RBI unveils PRAVAAH portal, retail direct app, and fintech repository for enhanced public access

The Reserve Bank of India (RBI) has launched three major initiatives: the PRAVAAH portal, the Retail Direct Mobile Application, and a FinTech Repository.

These launches were unveiled by RBI Governor Shri Shaktikanta Das in the presence of several prominent figures, including Directors on the Central Board of the Reserve Bank, Deputy Governors, and representatives from various financial institutions and fintech sectors.

What is the purpose of the PRAVAAH portal?

The PRAVAAH portal, which stands for Platform for Regulatory Application, Validation, and Authorization, is a secure, centralized web-based platform designed to streamline the process for individuals and entities to seek authorizations, licenses, or regulatory approvals from the Reserve Bank of India (RBI).

Key features of the portal include online application submission, tracking and monitoring of application status, responding to RBI queries, and receiving decisions in a timely manner.

The portal currently supports 60 different application forms across the RBI's various regulatory and supervisory departments, and it plans to include more as needed.

How will the retail direct mobile application benefit investors?

The Retail Direct Mobile Application aims to facilitate retail investors by providing them with easy and seamless access to the Retail Direct platform. The platform will allow retail investors to buy and sell government securities (G-Secs) in both primary and secondary markets. 

The mobile application is available on Android and iOS platforms, enabling investors to transact in G-Secs conveniently from their smartphones.

What information does the fintech repository contain?

The Fintech Repository is designed to provide comprehensive data on the Indian FinTech sector. It aims to enhance regulatory understanding and facilitate the design of appropriate policy approaches.

The repository includes information on the activities, technology usage, and other relevant details of both regulated and unregulated FinTech entities.

The RBI has also launched a related repository called the EmTech Repository meant for RBI-regulated entities (banks and NBFCs).

The EmTech Repository contains information on the adoption of emerging technologies such as artificial intelligence (AI), machine learning (ML), cloud computing, distributed ledger technology (DLT), and quantum computing by these entities.

How will these initiatives impact the financial sector?

These initiatives are expected to significantly impact the financial sector by improving regulatory processes, facilitating retail investment, and providing valuable insights into the FinTech sector.

The PRAVAAH portal will enhance the efficiency of regulatory approvals, the Retail Direct Mobile App will make government securities more accessible to retail investors, and the FinTech Repository will support policymakers and industry participants with essential sectoral data and trends.