Reserve Bank of India’s (RBIs) New Initiatives

About 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.
• At present, 60 application forms covering different regulatory and supervisory departments of RBI have been made available on the portal.
  • This also includes a general-purpose form for applicants to submit their requests, which are not included in any other application form. 

About 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. 

About 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.