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5 Jun 2024

RBI’s Big Tech Launch: PRAVAAH, Retail App, FinTech

In a significant move to enhance India's financial regulatory landscape, the Reserve Bank of India (RBI) launched three groundbreaking initiatives on 28th May 2024. These initiatives include the PRAVAAH portal, the Retail Direct Mobile App, and a comprehensive FinTech Repository. Each of these tools aims to streamline processes, provide ease of access, and enhance the understanding of the fintech sector.
PRAVAAH Portal: Streamlining Regulatory Processes

The PRAVAAH portal (Platform for Regulatory Application, Validation, and Authorization) is a centralized, secure web-based platform designed to simplify the process of applying for regulatory approvals, licenses, and authorizations from the RBI. Covering 60 application forms across various regulatory and supervisory departments, PRAVAAH enables individuals and entities to submit applications online, track their status, respond to RBI queries, and receive decisions in a timely manner.

Key Features of the PRAVAAH Portal:

1. Online Application Submission: Users can submit their applications directly through the portal.

2. Application Tracking: Track and monitor the status of applications or references.

3. Query Response: Respond to clarifications or queries raised by the RBI regarding applications or references.

4. Timely Decisions: Receive decisions from the Reserve Bank within a specified timeframe.

5. Comprehensive Form Coverage: Currently includes 60 application forms, with plans for expansion.

6. General Purpose Form: For requests not covered by other specific forms.

The PRAVAAH portal promises to enhance the efficiency of regulatory processes and provide a seamless experience for applicants.

Retail Direct Mobile App: Empowering Retail Investors

The Retail Direct Mobile App offers retail investors a seamless and convenient way to transact in government securities (G-Secs) on their smartphones. This app is an extension of the Retail Direct Gilt scheme launched in November 2021, designed to facilitate retail investor participation in the government securities market.

Key Features of the Retail Direct Mobile App:

1. Seamless Access: Provides retail investors with seamless access to the RBI's Retail Direct platform.

2. G-Secs Transactions: Enables buying and selling of G-Secs in both primary auctions and the secondary market.

3. User-Friendly: Available for download on PlayStore for Android users and App Store for iOS users.

By simplifying the process of transacting in G-Secs, the Retail Direct Mobile App empowers retail investors, making government securities more accessible to a broader audience.

FinTech Repository: Enhancing Understanding of the FinTech Sector

The FinTech Repository is an ambitious initiative aimed at capturing comprehensive data on fintech firms, both regulated and unregulated. This repository is intended to support policymakers and industry participants by providing valuable insights into the fintech sector.

Objectives of the FinTech Repository:

1. Data Capture: Collect essential information about fintech entities, their activities, and technology uses.

2. Sectoral Insights: Provide aggregate sectoral data, trends, and analytics to policymakers and industry members.

3. Enhanced Understanding: Improve the RBI's understanding of the Indian fintech sector for better policy formulation.

The repository will also include an EmTech Repository specifically for RBI-regulated entities (banks and NBFCs), capturing data on the adoption of emerging technologies like AI, ML, Cloud Computing, DLT, and Quantum Computing.

Launch Event and Leadership Presence

The launch event was graced by Shri Shaktikanta Das, Governor of the Reserve Bank of India, alongside prominent figures such as Shri Satish Kashinath Marathe, Prof. Sachin Chaturvedi, Directors on the Central Board of the Reserve Bank; Prof. H. Krishnamurthy, member of the Board, Reserve Bank Innovation Hub (RBIH); and Deputy Governors Dr. M D Patra, Shri M Rajeshwar Rao, Shri T Rabi Sankar, and Shri Swaminathan J. The event also saw the attendance of MDs and CEOs of select banks and NBFCs, the Chief Executive of IBA, MDs/CEOs of Clearing Corporation of India Limited (CCIL), Reserve Bank Information Technology Ltd. (ReBIT), Indian Financial Technology and Allied Services (IFTAS), representatives of fintechs, and other senior officials of the Reserve Bank.

These initiatives, previously announced in RBI’s bi-monthly Statement on Development and Regulatory Policies in April 2023, April 2024, and December 2023 respectively, signify the RBI's commitment to enhancing the efficiency and transparency of regulatory processes, improving investor access to government securities, and deepening the understanding of the fintech sector.

The launch of these three initiatives marks a significant step forward in the RBI's efforts to modernize and streamline financial regulatory processes. The PRAVAAH portal will simplify regulatory applications, the Retail Direct Mobile App will make investing in government securities easier for retail investors, and the FinTech Repository will provide valuable insights into the fintech sector. Together, these tools represent a major advancement in the RBI's commitment to fostering a more efficient, transparent, and inclusive financial ecosystem.

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