RBI launches PRAVAAH, RBI Retail Direct Mobile Application and FinTech Repository

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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.

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 Fintech Repository will contain information on Indian FinTech Sector for a better understanding of the sector from a regulatory perspective and facilitate in designing appropriate policy approaches.

1. ‘PRAVAAH’ (Platform for Regulatory Application, VAlidation and AutHorisation) portal

PRAVAAH 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 Reserve Bank. The following are some of the key features available in the portal.

  1. Submit the application online on the portal;

  2. Track and Monitor the status of the application/reference;

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

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

2. Mobile Application for RBI Retail Direct portal

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 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.

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 mobile app can be downloaded from the Play Store for Android users and App Store for iOS users.

3. FinTech Repository

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 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 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.

RBI Press Release May 28, 2024

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