PRAVAAH portal, RBI Retail Direct Mobile Application and FinTech Repository launched for ease of biz

Mumbai : RBI Governor Shaktikanta Das on Tuesday launched three major initiatives of the Reserve Bank of India which include the PRAVAAH portal, the Retail Direct Mobile App and a FinTech Repository.

The PRAVAAH portal will make it convenient for any individual or entity to apply online for various regulatory approvals in a seamless manner. This portal will also enhance the efficiency of various processes related to the granting of regulatory approvals and clearances by the Reserve Bank, according to an RBI statement.

The Retail Direct Mobile App will provide retail investors seamless and convenient access to the retail direct platform and provide ease of transacting in government securities (G-Secs).

With the launch of the retail direct mobile app, retail investors can now transact in G-Secs using the mobile app on their smartphones. The mobile app can be downloaded from the Play Store for Android users and App Store for iOS users. The mobile app can also be downloaded using the following QR code.

The Fintech Repository will contain information on the detailed repository of data on Indian FinTech firms for a better understanding of the sector from a regulatory perspective and facilitate in designing appropriate policy approaches.

These three initiatives were earlier announced as part of RBI’s bi-monthly Statement on Development and Regulatory Policies in April 2023, April 2024 and December 2023 respectively.