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RBI Launches PRAVAAH Portal, Retail Direct Mobile App, and FinTech Repository

  • 29-May-2024
PRAVAAH and FinTech Repository
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On May 28, 2024, Shri Shaktikanta Das, Governor of the Reserve Bank of India (RBI), inaugurated three significant initiatives to enhance regulatory processes and financial inclusivity. The launch event was attended by prominent figures, including Shri Satish Kashinath Marathe and Prof. Sachin Chaturvedi, Directors on the Central Board of the RBI, and other notable members and officials from various financial institutions and the RBI itself.

These initiatives, previously announced in the bi-monthly Statement on Development and Regulatory Policies, are designed to streamline regulatory approvals, facilitate retail investment in government securities, and improve the understanding and regulation of the FinTech sector.

PRAVAAH Portal

The PRAVAAH (Platform for Regulatory Application, VAlidation, and AutHorisation) portal is a secure, centralized web-based platform enabling individuals and entities to apply for regulatory approvals from the RBI. Key features of PRAVAAH include:

 

  • Online Application Submission: Applicants can submit their applications online, making the process more accessible.
  • Application Tracking and Monitoring: Users can track the status of their applications and receive updates.
  • Query Response: Applicants can respond to any clarifications or queries from the RBI.
  • Timely Decisions: The portal ensures that decisions are made within a specified timeframe.

Currently, PRAVAAH offers 60 different application forms covering various regulatory and supervisory departments of the RBI.

Application Forms Presently Available on PRAVAAH (as of May 28, 2024)

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

 

  1. Primary Dealer License.

Others

 

  1. General Purpose Application.

Additional forms will be added as needed. The portal can be accessed at PRAVAAH Portal.

Retail Direct Mobile App

The Retail Direct Mobile App enhances the accessibility of the RBI’s Retail Direct Scheme, launched in November 2021. This scheme allows retail investors to open Retail Direct Gilt accounts and buy or sell government securities (G-Secs). With the new mobile app, investors can now perform these transactions directly from their smartphones, making the process more convenient and user-friendly. The app is available for download on both the Play Store for Android users and the App Store for iOS users.

FinTech Repository

The FinTech Repository is a comprehensive database designed to capture essential information about Indian FinTech entities, their activities, and the technologies they employ. This repository aims to provide a better understanding of the sector from a regulatory perspective and aid in the formulation of appropriate policies. Additionally, the EmTech Repository, focused on the adoption of emerging technologies by RBI-regulated entities like banks and NBFCs, is also being launched. Both repositories are managed by the Reserve Bank Innovation Hub (RBIH), a wholly-owned subsidiary of the RBI. The repositories can be accessed at FinTech Repository and EmTech Repository.

Conclusion

These initiatives mark a significant step forward in enhancing the efficiency and transparency of regulatory processes, providing easier access to government securities for retail investors, and fostering a deeper understanding of the rapidly evolving FinTech sector. The RBI encourages all stakeholders to actively participate and contribute to these platforms to facilitate a more robust financial ecosystem.

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