Reserve Bank of India’s (RBIs) New Initiatives

30.05.2024

Reserve Bank of India’s (RBIs) New Initiatives

Why in the news?                                                                                                                                                                                                                                      

           RBI Governor recently unveiled three major initiatives of the Reserve Bank, namely the Pravaah portal, the Retail Direct Mobile App and a FinTech Repository.

About Pravaah Portal:

• Pravaah (Platform for Regulatory Application, Validation, and AutHorisation) is a secure and centralized web-based portal for any individual or entity to seek authorisation, license, or regulatory approval on any reference made by it to the RBI.
• The following are some of the key features available in the portal:

○Submit the application online on the portal.

○Track and monitor the status of the application/reference.

○Respond to any clarification/query sought by the RBI in connection with the application/reference; and

○Receive a decision from the RBI in a time-bound manner

• This portal will also enhance the efficiency of various processes related to the granting of regulatory approvals and clearances by the RBI.
• At present, 60 application forms covering different regulatory and supervisory departments of RBI have been made available on the portal.
• This also includes a general-purpose form for applicants to submit their requests, which are not included in any other application form.

About Retail Direct Mobile App:

• The retail direct portal was launched in November 2021 to facilitate retail investors to open their Retail Direct Gilt accounts with the RBI (https://rbiretaildirect.org.in) under the Retail Direct Scheme.
• The scheme allows retail investors to buy G-Secs in the primary auctions as well as buy and sell G-Secs in the secondary market.
• With the launch of the retail direct mobile app, retail investors can now transact in G-Secs using the mobile app on their smartphones.

About FinTech Repository:

• It aims to capture essential information about FinTech entities, their activities, technology uses, etc. FinTechs, both regulated and unregulated.
• It will contain information on a rich repository of data on Indian FinTech firms for a better understanding of the sector that would be useful for both policymakers and participating industry members.
• 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.

                                                            Source: Business Standard

Ques :- The Pravaah portal, recently seen in the news aims to:

A.facilitate retail investors to open their Retail Direct Gilt accounts

B.provide information about FinTech entities and their activities

C.seek authorisation or regulatory approval on any reference made to the Reserve Bank of India

D.enable the trading of G-Secs on mobile devices

Answer C