RBI’s new initiatives

Context: The RBI  Governor launched three major initiatives.

PRAVAAH       (Platform       for       Regulatory Application, VAlidation and AutHorisation) Portal

•    It is a secure and centralized web-based portal. It allows individuals or entities to seek authorization, license, or regulatory approval from RBI.
•    Currently,   it includes   60   application forms for different regulatory and supervisory departments.
•    It tracks the status of applications and allows RBI to send decisions promptly.
•    It enhances efficiency in granting regulatory approvals and clearances. Retail Direct Mobile App
•    Enables retail investors to participate in the government securities (G-Secs) market.
•    Facilitates easy transactions via smartphones.
•    Enhances the retail direct portal launched in November 2021.

Fintech Repository

•    Contains information about FinTech entities, their activities, and technology uses.
•    It aims to improve understanding of the sector from a regulatory perspective.
•    Helps in designing appropriate policy approaches.
•    Managed by the Reserve Bank Innovation Hub (RBIH), a wholly owned subsidiary of RBI.