Need of PRAVAAH Portal
- Various entities are required to obtain licence / authorization to carry out activities regulated by RBI. Further, regulated entities are required to seek certain regulatory approvals from RBI under various statutes / regulations periodically.
- Currently, the application and approval processes for the same take place in varied on-line and off-line modes.
- The Union Budget for 2023-24 has announced the need to simplify, ease and reduce cost of compliance by financial sector regulators within laid down time limits to decide the applications under various regulations.
- It has been decided to develop a secured web based centralised portal named as ‘PRAVAAH’ which will gradually extend to all types of applications made to RBI across all functions.