"RBI Wins UK's Digital Transformation Award 2025 for Technological Initiatives".
Awards
In March 2025, Mumbai (Maharashtra)-based India's central bank, Reserve Bank of India (RBI), was selected as the recipient of the Digital Transformation Award 2025 by London (United Kingdom, UK)-based Central Banking Publications.
- The RBI received this prestigious award in recognition of its technology-driven initiatives, specifically the 'Sarthi' and 'PRAVAAH (Platform for Regulatory Application, Validation, and Authorisation)' systems, developed by its in-house developer team.
- The award committee highlighted how these initiatives have significantly reduced the use of paper-based submissions, thereby transforming both internal and external processes of the RBI.
- The word 'Sarthi,' derived from Hindi meaning 'Charioteer,' is a system formally launched in 2023 to digitize all internal workflows of the RBI. It enables employees to securely store and share documents, enhancing record management and improving data analysis through reports and dashboards.
Main Point :- (i) Launched by RBI in 2024, 'PRAVAAH' (meaning 'smooth flow' in Hindi) is a centralized, secure web-based platform that enables individuals and entities to apply online for regulatory approvals, licenses, and authorizations.
(ii) All submitted documents are stored in the Sarthi database and managed digitally across RBI’s offices with centralized cybersecurity systems and digital tracking. Since its launch, the platform has digitized over 70 regulatory applications across 9 departments, with over 2,000 applications filed by the end of 2024, marking an 80% increase in monthly submissions due to its user-friendly interface.
(iii) The 12th annual industry awards recognize excellence in the central banking community, featuring 16 central bank categories and 15 partner and service provider categories. The official award ceremony is scheduled for June 2025 at One Whitehall Place, London (UK).
About Central Banking Publications
Chairman: Robert Pringle
Headquarters: London, United Kingdom (UK)
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