New Delhi: On Tuesday, Reserve Bank of India (RBI) Governor Shaktikanta Das introduced three major initiatives: the PRAVAAH portal, a retail direct mobile app, and a fintech repository.
PRAVAAH, which stands for Platform for Regulatory Application, VAlidation, and AutHorisation, is a centralized, secure web-based portal. It allows individuals and entities to seek authorization, licenses, or regulatory approval for any references made to the RBI. Currently, the portal includes 60 application forms that cover various regulatory and supervisory departments within the RBI. This initiative aims to streamline and simplify the application process for regulatory permissions.
The Retail Direct mobile app is designed to provide retail investors with an easy and convenient way to access the Retail Direct platform. This platform, initially launched in November 2021, was created to facilitate individual investments in government securities (G-Secs). With the introduction of the mobile app, retail investors can now seamlessly transact in G-Secs using their smartphones, enhancing the accessibility and convenience of investing in government securities.
In addition to these two initiatives, the RBI also launched a fintech repository. This repository will be a comprehensive database containing information about Indian fintech firms. The primary goal of this repository is to improve the understanding of the fintech sector from a regulatory perspective. By compiling detailed information on fintech companies, the repository will help the RBI design appropriate policies and regulatory approaches tailored to the unique needs and challenges of the fintech industry. These initiatives collectively aim to modernize the regulatory framework, enhance investment accessibility for retail investors, and better understand and regulate the rapidly evolving fintech sector.
