RBI introduces new digital tools for regulatory applications and enhances fintech insights

Of Fintech News Singapore
May 29, 2024

Governor of Reserve Bank of IndiaShri Shaktikanta Das, announced the launch of three significant initiatives – PRAVAAH portal, Retail Direct mobile app and a Fintech repository.

These initiatives, previously announced in the RBI’s bimonthly regulatory and development policy statements, aim to streamline regulatory processes, facilitate retail investments in government bonds and improve understanding of the fintech sector.

The PRAVAAH (Regulatory Application, Validation and Authorization Platform) portal is a centralized web-based system designed to allow individuals and entities to apply for various regulatory approvals online.

The portal offers features such as online application submission, status tracking, query response, and timely decision notifications.

There are currently 60 application forms available on the portal, covering different regulatory and supervisory departments of the RBI, with plans to add more if necessary.

Meanwhile, the Retail Direct mobile app is an extension of the RBI’s Retail Direct Scheme, launched in November 2021 to enable retail investors to open Retail Direct Gilt accounts and participate in government securities (G-Sec) transactions.

The new mobile app allows users to buy and sell G-Sec directly from their smartphones, making the process more accessible and convenient. The app is available for download on both Android and iOS platforms.

The Fintech Repository aims to collect essential information on fintech entities, their activities and technological applications. Both regulated and unregulated fintechs are encouraged to contribute to the repository.

Additionally, the EmTech Repository, specific to RBI regulated entities such as banks and NBFCs, focuses on their adoption of emerging technologies such as AI, ML, Cloud Computing and DLT.

Managed by the Reserve Bank Innovation Hub (RBIH), these archives provide aggregate sector data, trends and analysis useful to both policymakers and industry members.

These tools are expected to significantly improve interaction between the Reserve Bank and its stakeholders, promoting transparency and ease of access to financial services.

Featured image credit: Edited by Freepik

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