 "RBI")
The Reserve Bank of India (RBI) on Tuesday launched three major initiatives: Pravaah portal, Retail Direct mobile app and a Fintech Repository. These initiatives are aimed at enhancing regulatory processes, facilitating retail investment, and providing comprehensive data on the fintech sector.
What is Pravaah portal?
It is a centralised, secure web-based platform that enables individuals or entities to apply online for regulatory approvals, licences, and authorisations from the RBI. The portal covers 60 application forms across different regulatory and supervisory departments of the RBI, allowing applicants to track the status of their applications and receive decisions in a timely manner.
Key features of Pravaah portal
Submit applications online directly through the portal.
Track and monitor the status of your application or reference.
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Respond to any clarifications or queries raised by the RBI regarding your application or reference.
Receive decisions from the Reserve Bank within a specified timeframe.
What is Retail Direct mobile app?
Retail Direct mobile app: It provides retail investors with a seamless and convenient way to transact in government securities (G-Secs) on their smartphones. The app simplifies the process of buying and selling G-Secs in both the primary and secondary markets.
How to use the RBI Retail Direct mobile app:
Download the app: Visit the Google Play Store for Android users or the Apple app store for iOS users to download the RBI Retail Direct mobile app.
Create an account: Provide details like full name, PAN, mobile number, email address, and residential address to open a Retail Direct Gilt (RDG) account with the RBI.
Access the platform: Log into the app and select the 'primary market' option beside the dashboard to start transacting in government securities (G-Secs).
Place bids: Choose a security to bid on from the 'auction watch' and enter the bid amount in the 'bid entry' window.
Fund your bids: Fund your bids either at the time of bidding or before the closure of the bidding/subscription window using services like UPI and Net Banking.
Receive allotments: Based on auction results, individual investors will receive allotments either in full or partial based on the bidding process.
What is FinTech Repository?
FinTech Repository: It aims to enhance the RBI's understanding of the Indian fintech sector by providing comprehensive data on fintech firms, both regulated and unregulated. The repository will support policymakers and industry participants by offering insights on fintech.
