NEWS – RBI Governor recently unveiled three major initiatives of the Reserve Bank, namely the Pravaah portal, the Retail Direct Mobile App and a FinTech Repository

PRAVAAH PORTAL

• Pravaah (Platform for Regulatory Application, Validation, and AutHorisation) is a secure, centralized web-based portal by the RBI.
• Enables individuals or entities to seek authorizations, licenses, or regulatory approvals from the RBI.

Key Features:

• Online Submission: Submit applications online through the portal.
• Status Tracking: Track and monitor the status of applications/references.
• Query Response: Respond to clarifications or queries from the RBI.
• Time-bound Decisions: Receive decisions from the RBI in a timely manner.

Enhancements:

• Increases efficiency in granting regulatory approvals and clearances.
• Currently supports 60 application forms covering various regulatory and supervisory departments of the RBI.
• Includes a general-purpose form for requests not covered by specific application forms.

RETAIL DIRECT MOBILE APP

Overview:

• The retail direct portal was launched in November 2021 to help retail investors open Retail Direct Gilt accounts with the RBI.
• The Retail Direct Scheme allows retail investors to buy G-Secs in primary auctions and trade G-Secs in the secondary market.

Mobile App Features:

• Enables retail investors to transact in G-Secs using their smartphones.

FINTECH REPOSITORY

Purpose:

• Captures essential information about FinTech entities, their activities, and technology use.
• Covers both regulated and unregulated FinTechs.

Content:

• Provides a rich repository of data on Indian FinTech firms.
• Useful for policymakers and industry members for a better understanding of the sector.

EmTech Repository:

• A related repository for RBI-regulated entities (banks and NBFCs) focusing on their adoption of emerging technologies (AI, ML, Cloud Computing, DLT, Quantum, etc.).

Management:

• Both repositories are secure web-based applications.
• Managed by the Reserve Bank Innovation Hub (RBIH), a wholly owned subsidiary of RBI.