The Reserve Bank of India (RBI) on Tuesday took several steps to make things easier for retail investors and others, including the launch of a mobile app for retail investors to participate in the government securities market.
The Reserve Bank of India (RBI) on Tuesday took several steps to make things easier for retail investors and others. Under this, on one hand, a mobile app was released for the participation of retail investors in the government securities market, while on the other hand, the ‘Pravah’ portal was launched for easy online application.
Mobile App
Through the mobile app, retail investors can now buy and sell government securities using the mobile app on their smartphones. Apart from this, the Pravah portal has been launched to make it easier for any person or entity to apply for various regulatory approvals online.
Fintech Repository
The central bank said in a statement that this portal will facilitate various processes related to granting regulatory approval by the Reserve Bank. Apart from this, RBI has taken the ‘Fintech Repository’ initiative. This third initiative launched by Governor Shaktikanta Das aims to store data of Indian financial technology (fintech) companies for better understanding of the sector from a regulatory perspective and to facilitate the formulation of appropriate policy approaches.
Flow
The ‘Pravada’ (Platform for Regulatory Applications, Verifications and Approvals) portal is a secure and centralized web-based platform. It is a platform for any person or entity to obtain approval, license or regulatory approval in matters related to the Reserve Bank. Sharing the features of the portal in a statement, RBI said that 60 applications related to various regulatory and supervisory departments can be submitted online.
application status
The concerned unit can check the status of the application on the portal. Also, RBI can send a decision related to an application in a timely manner. It has been said that more application forms will be made available if needed.
Also Read: Delhi University’s big decision, single girl child will get reservation
Retail Direct
Regarding the ‘Retail Direct’ mobile app for buying and selling of government securities, the statement said that through this, retail investors can now buy and sell government securities using the mobile app on their smartphones.
Download from here
The mobile app can be downloaded from ‘Play Store’ for Android users and ‘App Store’ for iOS users. Currently, the ‘Retail Direct’ portal facilitates retail investors to open retail direct government securities accounts with the Reserve Bank of India. This facility has been provided under the Retail Direct Scheme. The portal was launched in November 2021. It allows retail investors to buy government securities in primary auctions as well as buy and sell them in the secondary market.
Incentive
According to the statement, the objective of the Fintech Repository is to obtain necessary information about financial technology units, their activities, technology use, etc., for the purpose of forming a regulatory approach and appropriate policy stance. Both financial technology companies, both those falling under the purview of regulation and those outside it, are encouraged to contribute to the repository.
MTech Repository
Along with this, ‘MTech Repository’ has also been launched. This is a dedicated repository for adoption of emerging technologies (artificial intelligence, machine learning, cloud computing, etc.) by entities (banks and NBFCs) under the purview of RBI only. FinTech and MTech repositories are secure web-based applications and are managed by Reserve Bank Innovation Hub (RBIH), a wholly-owned subsidiary of RBI.
