India rolls out online platforms and repositories for enhanced regulation

PRAVAAH makes it easier to apply for a license and obtain regulatory approval.

The Reserve Bank of India (RBI) has launched two online platforms aimed at enhancing online regulatory and investment processes, as well as two repositories for fintechs and emerging technologies.

The PRAVAAH (platform for regulatory application, validation, and authorisation) portal centralises online applications for any individual or entity who seek authorisation, license, or regulatory approval from RBI. 

Applicants can submit their application online through the portal, track and monitor its status, respond to clarifications or queries sought by RBI, and receive decisions on their applications through PRAVAAH.

At present, 60 application forms are available in the portal. These cover different regulatory and supervisory departments in RBI.

RBI has also rolled out a mobile app for its retail direct portal. Retail investors to transact government securities in the app. 

The RBI Retail Direct mobile app can be downloaded from Play Store for Android and the App Store for iOS users.

Repositories launched
A Fintech Repository and EmTech Repository have also been unveiled.

The Fintech Reposity captures essential information about financial technology entities, their activities, technology uses, amongst others, according to the RBI.

Fintechs, both regulated and unregulated, are called to contribute to the repository, the RBI said.

The EmTech Repository, meanwhile, will cover RBI regulated entities– banks and nonbank financial companies (NBFCs)-- on their adoption of emerging technologies such as AI, ML, cloud computing, DLT, quantum computing, amongst others.

Both repositories are secure web-based applications and are managed by the Reserve Bank Innovation Hub (RBIH), a wholly owned subsidiary of RBI. 

The repositories would enable availability of aggregate sectoral level data, trends, and analytics, that would be useful for both policymakers and participating industry members, the RBI said in a statement posted on its website.

India's central bank had also been ramping up regulatory changes in recent months. Earlier in May, the RBI made changes to the eligibility criteria for small finance banks (SFBs) to transition into universal banks, including lowering the minimum net worth.

Recently the Reserve Bank of India has also appointed a new executive director, Shri R. Lakshmi Kanth Rao, to look after deposit insurance, credit guarantee corporations, the right to information act (FAA), and the department of communication.