Explained: Here's how individuals can use RBI's PRAVAAH portal

The Reserve Bank of India (RBI) has launched three major initiatives – PRAVAAH portal, RBI Retail Direct mobile application, and FinTech Repository. These were announced in April 2023, April 2024, and December 2023, respectively.

You can use the portal, mobile app and repository with ease, to make investments and obtain comprehensive data on the fintech sector, according to the RBI.

What is PRAVAAH?

PRAVAAH (Platform for Regulatory Application, VAlidation and AutHorisation) is a secure, centralised web-based platform designed for individuals and entities to seek authorisations, licences, or regulatory approvals from the RBI.

This portal will make it convenient for any individual or entity to apply online for various regulatory approvals in a seamless manner. It will also enhance the efficiency of various processes related to granting of regulatory approvals and clearances by the central bank, according to the RBI.

The important features of PRAVAAH are online application submission, status tracking, and timely decision-making by the central bank. The portal can be accessed at https://pravaah.rbi.org.in

What is the process?

1. Submit the application online on the portal

2. Track and monitor the status of the application / reference

3. Respond to any clarification or query sought by the RBI in connection with the application / reference

4. Receive a decision from the RBI in a time-bound manner

How do I go about it?

The portal asks you what you wish to do: Raise an issue, or provide feedback or a suggestion. If you want to access forms, click on 'ISSUE'.

There are 60 application forms covering different regulatory and supervisory departments of the RBI on the portal.

For example, you can request duplicate certificate of registration of NBFC due to loss of original, seek approval from the Foreign Exchange Department for acquisition or sale of immovable property, or ask for a change in shareholding of HFC. 

There is also a general-purpose form that you can use to submit requests which are not included in any other application form.

How can we use Retail Direct app?

You can transact in government securities (G-Secs) on their smartphones using the mobile app. It simplifies the process of buying and selling G-Secs in both the primary and secondary markets, says RBI.

You can download the RBI Retail Direct app on Google Play Store Apple's App Store. You will be asked to provide details like full name, PAN, mobile number, email address, and residential address to open a Retail Direct Gilt (RDG) account with the RBI.

To start transacting in G-Secs, log into the app and select the 'primary market' option. To place bids, choose a security to bid on from the 'auction watch' and enter the bid amount in the 'bid entry' window.

You can then fund your bids either at the time of bidding or before the closure of the bidding/subscription window using payment services like UPI and net banking.

Based on auction results, individual investors will receive allotments either in full or partial based on the bidding process.

How can we use FinTech Repository?

This platform offers comprehensive data on fintech firms, both regulated and unregulated. There is information on the fintech entities, their activities, technology uses, etc. 

There is also a repository exclusively to RBI regulated entities (banks and NBFCs) on their adoption of emerging technologies (like AI, ML, Cloud Computing, DLT, Quantum, etc.), called EmTech Repository. 

This portal is aimed at policymakers and industry participants, who can use the repository for decision-making, since they get access to aggregate sectoral level data, trends, analytics, etc.