Note4Students
From UPSC perspective, the following things are important :
Prelims level: PRAVAAH, Retail Direct Mobile App, G-Secs, EmTech Repository
Why in the News?
- The Reserve Bank of India (RBI) recently introduced three significant initiatives: the PRAVAAH portal, the RBI Retail Direct mobile application, and the FinTech Repository.
- These initiatives aim to streamline regulatory processes, empower retail investors, and provide insights into the fintech sector.
1. PRAVAAH Portal:
- The PRAVAAH portal (Platform for Regulatory Application, VAlidation, and AutHorisation) serves as a centralised web-based platform for individuals and entities to seek regulatory approvals from the RBI.
- Offering features like online application submission and status tracking, the portal covers 60 different application forms across various regulatory departments, ensuring efficiency and transparency in the authorisation process.
2. RBI Retail Direct Mobile App:
- The RBI Retail Direct Mobile App provides retail investors with convenient access to government securities (G-Secs) trading directly from their smartphones.
- Accessible on both Android and iOS platforms, the app simplifies transactions in both primary and secondary markets, empowering retail investors to participate more actively in the securities market.
3. FinTech Repository:
The FinTech Repository aims to provide comprehensive data on Indian fintech firms, facilitating better regulatory understanding and policy formulation in the rapidly evolving fintech landscape.
Other initiatives launched:
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PYQ:[2013] In the context of the Indian economy, ‘Open Market Operations’ refers to: (a) borrowing by scheduled banks from the RBI (b) lending by commercial banks to industry and trade (c) purchase and sale of government securities by the RBI (d) None of the above |
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