The Reserve Bank on Tuesday launched three major initiatives, including a mobile app to enable retail investors to participate in the government securities (G-Secs) market.
The central bank also launched the PRAVAAH portal for any individual or entity to apply online for various regulatory approvals in a seamless manner.
This portal will also enhance the efficiency of various processes related to granting regulatory approvals and clearances by the Reserve Bank, the central bank said in a statement.
The third initiative—Fintech Repository—launched by RBI Governor Shaktikanta Das, will be a data storehouse of Indian fintech firms for a better understanding of the sector from a regulatory perspective and facilitate in designing appropriate policy approaches.
‘PRAVAAH’ (Platform for Regulatory Application, VAlidation and AutHorisation) portal is a secure and centralised web-based portal for any individual or entity to seek authorisation, license or regulatory approval on any reference made by it to the Reserve Bank.
Sharing features of the portal, the statement said, 60 application forms covering different regulatory and supervisory departments can be submitted online.
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On the portal, an entity can track/monitor the status as well as RBI can send a decision related to a specified application in a time-bound manner.
More application forms would be made available as required, it said.
About the retail direct mobile app, the statement said retail investors can now transact in G-Secs using the mobile app on their smartphones.
The mobile app can be downloaded from Google Play Store for Android users and Apple App Store for iOS users.
At present, the retail direct portal is available to facilitate retail investors to open their Retail Direct Gilt accounts with the Reserve Bank of India under the Retail Direct Scheme.
The portal launched in November 2021 allows retail investors to buy G-Secs in the primary auctions as well as buy and sell G-Secs in the secondary market.
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.
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.
The FinTech and EmTech Repositories are secure web-based applications and are managed by the Reserve Bank Innovation Hub (RBIH), a wholly-owned subsidiary of RBI.
The repository would enable the availability of aggregate sectoral-level data, trends, analytics, etc., that would be useful for both policymakers and participating industry members.
Reserve Bank of India encourages the FinTechs and Regulated Entities to actively contribute to the repositories, it said.
