RBI launches PRAVAAH portal, the Retail Direct Mobile App and a FinTech Repository

On Tuesday, RBI Governor Shri Shaktikanta Das, launched the PRAVAAH portal, the Retail Direct Mobile App, and a FinTech Repository. 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.

PRAVAAH is a secure and centralised web-based portal. The portal will make it convenient for any individual or entity to apply online for various regulatory approvals from the Reserve Bank of India 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.

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

The Retail Direct portal was launched in November 2021 to facilitate retail investors to open their Retail Direct Gilt accounts with the Reserve Bank of India (https://rbiretaildirect.org.in) under the Retail Direct Scheme. The scheme allows retail investors to buy G-Secs in the primary auctions and buy and sell G-Secs in the secondary market. 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 QR code provided.

The Fintech Repository will contain information on the Indian FinTech Sector to understand the sector from a regulatory perspective better and facilitate the design of appropriate policy approaches.

 The FinTech Repository aims to capture essential information about FinTech entities, their activities, technology uses, etc. FinTechs, both regulated and unregulated, are encouraged to contribute to the repository, which is accessible at the URL: https://fintechrepository.rbihub.in.

Concurrently, a related repository for only RBI-regulated entities (banks and NBFCs) on their adoption of emerging technologies (like AI, ML, Cloud Computing, DLT, Quantum, etc.), called EmTech Repository is also being launched and can be accessed at the URL: https://emtechrepository.rbihub.in.

Source: RBI press release dated May 28, 2024