Introduction
On Tuesday (May 28), the Reserve Bank of India (RBI) introduced three significant projects, including a mobile application, to allow retail investors to engage in the government securities (G-Secs) market.
Additionally, the central bank introduced the PRAVAAH portal for individuals or entities to easily apply online for different regulatory approvals. The central bank stated that this platform will improve the effectiveness of different procedures linked to approving regulatory permissions and clearances.
Table of Contents
RBI Governor Shaktikanta Das has launched the Fintech Repository initiative as the third project, which aims to store data on Indian FinTech companies to enhance regulatory understanding and aid in formulating relevant policy measures.
The 'PRAVAAH' portal is a secure online platform where individuals or entities can request authorization, licenses, or regulatory approvals from the Reserve Bank.
According to the statement, 60 application forms for various regulatory and supervisory departments can be submitted online through the portal's shared features.
On the platform, an organization can oversee the progress and RBI can deliver a time-sensitive decision regarding a designated application. It was stated that additional application forms would be provided as needed.
Regarding the retail direct mobile app, it was mentioned that retail investors now can conduct G-Secs transactions on their smartphones through the app. Android users can obtain the mobile app from the Play Store, while iOS users can download it from the App Store.
Currently, the retail direct portal is accessible for retail investors to begin their Retail Direct Gilt accounts with the Reserve Bank of India through the Retail Direct Scheme. The new platform introduced in November 2021 enables individual investors to participate in primary auctions to purchase G-Secs and also trade G-Secs in the secondary market.
The main goal of the FinTech Repository is to gather important details about FinTech companies, including their operations, technological advancements, and more. All FinTech companies, whether compliant with regulations or not, are welcome to add information to the repository.
At the same time, another repository specifically for RBI-regulated entities (such as banks and NBFCs) detailing their use of new technologies (such as AI, ML, Cloud Computing, DLT, Quantum, etc.), named EmTech Repository, will also be introduced.
The FinTech and EmTech Repositories are safe online applications overseen by the Reserve Bank Innovation Hub (RBIH), a subsidiary of RBI that is fully owned.
This portion of the site is for informational purposes only. The content is not legal advice. The statements and opinions are the expression of author, not corpseed, and have not been evaluated by corpseed for accuracy, completeness, or changes in the law.
