The Reserve Bank of India has issued a press release informing the launch of PRAVAAH, RBI Retail Direct Mobile Application and FinTech Repository. The PRAVAAH portal will make it convenient for any individual or entity to apply online for various regulatory approvals in a seamless manner. This portal will also enhance the efficiency of various processes related to granting of regulatory approvals and clearances by the Reserve Bank.
The Retail Direct Mobile App will provide retail investors a seamless and convenient access to the retail direct platform and provide ease of transacting in government securities (G-Secs).
The Fintech Repository will contain information on rich repository of data on Indian FinTech firms for a better understanding of the sector from a regulatory perspective and facilitate in designing appropriate policy approaches.
Key Takeaways:
- PRAVAAH 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 Reserve Bank. The following are some of the key features available in the portal.
- The retail direct portal was launched in November 2021 to facilitate retail investors to open their Retail Direct Gilt accounts with the Reserve Bank of India (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 GSecs in the secondary market.
- The FinTech Repository aims to capture essential information about FinTech entities, their activities, technology uses, etc. FinTechs, both regulated and unregulated, are encouraged to contribute to the Repository accessible at the URL: https://fintechrepository.rbihub.in.
Please refer to the attached document for a detailed read of the Press Release.
Source: Reserve Bank of India
