Governor Reserve Bank of IndiaShaktikanta Das announced the launch of three important initiatives – PRAVAAH Portal, Retail Direct Mobile App and Fintech Repository.
These initiatives, announced earlier in the RBI’s bi-monthly Development and Regulatory Policy Statement, are aimed at streamlining regulatory processes, encouraging retail investment in government securities and improving understanding of the fintech space.
The PRAVAAH Portal (Platform for Regulatory Applications, Validation and Authorisation) is a centralised web-based system designed to enable individuals and entities to apply online for various regulatory approvals.
The portal will provide facilities like online application submission, tracking of status, response to queries and timely notification of decisions.
Currently, 60 different application forms covering various regulatory and supervisory departments of the RBI have been made available on the portal and more will be added as and when required.
Meanwhile, the Retail Direct Mobile App is an extension of RBI’s Retail Direct Scheme, which was launched in November 2021 to enable retail investors to open Retail Direct Gilt accounts and participate in Government Securities (G-Secs) trading.
The new mobile app will enable users to buy and sell G-Sec directly from their smartphones, making the process more accessible and convenient. The app is available to download on both Android and iOS platforms.
The Fintech Repository aims to collect critical information about Fintech companies, their activities and technology applications. Both regulated and non-regulated Fintechs are encouraged to contribute to the repository.
Moreover, the EmTech repository specifically targets RBI-regulated entities such as banks and NBFCs, with a focus on adopting emerging technologies such as AI, ML, cloud computing, and DLT.
Managed by the Reserve Bank Innovation Hub (RBIH), these repositories provide aggregated sectoral data, trends and analysis that are useful to both policymakers and industry participants.
These tools are expected to significantly enhance interaction between central banks and their stakeholders, promote transparency and ease access to financial services.
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