RBI Launches PRAVAAH Portal for Streamlined Regulatory Approvals and Clearances
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- Last Updated on 1 June, 2024
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Press Release: 2024-2025/393, Dated 28.05.2024
RBI has introduced three major initiatives: the PRAVAAH portal, the Retail Direct Mobile App, and a FinTech Repository. The PRAVAAH portal will make it convenient for any individual or entity to apply online for various regulatory approvals and enhance the efficiency of various processes related to the granting of regulatory approvals and clearances.
Presently, 60 application forms covering different regulatory and supervisory departments have been made available on the portal. This also includes a general-purpose form for applicants to submit their requests that are not included in any other application form.
The Retail Direct Mobile App will provide retail investors with seamless and convenient access to the Retail Direct platform and ease of transacting in government securities (G-Secs). The mobile app can be downloaded from the Play Store for Android users and the App Store for iOS users.
The Fintech Repository will contain information on the Indian FinTech Sector, which will help us better understand the sector from a regulatory perspective and facilitate the design of appropriate policy approaches.
The FinTech Repository aims to capture essential information about FinTech entities, their activities, technology uses, etc. Simultaneously, a related repository for only RBI-regulated entities (banks and NBFCs) on their adoption of emerging technologies (like AI, ML, Cloud Computing, DLT, Quantum, etc.), called EmTech Repository.
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