Launch of PRAVAAH, RBI Retail Direct Mobile Application and FinTech Repository

Current Context: The Reserve Bank of India (RBI) launched three major initiatives on May 28, 2024 aimed at improving ease of access and fostering financial inclusion:

• PRAVAAH portal: This secure, web-based platform streamlines the application process for individuals and entities seeking authorization, licenses, or regulatory approvals from the RBI. It centralizes 60 application forms covering various RBI departments, with more to be added.
• RBI Retail Direct Mobile Application: This app simplifies investing in government securities (G-Secs) for retail investors. It complements the Retail Direct scheme launched in November 2021, allowing users to conveniently buy, sell, and manage their G-Secs holdings directly through their smartphones.
• FinTech Repository: This repository is a central source of information on Indian fintech firms. Providing comprehensive data on the sector will aid the RBI in gaining a deeper understanding of the fintech landscape and formulating effective policies.

Question:

1. What is the main purpose of the PRAVAAH portal launched by the RBI?

• A) To provide a secure platform for online banking transactions
• B) To offer financial education and resources to the public
• C) To streamline the application process for RBI authorizations, licenses, and regulatory approvals
• D) To facilitate international trade and finance operations

Answer: C) This secure, web-based platform streamlines the application process for individuals and entities seeking authorization, licenses, or regulatory approvals from the RBI.