• UGI USER
  • May 29, 2024
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“RBI INTRODUCES PRAVAAH PORTAL, RETAIL DIRECT APP, AND FINTECH REPOSITORY”

Why in the news?

  • RBI Governor Shaktikanta Das launched the Pravaah portal, facilitating online applications for regulatory approvals.
  • Additionally, the Retail Direct Mobile App for G-Sec transactions and a FinTech Repository were unveiled to enhance investor accessibility and provide information on Indian FinTech firms.
Source: Lotusarise

About Pravaah Portal:

  • Name: Platform for Regulatory Application, Validation And AutHorisation (PRAVAAH)
  • Purpose: Simplify and streamline application processes for regulated entities

Key Features:

  • Transparent Timelines: Provides transparent timelines for decision-making on applications/approvals.
  • Single Interface: Offers a single interface for applicants to submit and track application status.
  • Standardized Application Forms: Enables RBI to standardize application forms.
About RBI:

  • Central Bank: India’s central bank and regulatory body
  • Establishment: Founded in 1934 under the Reserve Bank of India Act
  • Origins: Based on recommendations of the 1926 Royal Commission on Indian Currency and Finance (Hilton Young Commission).
  • Fully owned by the Ministry of Finance, Government of India, since nationalization (1949).

Role:

  • Monetary Authority:Formulates, implements, and monitors monetary policy.
  • Regulator and Supervisor of the Financial System:Prescribes parameters for banking operations.
  • Manager of Foreign Exchange:Manages Foreign Exchange Management Act, 1999.