Context:
Recently, the Reserve Bank of India (RBI) has launched three major initiatives.
Relevance:
Facts for Prelims
RBI’s Digital Initiatives
PRAVAAH Portal:
- Definition: PRAVAAH (Platform for Regulatory Application, VAlidation, and AutHorisation) is a secure and centralized online platform (web-based portal) for individuals and entities to apply for various regulatory approvals from the Reserve Bank of India (RBI).
- Purpose: Streamlines the approval process by providing a single point of contact, enhancing the efficiency of RBI’s regulatory procedures.
Retail Direct Mobile App:
- Function: Offers retail investors easy access to the Retail Direct platform, allowing for convenient investment in government securities (G-Secs) directly from their smartphones.
FinTech Repository:
- Description: A web-based database that contains comprehensive data on Indian FinTech firms. It aids in better understanding the FinTech landscape for regulatory purposes.
EmTech Repository:
- Focus: Launched by the RBI, this repository emphasizes the adoption of emerging technologies such as Artificial Intelligence, Machine Learning, and Cloud Computing by RBI-regulated entities, including banks and NBFCs.
- Management: Both the FinTech and EmTech repositories are secure web applications managed by the Reserve Bank Innovation Hub (RBIH).
-Source: The Hindu
