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ARTICLE · 06 JUNE 2024

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RBI Introduces The Pravaah Portal, FinTech Repository And RBI Retail Direct Mobile Application

Khaitan & Co.
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On 28 May 2024, the Reserve Bank of India (RBI) issued a press release launching three transformative initiatives, "PRAVAAH" (Platform for Regulatory Application, VAlidation and AutHorisation) portal, a FinTech Repository and the Retail Direct Mobile App.

IndiaTechnology
Moin Ladha
Moin Ladha
Prashanth Ramdas
Prashanth Ramdas
Charu Singh
Charu Singh
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Introduction

On 28 May 2024, the Reserve Bank of India (RBI) issued a press release launching three transformative initiatives, "PRAVAAH" (Platform for Regulatory Application, VAlidation and AutHorisation) portal, a FinTech Repository and the Retail Direct Mobile App. These initiatives have been notified pursuant to the announcements made in the Statement on Development and Regulatory Policies previously issued by the RBI.

In our update below, we have discussed the key implications of each of these initiatives.

PRAVAAH PORTAL

In 2023, the RBI had decided to develop a web-based portal which would gradually extend to all types of applications to obtain license / authorization to carry out activities regulated by the RBI and regulatory approvals from the RBI under various statutes/ regulations periodically.

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