RBI Unveils New Initiatives: Pravaah, Retail Direct App, Fintech Repository

5/29/2024 2:19:40 PM

(MENAFN- KNN India) Mumbai, May 29 (KNN) The Reserve bank of India (RBI) Governor Shaktikanta Das unveiled three major new initiatives on Tuesday aimed at enhancing convenience, efficiency, and understanding in the financial sector.

The first initiative, Pravaah, is an online portal that will allow individuals and entities to apply for various regulatory approvals seamlessly. This portal is expected to streamline the process of granting approvals and clearances by the RBI.

The second initiative is the Retail Direct Mobile App, which will provide retail investors with convenient access to the retail direct platform for transacting in government securities (G-Secs). This app aims to facilitate ease of investing in G-Secs for individual investors.

The third initiative is the FinTech Repository, a comprehensive database containing information on Indian FinTech firms. This repository will help regulatory authorities better understand the FinTech sector and design appropriate policy approaches.

These initiatives were previously announced by the RBI in its bi-monthly Statements on Development and Regulatory Policies in April 2023, April 2024, and December 2023, respectively.

With these new initiatives, the RBI aims to enhance transparency, accessibility, and regulatory oversight in the rapidly evolving financial landscape.

(KNN Bureau)

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