On Tuesday, Reserve Bank of India (RBI) Governor Shaktikanta Das introduced three significant initiatives: the PRAVAAH portal, a retail direct mobile app, and a fintech repository.
PRAVAAH (Platform for Regulatory Application, Validation, and Authorization) is a secure, centralized web-based portal designed for individuals or entities seeking authorization, licenses, or regulatory approvals from the RBI. Currently, the portal includes 60 application forms covering various regulatory and supervisory departments within the RBI.
The retail direct mobile app aims to provide retail investors with seamless and convenient access to the retail direct platform, facilitating transactions in government securities (G-Secs). Initially launched in November 2021, the retail direct portal was created to enable individual investors to invest in government securities. With this new mobile app, investors can now manage G-Sec transactions directly from their smartphones.
Additionally, the fintech repository will house comprehensive information on Indian fintech firms. This initiative aims to enhance the understanding of the sector from a regulatory standpoint and aid in the development of appropriate policy approaches, according to the RBI.