RBI introduces mobile app for G-Sec transactions and PRAVAAH portal

In a bid to foster greater accessibility and efficiency in the government securities (G-Secs) market, the Reserve Bank of India (RBI) unveiled three transformative initiatives on Tuesday.

One of the flagship initiatives launched is a mobile application designed to empower retail investors to engage in G-Sec transactions directly. This mobile app, available for both Android and iOS users, facilitates seamless transactions in G-Secs, offering a user-friendly experience on smartphones.

Additionally, the central bank inaugurated the PRAVAAH portal, aimed at simplifying the process of online application for various regulatory approvals. This portal serves as a centralized platform for individuals and entities to apply for authorizations, licenses, or regulatory approvals, thereby enhancing the efficiency of approval processes.

The third initiative, the Fintech Repository, marks a significant milestone in regulatory understanding and policy formulation within the fintech sector. Serving as a comprehensive data repository of Indian fintech firms, this initiative offers insights vital for regulatory perspectives and policy development.

The PRAVAAH portal not only expedites the approval process but also enables tracking and monitoring of application statuses. It currently offers 60 online application forms across various regulatory departments, with provisions for additional forms as needed.

The RBI emphasizes active participation from both fintech entities and regulated institutions in contributing to these repositories. By fostering collaboration and sharing insights, these initiatives aim to bolster the understanding of emerging technologies and industry trends.

Managed by the Reserve Bank Innovation Hub (RBIH), these repositories promise to provide valuable data, trends, and analytics for policymakers and industry stakeholders. This data-driven approach underscores the RBI's commitment to informed decision-making and regulatory efficacy.

The launch of these initiatives marks a significant stride towards democratizing access to the G-Secs market and fostering a conducive regulatory environment for fintech innovation.