The Reserve Bank of India (RBI) has recently launched three major initiatives: the PRAVAAH portal, the RBI Retail Direct mobile app, and the FinTech Repository.
- These efforts attempt to simplify regulatory processes, empower regular investors, and give information about the fintech business.
1. PRAVAAH Portal:
- The PRAVAAH portal (Platform for Regulatory Application, Validation, and Authorization) is a centralised web-based platform that allows people and companies to request regulatory clearances from the RBI.
- The platform, which includes features like online application submission and progress tracking, covers 60 distinct application forms from several regulatory offices, assuring speed and transparency in the authorization process.
2. RBI Retail Direct Mobile App:
- The RBI Retail Direct Mobile App gives retail investors easy access to government securities (G-Secs) trading via mobile cellphones.
- The programme, which is available on both Android and iOS platforms, facilitates transactions in both main and secondary markets, allowing individual investors to become more active participants in the securities market.
3. FinTech Repository:
- The FinTech Repository intends to provide complete data on Indian fintech businesses, allowing for improved regulatory knowledge and policy formation in the fast changing fintech ecosystem.
Source: https://m.economictimes.com/wealth/save/rbi-retail-direct-mobile-app-launched/fintech-repository/slideshow/110530487.cms#:~:text=Reserve%20Bank%20of%20India%20has,on%20Development%20and%20Regulatory%20Policies.