Major Initiatives by RBI- the PRAVAAH portal, the Retail Direct Mobile App and a FinTech Repository
Reserve Bank of India on 28 May 2024 has launched three major initiatives, namely the PRAVAAH (Platform for Regulatory Application, Validation and AutHorisation) portal, the Retail Direct Mobile App and a FinTech.
1. ‘PRAVAAH’ (Platform for Regulatory Application, Validation and AutHorisation) portal
The PRAVAAH is a secure and centralised web-based portal that aims to ease the process of seeking authorisation, license or regulatory approval for any individual or entity.
Key features:
- 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 Reserve Bank in a time bound manner.
2. Mobile Application for RBI Retail Direct portal
The Retail Direct aimed to provide a seamless and convenient way for retail investors to transact in government securities (G-Secs) by opening their Retail Direct Gilt accounts with the Reserve Bank of India (https://rbiretaildirect.org.in) under the Retail Direct Scheme.
The scheme provide ease of buying and selling G-Secs in both the primary and secondary markets.
App features & Usage:
The retail investors can now transact in G-Secs using the mobile app on their smartphones which can be downloaded from the Play Store for Android users and App Store for iOS users. It can also be accessed using the QR code.
3. FinTech Repository
The FinTech Repository will facilitate access to essential information about FinTech entities, their activities, technology uses, etc. FinTechs, both regulated and unregulated, are encouraged to contribute to the Repository accessible at the URL: https://fintechrepository.rbihub.in.
Additionally, a related repository called, the EmTech Repository is also being launched for RBI regulated entities (banks and NBFCs) on their adoption of emerging technologies (like AI, ML, Cloud Computing, DLT, Quantum, etc.), and can be accessed at the URL: https://emtechrepository.rbihub.in.
These repositories will enable availability of aggregate sectoral level data, trends, analytics, etc., that would be useful for both policymakers and participating industry members.
Note– Currently, there are 60 application forms on the portal, covering different regulatory and supervisory departments of RBI. There’s also a general purpose form for requests which are not included in any other form. More application forms would be made available as may be required. The portal can be accessed at: https://pravaah.rbi.org.in.
Application Forms presently available on PRAVAAH (as on May 28, 2024)
| Department | Application Forms |
|
Department of Government and Bank Accounts |
1. Applications from SBI GAD for transfer of SDS Accounts from other agency banks to SBI SSB branch
2. Queries or clarifications regarding Small Savings Schemes of Government of India |
|
Department of Payment and Settlement Systems |
1. Application under PSS Act
2. Application seeking approval to operate as PA or PA-CB or change of category under PA-CB 3. Application for obtaining prior approval in case of takeover or acquisition of control of non-bank PSOs and sale or transfer of payment system activity of non-bank PSO 4. Metric seeking renewal of authorization 5. Voluntary Surrender of Certificate of Authorisation by Payment System Operators 6. Additional details to be submitted by MTSS- Overseas principal applicants 7. Application for Membership to Centralized Payment Systems |
|
Department of Regulation |
1. Application for license to commence banking business by a company incorporated in India
2. Information to be furnished by promoters along with relevant supporting documents for Licensing of Small Finance Banks 3. Information to be furnished by the Promoters along with relevant supporting documents for Licensing of Universal Banks 4. Application for foreign banks desirous of establishing presence in India 5. Application for Aadhaar Authentication License in terms of Section 11A of the PML Act, 2002 6. Request letter for Credit Risk Mitigation – CRM amount: under Section 11(2)(b) of the Banking Regulation Act, 1949 7. Request letter for statutory amount: under Section 11(2)(b) of the Banking Regulation Act, 1949 8. Application Form for banks to seek extension of time for disposal of Non-Banking Assets 9. Applications from an UCB for voluntary amalgamation 10. Registration certificate to commence or carry business of CIC 11. Appointment of MD or CEO or PTC or WTD 12. Compensation of MD or CEO or WTD or MRT 13. Application for grant of Certificate of Registration as NBFCs 14. Prior Approval for change in Management of HFC 15. Change in shareholding of HFC 16. Application for grant of Certificate of Registration as Asset Reconstruction Company 17. Appointment or Re-appointment of Director, MD or CEO in Asset Construction Companies ARC 18. Annual fit and proper certificate of the sponsor – ARC 19. Change in shareholding of ARC 20. Application for Issue of Shares by the Banking Company 21. Application for Acquiring Major Shareholding in a Banking Company: By the Banking Company 22. Application for Acquiring Major Shareholding in a Banking Company: By the Applicant 23. Application for conduct of Depositor Education and Awareness programmes for both pilot and full-scale 24. Application for Registration of entities for grant of financial assistance from the Depositor Education and Awareness Fund |
|
Department of Supervision |
1. NBFC- Request for Certificate of Registration upon change of name of the NBFC
2. NBFC- Request for Duplicate Certificate of Registration due to loss of Original CoR 3. NBFC- Approval for Change in Shareholding of NBFC 4. NBFC- Appointment of Director or Directors 5. NBFC- Request for Shifting of Registered Office of NBFC from one Regional Office of RBI to another 6. NBFC- Conversion from Category-A NBFC to Category-B NBFC 7. NBFC- Approval for Amalgamation or Merger 8. UCB- Constitution of Board of Management 9. UCB- Approval for shifting of Place of Business 10. NBFC – NOC for change in Name 11. UCB- Approval for dividend declaration 12. UCB- Intimation for FSWM Self-Classification 13. UCB- Prior Approval for allotment of centres under Annual Business Plan (ABP) |
|
Financial Markets Regulation Department |
1. Membership Application for NDS Call through Infinet
2. Membership Application for NDS Call through Internet 3. Membership Application for NDS – OM |
|
Foreign Exchange Department |
1. Approval for Opening of Special Rupee Vostro Account
2. Regulatory Approvals pertaining to LO or BO or PO in India 3. Approval for Acquisition or Sale of Immovable Property 4. Regulatory Approvals under FEMA – five R and FEMA ten R 5. Approval for Bank Guarantees beyond limit available to AD Banks 6. ECB proposals under Approval route 7. Confirmation for appearing for personal hearing w.r.t. compounding proceedings along with preferred date, time or attending personnel information 8. Compounding application 9. Additional information or addendum to already filed compounding application |
|
Internal Debt Management Department |
Primary Dealer License |
|
Others |
General Purpose Application |
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