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RBI launched PRAVAAH portal to get various regulatory approvals
The Reserve Bank of India has recently launched three ambitious initiatives- PRAVAAH portal, a mobile application for RBI retail direct scheme and also a fintech repository.
More information:
The PRAVAAH portal is introduced to make the process of getting various regulatory approvals seamless and enhance the granting approvals and clearances process of the Reserve Bank of India.
The mobile application for RBI retail direct scheme will be beneficial to improve the experience of the users and provide them easy access to the retail direct platform of the Reserve Bank of India.
To improve the better understanding of the Indian fintech sector, RBI has launched the fintech repository containing the all important information of the fintech sector.
PRAVAAH ( Platform for Regulatory Application, VAlidation and AutHorisation)
Some features of this portal are as follow:
- Users can submit the application online through this portal.
- Through the PRAVAAH portal, users can track and monitor the application record.
- Users can respond to any query and clarification raised by RBI by using this portal.
- This portal also facilitates the timely binding manner of RBI to give the decision.
Retail direct mobile app:
By launching the retail direct mobile app, RBI allowed users to do transactions in government security by using their smartphones. Users can download this app through play store and app store. You can also download this app by scanning the QR code provided by RBI on its official website.
Fintech repository:
The main aim of the fintech repository is to collect and provide all the important information about fintech entities, technologies and their activities. The fintech repository is managed by the Reserve Bank Innovation Hub.
Important Questions:
- What is the PRAVAAH portal?
- Describe of the Importance of the fintech repository.
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