RBI Pravaah Portal and Retail Direct App: Key Regulatory Initiatives

Overview of RBI Pravaah Portal and Retail Direct App

On May 28, 2024, the Reserve Bank of India (RBI) launched three key RBI regulatory initiatives, including the RBI Pravaah portal and Retail Direct app, and the RBI FinTech Repository. Announced earlier in RBI’s bi-monthly Statements on Development and Regulatory Policies in April 2023, April 2024, and December 2023, these initiatives aim to enhance regulatory processes, promote retail investment in government securities, and provide comprehensive data on the FinTech sector.

PRAVAAH Portal: Redefining Regulatory Processes:

The PRAVAAH (Platform for Regulatory Application, Validation, and Authorization) portal emerges as a central hub for individuals and entities seeking regulatory approvals from RBI. This secure, web-based platform offers a streamlined application process, allowing seamless submission and tracking of requests. By enabling timely responses and transparent decision-making, PRAVAAH aims to expedite regulatory clearances and enhance operational efficiency. The portal currently hosts 60 application forms covering various regulatory domains, with provisions for additional forms as needed.

Retail Direct Mobile App: Empowering Retail Investors:

In a bid to empower retail investors, RBI introduces the Retail Direct Mobile App, a user-friendly interface granting access to the Retail Direct platform. This mobile application facilitates the seamless transaction of Government Securities (G-Secs) directly from investors’ smartphones. By eliminating barriers to entry and simplifying investment processes, the App seeks to broaden retail participation in the government securities market, fostering financial inclusion and literacy. The App simplifies the process of buying and selling G-Secs in both the primary and secondary markets.

RBI FinTech Repository: Insights into FinTech Regulatory Landscape

The RBI FinTech Repository consolidates information on FinTech entities, their activities, and technological innovations, supporting informed regulatory oversight. Alongside this, the EmTech Repository RBI tracks adoption of emerging technologies like AI, ML, Cloud Computing, DLT, and Quantum by RBI-regulated entities, including banks and NBFCs, offering rich insights into the evolving FinTech ecosystem.