RBI introduces PRAVAAH portal, Retail Direct mobile app and FinTech Repository
Mumbai: The Reserve Bank of India (RBI) introduced three important initiatives on Tuesday: the PRAVAAH portal, the RBI Retail Direct mobile application, and the FinTech Repository, previously announced in April 2023, April 2024, and December 2023, respectively.
These initiatives were launched by Governor Shaktikanta Das in the presence of several industry leaders.
They are designed to improve regulatory processes, facilitate retail investment, and provide detailed information on the fintech sector,
According to the RBI, the PRAVAAH portal (Platform for Regulatory Application, VAlidation, and AutHorisation) is a secure, centralized online platform that allows individuals and entities to request authorizations, licenses, or regulatory approvals from the RBI.
The Retail Direct Mobile App, available on both Android and iOS, enables retail investors to easily buy and sell government securities (G-Secs) directly from their smartphones, simplifying transactions in both the primary and secondary markets.
Finally, the FinTech Repository aims to provide comprehensive data on Indian fintech firms, aiding in better regulatory understanding and policy development.
"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 RBI said in a media release.
Both repositories, managed by the Reserve Bank Innovation Hub (RBIH), are designed to support policymakers and industry participants with valuable sectoral insights, it said.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
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