On Tuesday, RBI Governor Shaktikanta Das launched a comprehensive suite of digital initiatives, including an online portal for regulatory applications and approvals, a mobile app for transactions in government securities, and two new information repositories focused on fintech and lenders.
The PRAVAAH (Platform for Regulatory Application, Validation and Authorization) portal is designed to streamline the process for individuals and entities seeking authorizations and regulatory approvals from the RBI. This centralized, secure platform allows users to submit applications, track their progress, and respond to queries from the regulator. Initially, the portal will support 60 different application forms spanning various regulatory and supervisory departments within the RBI.
In addition to PRAVAAH, the RBI introduced a mobile application linked to the Retail Direct portal, facilitating individual transactions in government securities. This app aims to significantly enhance convenience for retail investors and deepen the government securities market. Through the Retail Direct portal, investors can access a range of financial instruments, including central government securities, treasury bills, state government securities, sovereign gold bonds, and floating rate saving bonds. As of May 20, a significant portion of investments (68%) was directed towards T-bills, while central government dated securities accounted for 14%.
Governor Das emphasized that these initiatives mark a significant step towards improving the user experience and accessibility of financial services, particularly for retail investors in government securities.
Furthermore, the RBI launched two dedicated repositories: one for fintech companies and another for entities regulated by the RBI, such as banks and non-banking financial companies (NBFCs). These repositories will serve as valuable resources, providing aggregate sectoral data, trends, and analytics to support policymakers and industry stakeholders.
The fintech repository is intended to capture comprehensive information about both regulated and unregulated fintech companies. It will document various aspects of a fintech’s operations, including its activities, product offerings, technology stack, and financial data. This initiative reflects the RBI’s commitment to maintaining a robust overview of the rapidly evolving fintech landscape.
For RBI-regulated entities, the new repository named EmTech will track the adoption of emerging technologies like artificial intelligence (AI), machine learning (ML), and cloud computing within these organizations. This repository will enable the RBI to monitor technological advancements and their integration into the financial sector, ensuring that these innovations are effectively harnessed for better service delivery and operational efficiency.
Both the Fintech and EmTech repositories will be managed by the Reserve Bank Innovation Hub (RBIH), a wholly-owned subsidiary of the RBI. The RBIH will play a crucial role in maintaining and updating these repositories, ensuring they remain relevant and useful for industry analysis and regulatory oversight.
In summary, the launch of the PRAVAAH portal, the Retail Direct mobile app, and the two new repositories represents a significant advancement in the RBI’s efforts to enhance regulatory processes, support retail investment in government securities, and monitor technological developments in the financial sector. These initiatives underscore the RBI’s commitment to leveraging technology to improve financial services and regulatory efficiency in India.
