RBI Governor Unveils Key Financial Initiatives for 2023

May 29, 2024

To make financial services easier to get to and better at what they do, RBI Governor Shaktikanta Das recently launched three big projects: the Pravaah site, the Retail Direct Mobile App, and a FinTech Repository. These plans came from what the RBI said in its Development and Regulatory Policies reports in 2023 and 2024.

About Pravaah Portal

The Pravaaah portal was created to make the regulatory process easier and faster. It lets people and businesses apply for different types of regulatory licenses online. The Reserve Bank of India hopes that this project will make the approval processes work better. Its goal is to make things easier to use and more efficient by streamlining processes within the application system.

About Retail Direct Mobile App

Additionally, the Retail Direct Mobile app was released to make investing in government bonds easier for regular people. With this app, investors should be able to easily buy and handle their government securities (G-Secs). Investing in government bonds is usually a difficult process, but this app makes it easier.

About FinTech Repository

The final initiative, the FinTech Repository, is meant to be a complete database of information about Indian FinTech companies. Its goal is to help people understand and regulate a field that is changing quickly. By providing important data that can be used for regulatory reasons, the repository will help policymakers make smart, useful decisions. The RBI wants these projects to support more transparency, make it easier for people to get financial services, and improve regulatory frameworks so they can keep up with changes in technology.

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