RBI launches PRAVAAH, RBI Retail Direct mobile app, FinTech Repository

The Reserve Bank of India (RBI) on May 28 launched three major initiatives namely, PRAVAAH portal, RBI Retail Direct mobile application and FinTech Repository.

All these initiatives were announced by the central bank as part of its bi-monthly Statement on Development and Regulatory Policies in April 2023, December 2023, and April 2024, RBI said in a release.

The PRAVAAH portal will make it convenient for any individual or entity to apply online for various regulatory approvals and enhance the efficiency of various processes related to granting of regulatory approvals and clearances by the RBI, the release said.

At present, 60 application forms covering different regulatory and supervisory departments of RBI 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.

Further, Retail Direct Mobile App will provide retail investors a seamless and convenient access to the retail direct platform and provide ease of transacting in government securities (G-Secs).

The central bank said Fintech Repository will contain information on rich repository of data on Indian FinTech firms for a better understanding of the sector from a regulatory perspective and facilitate in designing appropriate policy approaches.

The FinTech Repository aims to capture essential information about FinTech entities, their activities, technology uses, etc, RBI said.

Further, the central bank said Simultaneously, a related repository for only RBI regulated entities (banks and NBFCs) on their adoption of emerging technologies (like AI, ML, Cloud Computing, DLT, Quantum, etc.), called EmTech Repository is also being launched.

The FinTech and EmTech Repositories are secure web-based applications and are managed by the Reserve Bank Innovation Hub (RBIH), a wholly owned subsidiary of RBI. The repository would enable availability of aggregate sectoral level data, trends, analytics, etc., that would be useful for both policymakers and participating industry members, release said.