RBI news update
On Tuesday, the Reserve Bank of India (RBI) launched three major initiatives, including a mobile app, to enable retail investors to participate in the government securities (G-Secs) market.
- Additionally, the central bank introduced the PRAVAAH portal, allowing individuals and entities to apply online for various regulatory approvals seamlessly. This portal aims to enhance the efficiency of the processes related to granting regulatory approvals and clearances by the RBI.
The third initiative, the Fintech Repository, launched by Reserve Bank of India Governor Shaktikanta Das, will serve as a data storehouse for Indian FinTech firms. This repository will provide a better understanding of the sector from a regulatory perspective and aid in designing appropriate policy approaches. The PRAVAAH (Platform for Regulatory Application, Validation, and Authorization) portal is a secure, centralized web-based platform for seeking authorizations, licenses, or regulatory approvals from the Reserve Bank of India.
The portal features 60 application forms covering various regulatory and supervisory departments, all of which can be submitted online. Users can track the status of their applications, and the can communicate decisions in a timely manner. More application forms will be added as needed.
Regarding the retail direct mobile app, retail investors can now use it to transact in G-Secs on their smartphones. The app is available for download from the Play Store for Android users and the App Store for iOS users. Currently, the retail direct portal allows retail investors to open Retail Direct Gilt accounts with the RBI under the Retail Direct Scheme, facilitating the purchase of G-Secs in primary auctions and trading in the secondary market since its launch in November 2021.
The FinTech Repository aims to collect essential information about FinTech entities, their activities, and technology uses. Both regulated and unregulated FinTechs are encouraged to contribute to the repository. Additionally, a related repository called the EmTech Repository, focusing on RBI-regulated entities (banks and NBFCs) and their adoption of emerging technologies (such as AI, ML, Cloud Computing, DLT, Quantum, etc.), is also being launched.
- Both the FinTech and EmTech Repositories are secure web-based applications managed by the Reserve Bank Innovation Hub (RBIH), a wholly owned subsidiary of RBI.
