Context:
Recently, the Reserve Bank of India (RBI) Governor Shaktikanta Das unveiled three major initiatives of the Reserve Bank, namely the Pravaah portal, the Retail Direct Mobile App and a FinTech Repository.
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These initiatives were previously announced in RBI’s bi-monthly Statements on Development and Regulatory Policies:
- Pravaah Portal: Announced in April 2023.
- Retail Direct Mobile App: Announced in April 2024.
- FinTech Repository: Announced in December 2023.
PRAVAAH Portal:
Purpose: The PRAVAAH (Platform for Regulatory Application, VAlidation, and AutHorisation) portal aims to streamline the process of seeking regulatory approvals from the RBI.
Features:
- Individuals or entities can apply online for various regulatory approvals seamlessly.
- Users can track and monitor the status of their applications.
- The RBI can seek clarifications or queries related to the application.
- Decisions are provided in a time-bound manner.
Retail Direct Mobile App:
Objective: The Retail Direct Mobile App facilitates retail investors’ participation in the government securities (G-Secs) market.
Features:
- Provides seamless and convenient access to the Retail Direct platform.
- Enables ease of transacting in G-Secs.
Background: The Retail Direct portal was initially launched in November 2021 to allow retail investors to open their Retail Direct Gilt accounts with the RBI.
FinTech Repository:
Purpose: The FinTech Repository contains information on the Indian FinTech sector from a regulatory perspective.
Benefits:
- Helps policymakers and regulators understand the FinTech landscape.
- Facilitates the design of appropriate policy approaches.
