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RBI Launches PRAVAAH, RBI Retail Direct mobile App, FinTech Repository

 Finance  |    

2024/05/31 10:19 am


Reserve Bank of India (RBI) Governor Shaktikanta Das launched three major initiatives – the PRAVAAH portal, the retail direct mobile app and a fintech repository.

PRAVAAH (Platform for Regulatory Application, VAlidation and AutHorisation) is a secure and centralised web-based portal for any individual or entity to seek authorisation, license or regulatory approval on any reference made by it to the RBI.

At present, 60 application forms covering RBI's different regulatory and supervisory departments have been made available on the portal.

The retail direct mobile app will provide retail investors seamless and convenient access to the retail direct platform and ease of transacting in government securities (G-Secs).

The RBI launched the retail direct portal in November 2021 to facilitate investment in government securities by individual investors. With the launch of the retail direct mobile app, retail investors can now transact in G-Secs using the mobile app on their smartphones, the regulator said in a release.

The regulator said the fintech repository will contain information on Indian fintech firms for a better understanding of the sector from a regulatory perspective and facilitate in designing appropriate policy approaches.

Further, the central bank said 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 is also being launched.

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, the release said.

 

Article Source – RBI Press Release

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