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Reserve Bank of India will launch a secured web-based centralised portal named ‘PRAVAAH’ (Platform for Regulatory Application, Validation And AutHorisation) to simplify and streamline application processes.
The portal will show time limits for deciding on the applications/approvals sought. This measure will bring greater efficiencies into regulatory processes and facilitate ease of doing business for the regulated entities of RBI.
Read also: Highlights of RBI's monetary policy statement
Gradually, it will be extended to all types of applications made to RBI across all functions, the central bank said in its statement on Developmental and Regulatory Policies.
The step has also been taken to comply with the Union Budget 2023-24 announcement regarding the need to simplify, ease and reduce cost of compliance by financial sector regulators within laid down time limits to decide the applications under various regulations.
Various entities are required to obtain license/authorization to carry out activities regulated by RBI, and regulated entities are required to seek certain approvals under various statutes/regulations periodically. Currently, the application and approval processes for the same take place in varied on-line and off-line modes.
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