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RBI Launches Three Major Initiatives

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


June 2024
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