Finance
The Reserve Bank of India (RBI) on Tuesday introduced three significant efforts, including a smartphone app, to enable individual investors to engage in the government securities (G-Secs) market.
Furthermore, the central bank launched the PRAVAAH portal, which allows any individual or company to apply online for numerous regulatory permissions in a streamlined manner.
This platform will also improve the efficiency of the Reserve Bank’s numerous processes for obtaining regulatory permits and certifications, according to a release.
The third initiative Fintech Repository, launched by RBI Governor Shaktikanta Das, will be a data storehouse of Indian FinTech firms for a better understanding of the sector from a regulatory perspective and facilitate in designing appropriate policy approaches.
‘PRAVAAH’ (Platform for Regulatory Application, VAlidation and AutHorisation) portal is a secure and centralised web-based portal for any individual or entity to seek authorisation, license or regulatory approval on any reference made by it to the Reserve Bank.
According to the statement, the portal’s sharing characteristics allow 60 application forms encompassing several regulatory and supervisory offices to be submitted online.
On the site, an organization can track/monitor the status, and the RBI can send a decision on a given application in a timely manner.
More application forms would be made available as needed, it said.
The retail direct mobile app, according to the release, allows retail investors to deal in G-Secs using their smartphones.
For Android users, the mobile app is available on the Play Store, while iOS users may get it from the App Store.
Currently, the retail direct gateway is available to help retail investors open their Retail Direct Gilt accounts with the Reserve Bank of India under the Retail Direct Scheme.
The portal launched in November 2021 allows retail investors to buy G-Secs in the primary auctions as well as buy and sell G-Secs in the secondary market.
The FinTech Repository aims to capture essential information about FinTech entities, their activities, technology uses, etc. FinTechs, both regulated and unregulated, are encouraged to contribute to the repository.
Simultaneously, a related repository for only RBI regulated entities (banks and NBFCs) on their adoption of emerging technologies (like AI, ML, Cloud Computing, DLT, Quantum, etc.), called EmTech Repository, is also being launched.
The Reserve Bank Innovation Hub (RBIH), a wholly owned subsidiary of the RBI, manages the secure web-based applications known as FinTech and EmTech Repositories.
The repository would make aggregate sectoral statistics, trends, analytics, and other information available to both policymakers and industry participants.
The RBI encourages FinTechs and Regulated Entities to actively contribute to the repositories, it stated.
Source:IE
