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RBI New Initiatives

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 ( 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.