RBI introduces 'PRAVAAH': Revolutionizing Digital Regulatory Management
The Reserve Bank of India (RBI) has introduced three significant initiatives on May 28: the PRAVAAH Portal, the RBI Retail Direct Mobile Application, and the FinTech Repository.
These initiatives were unveiled as part of the central bank's bi-monthly Statement on Development and Regulatory Policies in April 2023, December 2023, and April 2024, according to an RBI release.
The PRAVAAH portal is designed to streamline the process of applying for various regulatory approvals, enhancing the efficiency of related procedures managed by the RBI. Currently, 60 application forms from different regulatory and supervisory departments are available on the portal. This includes a general-purpose form for requests not covered by other forms.
The Retail Direct Mobile App aims to provide retail investors with seamless and convenient access to the retail direct platform, facilitating easy transactions in government securities (G-Secs).
The FinTech Repository is set to become a comprehensive database containing rich information on Indian FinTech firms. This resource will help regulators better understand the sector and develop suitable policy approaches. It will capture essential details about FinTech entities, their activities, and technology use.
Additionally, the RBI is launching an EmTech Repository specifically for entities regulated by the RBI, such as banks and NBFCs. This repository will track their adoption of emerging technologies like AI, ML, Cloud Computing, DLT, and Quantum Computing.
Both the FinTech and EmTech Repositories are secure web-based applications managed by the Reserve Bank Innovation Hub (RBIH), a wholly owned subsidiary of the RBI. These repositories will provide aggregated sectoral data, trends, and analytics, which will be valuable for policymakers and industry participants alike.
With these initiatives, the RBI continues to foster innovation, restructure regulatory processes, and enhance the financial technology landscape in India.