RBI Governor Das launches portal for online application, approval
Mumbai, May 28, 2024
The banking regulator has also launched separate repositories – one for fintechs and another for RBI-regulated entities
The Reserve Bank of India (RBI) Governor Shaktikanta Das, on Tuesday, launched an online portal for regulatory applications and approvals, a mobile app for individuals for transacting in government securities, and two repositories for information on fintech and lenders.
The PRAVAAH (Platform for Regulatory Application, Validation and Authorisation) portal will enable individuals and entities to apply for authorisation and regulatory approvals.
Individuals and entities will be able to track and monitor the status of their application in the PRAVAAH portal, which is secure and centralised, and respond to any clarification or query sought by the regulator.
At present, 60 application forms covering different regulatory and supervisory departments of RBI have been made available on the portal.
RBI also launched an application for the Retail Direct portal, through which individuals can transact in government securities.
Das had earlier said that the introduction of the Retail Direct app will significantly enhance convenience for retail investors and contribute to the deepening of the government securities market.
At present, retail investors have the option to invest in various financial instruments such as central government securities, treasury bills, state government securities, sovereign gold bonds, and floating rate saving bonds through the Retail Direct portal.
As of May 20, 68 per cent of the total subscriptions were channelled through T-bills, whereas only 14 per cent of subscriptions were through central government dated securities.
The banking regulator has also launched separate repositories – one for fintechs and another for RBI-regulated entities.
The repositories would enable the availability of aggregate sectoral level data, trends, and analytics that can be utilised by policymakers and industry members.
With the fintech repository, the RBI aims to capture information about both regulated and unregulated fintechs. This repository will record information about a fintech’s activities, products, technology stack, and financial information, among others.
For RBI-regulated entities such as banks and non-banking financial companies (NBFCs), the regulator has come up with a repository, namely EmTech, on their adoption of emerging technologies such as artificial intelligence (AI), machine learning (ML), and cloud computing, at such companies.
The Fintech and EmTech repositories are managed by the Reserve Bank Innovation Hub (RBIH), a wholly owned subsidiary of RBI.
[The Business Standard]
