ECONOMY
RBI launches 3 initiatives – PRAVAAH portal, Retail Direct app & FinTech Repository
- IBJ Bureau
- May 29, 2024
The Reserve Bank of India (RBI) on Tuesday launched three major initiatives – the PRAVAAH portal, a Retail Direct mobile application, and a FinTech Repository. These initiatives were announced as a part of the central bank’s bimonthly Statement on Developmental and Regulatory Policies in April 2023, April 2024 and December 2023, respectively. The PRAVAAH portal will make it convenient for any individual or entity to apply online for various regulatory approvals in a seamless manner.
The portal will also enhance the efficiency of various processes related to granting of regulatory approvals and clearances by the RBI, a notification by the central bank said. On the portal, applicants can submit the application online, track and monitor the status of the application, respond to any clarification or query sought by the RBI in connection with the application or reference and receive a decision from the RBI in a time-bound manner.
The Retail Direct mobile app will provide retail investors a seamless and convenient access to the Retail Direct platform and provide ease of transacting in government securities (G-Sec). The scheme allows retail investors to buy G-Sec in the primary auctions as well as buy and sell G-Sec in the secondary market.
Separately, the FinTech Repository will contain information on Indian fintech sector for a better understanding of the sector from a regulatory perspective and facilitate designing appropriate policy approaches.
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