RBI launches three major initiatives

The PRAVAAH portal will make it convenient for any individual or entity to apply online for various regulatory approvals in a seamless manner. This portal will also enhance the efficiency of various processes related to granting of regulatory approvals and clearances by the Reserve Bank.

RBI launches three major initiatives

RBI has launched three major initiatives, namely the PRAVAAH portal, the Retail Direct Mobile App and a FinTech Repository in the presence of Shri Satish Kashinath Marathe, Prof. Sachin Chaturvedi, Directors on the Central Board of the Reserve Bank; Prof. H. Krishnamurthy, member of Board, Reserve Bank Innovation Hub (RBIH); Dr. M D Patra, Shri M Rajeshwar Rao, Shri T Rabi Sankar, Shri Swaminathan J, Deputy Governors of the Reserve Bank; MD & CEOs of select banks and NBFCs; Chief Executive, IBA; MD/CEOs of Clearing Corporation of India Limited (CCIL), Reserve Bank Information Technology Ltd. (ReBIT), Indian Financial Technology and Allied Services (IFTAS) and RBIH; representatives of Fintechs and other senior officials of the Reserve Bank.

 

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PRAVAAH is a secure and centralized portal for any individual or entity to seek authorization, license, or regulatory approval on any reference made by it to the Reserve Bank. The following are some of the key features available in the portal.

Submit the application online on the portal;

Track and Monitor the status of the application/reference

Respond to any clarification/query sought by the RBI in connection with the application/reference; and

Receive a decision from the Reserve Bank in a time-bound manner.

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The 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 retail direct portal was launched in November 2021 to facilitate retail investors to open their Retail Direct Gilt accounts with the Reserve Bank of India (https://rbiretaildirect.org.in under the Retail Direct Scheme. The scheme allows retail investors to buy G-Secs in the primary auctions as well as buy and sell G-Secs in the secondary market.

The FinTech Repository aims to capture essential information about FinTech entities, their activities, technology uses, etc. FinTechs, both regulated and unregulated, are encouraged to contribute to the Repository accessible at the URL: https://fintechrepository.rbihub.in

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 the availability of aggregate sectoral-level data, trends, analytics, etc., that would be useful for both policymakers and participating industry members. Reserve Bank of India encourages the FinTechs and Regulated Entities to actively contribute to the Repositories.

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