The Reserve Bank of India (RBI) today launched three initiatives namely PRAVAAH, Fintech Repository and the RBI direct mobile app.
PRAVAAH: This online platform aims to simplify the application process for regulatory approvals and clearances from the RBI. It will benefit both individuals and entities. Currently, the portal offers 60 application forms covering different RBI departments. There's also a general form for requests that don't fit any specific category. All the 60 forms are available now on this portal and more application forms will be made available when the needed. The portal can be accessed here.
Fintech Repository: The Fintech repository will be a new database on India’s fintech sector. This will help regulators understand the sector better, allowing them to design suitable regulatory policies. The repository will be useful for both policy makers and participating industry members.
“By creating a comprehensive data repository on FinTech entities, their activities, and technology adoption within regulated institutions, the RBI is fostering a culture of transparency that is crucial for building a secure ecosystem,” says Ankit Ratan, Co-founder & CEO, Signzy, which provides digital onboarding solutions for financial services.
RBI Retail Direct Mobile App: The Retail Direct Mobile App is designed to make investing in government securities (G-Secs) easier and more convenient for retail investors. This will allow retail investors to transact in G-Secs through their smartphones. They can buy G-Secs both through primary auctions or sell G-Secs in the secondary market. The mobile app can be downloaded from the Google Play Sore or Apple Store.
