RBI launches mobile app for retail investors, PRAVAAH portal and Fintech repository

The Reserve Bank of India (RBI) unveiled three significant initiatives on Tuesday aimed at enhancing retail investor participation in the government securities (G-Secs) market and improving regulatory processes. The initiatives include a mobile app for retail investors, the PRAVAAH portal for streamlined regulatory approvals, and a Fintech Repository for better sectoral understanding and policy development.

Mobile App

The new mobile app, now available on both Android and iOS platforms, allows retail investors to transact in G-Secs directly from their smartphones. This development complements the existing Retail Direct portal, launched in November 2021, which facilitates retail investors in opening Retail Direct Gilt accounts with RBI, participating in primary auctions, and trading G-Secs in the secondary market.

PRAVAAH Portal

PRAVAAH (Platform for Regulatory Application, VAlidation, and AutHorisation) is a secure, centralized web-based portal designed to simplify the process of seeking authorizations, licenses, or regulatory approvals from the RBI. The portal currently supports 60 different application forms covering various regulatory and supervisory departments. It allows applicants to track the status of their submissions and receive timely decisions from the RBI. The portal aims to enhance process efficiency and will gradually incorporate more application forms as needed.

Fintech Repository

The third initiative, the Fintech Repository, is a comprehensive data storehouse managed by the Reserve Bank Innovation Hub (RBIH), a wholly-owned subsidiary of RBI. This repository will capture essential information about Indian FinTech firms, their activities, and technology use, aiding in the formulation of appropriate regulatory policies. Additionally, an EmTech Repository focusing on emerging technologies like AI, ML, Cloud Computing, and more, adopted by RBI-regulated entities such as banks and NBFCs, will also be launched.

These repositories are designed to provide aggregate sectoral data, trends, and analytics, benefiting both policymakers and industry participants. The RBI encourages FinTechs and regulated entities to actively contribute to these repositories to foster a comprehensive understanding of the sector.

Through these initiatives, the RBI aims to enhance market participation, streamline regulatory processes, and support the evolving FinTech ecosystem in India.

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