RBI Launched PRAVAAH portal, Retail Direct Mobile App and FinTech Repository

  • 30 May 2024

On May 29th, 2024, the Reserve Bank of India(RBI)has launched three major initiatives – the PRAVAAH portal, the Retail Direct Mobile App and a FinTech Repository – aimed at enhancing public access to the central bank and facilitating regulatory approvals and transactions.

Key Points

  • PRAVAAH Portal: Platform for Regulatory Application, VAlidation and AutHorisation is a secure, centralized web-based platform designed for individuals and entities to seek authorizations, licenses, or regulatory approvals from the RBI.
  • It features online application submission, status tracking, and timely decision-making, covering 60 different application forms across various regulatory and supervisory departments.
  • Retail Direct Mobile App: It is designed to offer easy access to retail investors allowing them to buy and sell government securities (G-Secs) directly from their smartphones. Available on both Android and iOS, the app simplifies transactions in the primary and secondary markets.
  • FinTech Repository: It is aimed at providing comprehensive data on Indian FinTech firms, facilitating better regulatory understanding and policy formulation.