The Reserve Bank of India launched three major initiatives on Tuesday—a mobile application for Retail Direct scheme, Fintech Repository, and Pravaah portal to improve ease of access.
RBI’s Retail Direct mobile app is aimed at boosting participation from retail investors in the government securities market. The RBI Retail Direct scheme was launched in November 2021, so that retail investors can maintain government bond accounts with the RBI and invest.
“The scheme enables investors to buy securities in primary auctions as well as buy/sell securities through the NDS-OM platform… The app will enable investors to buy and sell instruments on the go, at their convenience,” the central bank had said in its monetary policy in April.
With the launch of the retail direct mobile app, retail investors can now transact in government bonds using the mobile app on their smartphones, RBI said.
Further, the Pravaah portal, a centralised web-based portal, will facilitate online application for various regulatory approvals in a seamless manner. This will enhance the efficiency of various processes related to regulatory approvals and clearances by the central bank.
Currently, the portal has 60 application forms covering different regulatory and supervisory departments of RBI. More application forms will be added in due time.
The third initiative is the fintech repository, which will contain essential information about activities, technology uses, and more on Indian fintech companies for a better understanding of the sector from a regulatory perspective.
“Fintechs, both regulated and unregulated, are encouraged to contribute to the repository,” RBI said. “Simultaneously, a related repository for only banks and non-bank lenders on their adoption of emerging technologies, like artificial intelligence, machine learning, cloud computing, distributed ledger technology, etc., called EmTech Repository, is also being launched.”
The Fintech and EmTech repositories are secure web-based applications and are managed by the Reserve Bank Innovation Hub.
The repository would enable availability of aggregate sectoral level data, trends, analytics for policymakers as well as participating industry members.