On May 28, 2024, the Reserve Bank of India (RBI) launched several new digital initiatives to enhance financial and regulatory services like PRAVAAH, Retail Direct App, and Fintech Repository.
The PRAVAAH portal is designed to make it easier for individuals and businesses to apply online for various regulatory approvals from the RBI. Currently, the site provides 60 application forms covering many RBI regulatory and supervisory departments. There are some of the key features available in the portal:
In addition, a general-purpose form is provided so that applicants can submit requests that are not covered by any other application form.
This RBI Retail Direct Mobile App is set to transform the landscape for retail investors, providing them with seamless access to the RBI retail direct platform. It offers a simple and convenient way for retail investors to invest in Government Securities. Through this app, investors can access various financial instruments including central and state government securities, and gain entry to the bond market, promoting a more inclusive financial environment.
Another forward-thinking initiative by the RBI is the FinTech Repository. This repository will be a useful tool for gaining regulatory awareness for the FinTech industry and helping to shape informed policy decisions. It will provide comprehensive details about FinTech companies, their business operations, and the technology they use.
The RBI is also launching an EmTech Repository, which focuses on the uptake of cutting-edge technologies by RBI-regulated enterprises, including artificial intelligence, machine learning, cloud computing, distributed ledger technology, and quantum computing by RBI-regulated entities. Both repositories are managed by the Reserve Bank Innovation Hub (RBIH), a wholly-owned subsidiary of RBI ensuring secure and systematic data management.
With the help of these new initiatives from the RBI, such as the PRAVAAH, Retail Direct Mobile App, and the FinTech Repository, the financial system will be able to function more efficiently in terms of regulation, invest more easily and gain insightful knowledge about the FinTech industry.
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