RBI Launches Mobile App for Retail Direct, Fintech Repository and Pravaah Portal
June 12, 2024
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On May 28, 2024, the Reserve Bank of India (RBI) ushered in a new era of efficiency and accessibility with the launch of three ground-breaking initiatives namely the PRAVAAH portal, the Retail Direct Mobile App and a FinTech Repository, which were earlier announced as a part of RBI’s bi-monthly Statement on Development and Regulatory Policies in April 2023, April 2024 and December 2023 respectively. These initiatives are aimed at enhancing regulatory processes, facilitating retail investment, and providing comprehensive data on the FinTech sector.
- PRAVAAH Portal - Redefining Regulatory Processes:
The PRAVAAH (Platform for Regulatory Application, Validation, and Authorization) portal emerges as a central hub for individuals and entities seeking regulatory approvals from RBI. This secure, web-based platform offers a streamlined application process, allowing seamless submission and tracking of requests. By enabling timely responses and transparent decision-making, PRAVAAH aims to expedite regulatory clearances and enhance operational efficiency. The portal currently hosts 60 application forms covering various regulatory domains, with provisions for additional forms as needed.
- Retail Direct Mobile App - Empowering Retail Investors:
In a bid to empower retail investors, RBI introduces the Retail Direct Mobile App, a user-friendly interface granting access to the Retail Direct platform. This mobile application facilitates the seamless transaction of Government Securities (G-Secs) directly from investors' smartphones. By eliminating barriers to entry and simplifying investment processes, the App seeks to broaden retail participation in the government securities market, fostering financial inclusion and literacy. The App simplifies the process of buying and selling G-Secs in both the primary and secondary markets.
- FinTech Repository - Illuminating Regulatory Insights:
The launch of the FinTech Repository marks a significant milestone in RBI's efforts to understand and regulate the rapidly evolving FinTech landscape. This repository serves as a comprehensive repository of information on FinTech entities, their activities, and technological innovations. Simultaneously, 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.
Initiatives | Pravaah | Retail Direct Mobile App | FinTech Repository |
Description | A secure centralised web platform | Mobile Application for retail direct platform | Comprehensive database on the Indian FinTech sector |
Target Audience | Individual & Entities | Retail Investors | Policymakers, Industry Participants |
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Portal | https://pravaah.rbi.org.in | Available for download on Google Play Store and Apple App Store. |
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