RBI New Initiatives:
RBI Governor recently unveiled three major initiatives of the Reserve Bank, namely the Pravaah portal, the Retail Direct Mobile App and a FinTech Repository.
Pravaah Portal:
- Pravaah (Platform for Regulatory Application, Validation, and AutHorisation) is a secure and centralised web-based portal for any individual or entity to seek authorisation, license, or regulatory approval on any reference
made by it to the RBI. - The following are some of the key features available in the portal:
- Submit the application online on the portal.
- Track and monitor the status of the application/reference.
- Respond to any clarification/query sought by the RBI in connection with the application/reference; and
- Receive a decision from the RBI in a time-bound manner
- This portal will also enhance the efficiency of various processes related to the granting of regulatory approvals and clearances by the RBI.
Retail Direct Mobile App:
- The retail direct portal was launched in November 2021 to facilitate retail investors to open their Retail Direct Gilt accounts with the RBI (https://rbiretaildirect.org.in) under the Retail Direct Scheme.
- The scheme allows retail investors to buy G-Secs in the primary auctions as well as buy and sell G-Secs in the secondary market.
- With the launch of the retail direct mobile app, retail investors can now transact in G-Secs using the mobile app on their smartphones.
FinTech Repository:
- It aims to capture essential information about FinTech entities, their activities, technology uses, etc. FinTechs, both regulated and unregulated.
- It will contain information on rich repository of data on Indian FinTech firms for a better understanding of the sector that would be useful for both policymakers and participating industry members.
- Simultaneously, a related repository for only RBI-regulated entities (banks and NBFCs) on their adoption of emerging technologies (like AI, ML, Cloud Computing, DLT, Quantum, etc.), called EmTech Repository is also being launched.
- The FinTech and EmTech Repositories are secure web-based applications and are managed by the Reserve Bank Innovation Hub (RBIH), a wholly owned subsidiary of RBI.
