RBI Launches Retail Direct Mobile App, Fintech Repository, and PRAVAAH Portal

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On Tuesday, Reserve Bank of India (RBI) Governor Shaktikanta Das unveiled three significant initiatives aimed at enhancing regulatory efficiency and investor convenience: the PRAVAAH portal, the retail direct mobile app, and a fintech repository.



PRAVAAH Portal

PRAVAAH (Platform for Regulatory Application, Validation, and Authorisation) is a secure, centralized web-based portal designed for individuals or entities seeking authorization, licenses, or regulatory approvals from the RBI. The portal currently hosts 60 application forms covering various regulatory and supervisory departments of the RBI, streamlining the approval process and improving regulatory oversight.

Retail Direct Mobile App

The retail direct mobile app is set to provide retail investors with seamless and convenient access to the retail direct platform, facilitating the transaction of government securities (G-Secs). Launched in November 2021, the retail direct portal aimed to simplify investment in government securities for individual investors. With the new mobile app, investors can now conduct transactions in G-Secs directly from their smartphones, enhancing accessibility and user experience.

Fintech Repository

The fintech repository will serve as a comprehensive database containing information on Indian fintech firms. This initiative aims to enhance the RBI's understanding of the fintech sector from a regulatory perspective and aid in the design of appropriate policy approaches. By centralizing fintech data, the RBI intends to foster a more informed regulatory environment, promoting innovation while ensuring financial stability.

Conclusion

The launch of these initiatives reflects the RBI's commitment to leveraging technology for regulatory efficiency and investor convenience. The PRAVAAH portal, retail direct mobile app, and fintech repository are poised to streamline processes, facilitate investment, and provide a deeper understanding of the burgeoning fintech sector.

Disclaimer
The information provided in this article is based on current reports and statements from the Reserve Bank of India. Details and features mentioned are subject to change based on further developments and official announcements from the RBI. Please refer to official sources for the most accurate and updated information.

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