On May 28, the Reserve Bank of India (RBI) launched the PRAVAAH portal, RBI Retail Direct mobile application, and FinTech Repository. These three significant initiatives had been previously announced in RBI’s bi-monthly Statements on Development and Regulatory Policies, specifically in April 2023, December 2023, and April 2024.
The PRAVAAH portal, RBI Retail Direct mobile app, and FinTech Repository aim to enhance various aspects of banking and financial services, making them more accessible and efficient for the public.
RBI Launched the PRAVAAH Portal
The PRAVAAH portal makes it easy for anyone to apply online for various RBI approvals, improving the approval process’s efficiency. Right now, 60 forms covering different RBI departments are available on the portal. This includes a general form for requests not covered by other forms.
The Retail Direct Mobile App allows retail investors to easily access the platform and trade government securities.
The Fintech Repository holds data on Indian fintech firms, helping regulators better understand the sector and make appropriate policies. It gathers information on fintech activities and technology use. The EmTech Repository, for RBI-regulated entities like banks and NBFCs, tracks their use of emerging tech like AI and blockchain. The RBI Innovation Hub manages both repositories and provides useful data and trends for policymakers and industry players.
Industry Leaders Praise RBI
Ankit Ratan, Co-founder & CEO of Signzy, praises the Reserve Bank of India (RBI) for launching initiatives like PRAVAAH, FinTech Repository, and EmTech Repository. He believes these steps are crucial for building a strong financial sector in India. The FinTech Repository, for example, will gather data about FinTech companies and how banks use technology. This will help everyone work together better to improve security and develop new ideas.
Yashwant Lodha, Co-Founder of PayNearby, discusses the challenges and benefits of using new technologies like Fintech. He mentions that Fintech’s new “Yellow pages” will help share information between the industry and regulators, making it easier to create rules that fit the industry’s needs.
Sundeep Mohindru, Promoter & Director of M1xchange, stated,
“We appreciate RBI’s launch of the PRAVAAH portal, FinTech Repository, and EmTech Repository. These are crucial for India’s financial sector. As a TReDS platform, we benefit from better rules and data on FinTech and new tech, making our system safer and more creative. This helps policymakers make better rules, making invoice discounting and collaboration between FinTechs and banks smoother. India is on track to lead in finance and innovation.”
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