Reserve Bank of India (RBI) will launch a secured web-based centralised portal named ‘PRAVAAH’ (Platform for Regulatory Application, Validation And AutHorisation) to simplify and streamline application processes.
Key points
- The PRAVAAH portal will show time limits for deciding on the applications/approvals sought.
- Gradually, it will be extended to all types of applications made to RBI across all functions, the central bank said in its statement on Developmental and Regulatory Policies.
- The step has also been taken to comply with the Union Budget 2023-24 announcement regarding 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.
