Three major initiatives were announced by the Reserve Bank of India (RBI) on May 28: the FinTech Repository, the RBI Retail Direct smartphone application, and the PRAVAAH portal. These programs aim to enhance retail investor access to government securities, simplify regulatory processes, and provide a comprehensive database on FinTech companies and technologies.
PRAVAAH Portal
The purpose of the PRAVAAH site is to simplify the application process for various kinds of regulatory approvals. Applications are now able to be submitted online by individuals as well as organizations, increasing the efficiency of the RBI’s regulatory approval processes. There are currently 60 application forms available on the web, covering the RBI’s regulatory and supervisory departments. In addition, for requests not addressed by the forms that are currently in use, a general-purpose form is offered.
RBI Retail Direct Mobile App
The purpose of the RBI Retail Direct mobile app is to facilitate transactions in government securities (G-Secs) by giving retail investors quick and simple access to the retail direct platform. Retail investors will find it easier to take part in the government securities market thanks to this software, which will enhance their investing experience.
FinTech Repository
A large database with details about Indian FinTech companies can be found in The FinTech Repository. It seeks to aid in the development of appropriate policy approaches and offer better knowledge of the FinTech industry from the point of view of regulation. The repository records crucial data regarding FinTech companies, their activities, and the way they use technology.
EmTech Repository
The RBI introduced the EmTech Repository in addition to the FinTech Repository. With a focus on the deployment of cutting-edge technologies like artificial intelligence (AI), machine learning (ML), cloud computing, distributed ledger technology (DLT), and quantum computing, this collection is devoted to RBI-regulated businesses including banks and NBFCs. The Reserve Bank Innovation Hub (RBIH), an RBI wholly-owned company, is in charge of managing the secure web-based applications for both the FinTech and EmTech Repositories.
Benefits and Objectives
Policymakers and business members will find these repositories’ consolidated sector-level data, trends, and analytics useful. The RBI hopes to enhance its understanding of the rapidly evolving FinTech ecosystem, support regular investors, and raise regulatory transparency by establishing these initiatives.
The launch of the FinTech Repository, RBI Retail Direct mobile app, and PRAVAAH portal is a big step in modernizing regulatory procedures and fostering the expansion of the FinTech industry in India. The RBI’s dedication to using technology to enhance financial services and regulatory efficiency can be seen in these efforts.
READ MORE: Current Affairs Quiz: May 2024
About the Author
