RBI Unveils New Digital Tools for Regulatory Applications, Boost Fintech Insights

Governor of nan Reserve Bank of India, Shri Shaktikanta Das, announced nan motorboat of 3 important initiatives: nan PRAVAAH portal, nan Retail Direct Mobile App, and a Fintech Repository.

These initiatives, antecedently announced successful nan RBI’s bi-monthly Development and Regulatory Policies Statements, purpose to streamline regulatory processes, facilitate unit finance successful authorities securities, and heighten nan knowing of nan fintech sector.

The PRAVAAH portal (Platform for Regulatory Application, Validation, and Authorisation) is simply a centralised web-based strategy designed for individuals and entities to use online for various regulatory approvals.

The portal features functionalities specified arsenic online exertion submission, position tracking, query response, and timely determination notifications.

Currently, 60 exertion forms are disposable connected nan portal, covering different regulatory and supervisory departments of nan RBI, pinch plans to adhd much arsenic needed.

Meanwhile, nan Retail Direct Mobile App is an hold of nan RBI’s Retail Direct Scheme, which was launched successful November 2021 to alteration unit investors to unfastened Retail Direct Gilt accounts and participate successful authorities securities (G-Secs) transactions.

The caller mobile app allows users to bargain and waste G-Secs straight from their smartphones, making nan process much accessible and convenient. The app is disposable for download connected some Android and iOS platforms.

The Fintech Repository intends to compile basal accusation connected fintech entities, their activities, and technological applications. Both regulated and unregulated fintechs are encouraged to lend to nan repository.

Additionally, nan EmTech Repository, specifically for RBI-regulated entities for illustration banks and NBFCs, focuses connected their take of emerging technologies specified arsenic AI, ML, Cloud Computing, and DLT.

Managed by nan Reserve Bank Innovation Hub (RBIH), these repositories supply aggregate sectoral data, trends, and analytics useful for policymakers and manufacture members alike.

These devices are expected to importantly heighten nan relationship betwixt nan Reserve Bank and its stakeholders, promoting transparency and easiness of entree to financial services.

Featured image credit: Edited from Freepik