better understanding of the sector from a regulatory perspective and facilitate the design of appropriate policy approaches.
 
Here are the details of the three new launches by RBI...
 
1. Platform for Regulatory Application, VAlidation and AutHorisation (PRAVAAH) portal
 
PRAVAAH is a secure and centralised web-based portal for any individual or entity to seek authorisation, licence, or regulatory approval for any reference made by it to RBI. 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 or reference;
  • Respond to any clarification or query sought by the RBI in connection with the application or reference, and
  • Receive a decision from RBI in a time-bound manner.
 
At present, 60 application forms covering RBI's different regulatory and supervisory departments 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 will be made available as may be required. The portal can be accessed at: https://pravaah.rbi.org.in.
 
2. Mobile Application for RBI Retail Direct portal
 
The retail direct portal was launched in November 2021 to facilitate retail investors to open their retail direct gilt accounts with RBI https://rbiretaildirect.org.in under the retail direct scheme. The scheme allows retail investors to buy G-Secs in the primary auctions as well as buy and sell G-Secs in the secondary market.
 
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. The mobile app can also be downloaded using the following QR code.
 
3. Fin-tech Repository
 
The fin-tech repository aims to capture essential information about financial technology (fin-tech) entities, their activities and technology uses. Fin-techs, 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, and Quantum), called EmTech Repository, is also being launched and can be accessed at the URL: https://emtechrepository.rbihub.in .
 
RBI says, the fin-tech and em-tech repositories are secure web-based applications managed by the Reserve Bank Innovation Hub (RBIH), a wholly-owned subsidiary of RBI. The repository would enable the availability of aggregate sectoral-level data, trends and analytics that would be useful for both policy-makers and participating industry members. RBI encourages fin-techs and regulated entities to contribute actively to repositories.
Comments
r_ashok41
2 months ago
is it for the retail customers
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