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RBI Unveils Pravaah Portal, Retail Direct Mobile App, and FinTech Repository

With the Retail Direct app, retail investors are able to transact in government securities (G-Secs) on their smartphones seamlessly and conveniently.

By Newsd
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RBI Unveils Pravaah Portal: RBI launched three major initiatives on Tuesday: Pravaah portal, the Retail Direct mobile app, and Fintech repository.

In addition to enhancing regulatory processes, these initiatives will facilitate retail investment and provide comprehensive data on fintech.

Pravaah portal: what is it?

Regulatory approvals, licences, and authorisations from the RBI can be applied for online through this centralised, secure web-based platform.

Applicants can track the status of their applications and receive decisions quickly through the application portal, which covers 60 forms across different regulatory and supervisory departments of the RBI.

Pravaah portal features

  • Online applications can be submitted directly through the portal.
  • Keep track of the status of your application or reference.
  • Answer any clarifications or questions the RBI may have regarding your application.
  • Within a specified timeframe, receive decisions from the Reserve Bank.

How does Retail Direct’s mobile app work?

With the Retail Direct app, retail investors are able to transact in government securities (G-Secs) on their smartphones seamlessly and conveniently.

The RBI Retail Direct mobile app can be used as follows:

  • RBI Retail Direct can be downloaded from the Google Play Store for Android users or the Apple App Store for iOS users.
  • Open an account with the RBI by providing details such as your full name, PAN, mobile number, email address, and residential address.
  • To start transacting in government securities (G-Secs), log into the app and select ‘primary market’ beside the dashboard.
  • In the ‘bid entry’ window, select a security to bid on from the ‘auction watch’ and enter the bid amount.
  • Use services like UPI and Net Banking to fund your bids at the time of bidding or before the close of the bidding/subscription window.
  • Individual investors will receive allotments based on auction results either in full or in part.

FinTech Repository: What is it?

A FinTech Repository aims to enhance the RBI’s understanding of the Indian fintech sector by providing comprehensive data on both regulated and unregulated fintech firms.

Also Read: RBI Mandates Banks Open on March 31: Check Full List Here

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