Launch of Three Initiatives – Pravaah, Retail Direct and FinTech Repository

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Jul 23, 2024

Launch of Three Initiatives – Pravaah, Retail Direct and FinTech Repository

RBI, by way of a Press Release dated May 28, 2024, has launched three major initiatives: (i) the PRAVAAH (Platform for Regulatory Application, VAlidation and AutHorisation) portal; (ii) the Retail Direct mobile application; and (iii) a FinTech repository.

i. The PRAVAAH portal allows all individuals/entities to seamlessly apply online to seek authorisation, licensing or regulatory approvals. It also seeks to enhance the grant of regulatory approvals and clearances by the RBI;

ii. The Retail Direct application will provide retail investors smartphone access to the retail direct platform and provide ease of transacting in Government securities; and

iii. The FinTech repository will contain information on the Indian fintech sector from a regulatory perspective and will facilitate in designing appropriate policy approaches. The repository will enable availability of aggregate sectoral level data, trends, analytics, etc., that would be useful for both policymakers and participating industry members.

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