RBI Directs All Banks, Financial Companies, and Regulated Entities to Adopt PRAVAAH Portal Starting May 1, 2025.

The Reserve Bank of India (RBI) announced that, starting 1st May 2025, all banks, financial companies, and regulated entities must submit their applications for regulatory authorisations, licences, and approvals exclusively through the Platform for Regulatory Application, Validation and Authorisation (PRAVAAH) portal.

      - This new system aims to streamline the regulatory application process, ensuring greater efficiency and transparency.

      - The instruction applies to a wide range of entities, including Scheduled Commercial Banks (SCBs), such as Small Finance Banks (SFBs), Local Area Banks (LABs), and Regional Rural Banks (RRBs). It also includes Urban Co-operative Banks (UCBs), State Co-operative Banks (SCBs), Central Co-operative Banks (CCBs), All-India Financial Institutions (AIFIs), Non-Banking Financial Companies (NBFCs), including Housing Finance Companies (HFCs), as well as Primary Dealers (PDs), Payment System Operators (PSOs), and Credit Information Companies (CICs).

      - In May 2024, the Reserve Bank of India (RBI) launched the PRAVAAH portal, a secure and centralised web-based platform designed for entities and individuals to seek authorisation, licenses, or regulatory approvals on any reference made to the RBI. Since its launch, the portal has facilitated nearly 4,000 applications/requests.

Main Point :-   (i) The PRAVAAH portal offers several key features, including the ability to submit applications online, track and monitor the status of applications, respond to any clarification or queries from the RBI, and receive timely decisions. This streamlines the entire process and ensures greater transparency and efficiency.

      (ii) For user convenience, the portal provides access to a user manual, detailed instructions for accessing and using the platform, as well as FAQs and videos to guide applicants in submitting and tracking their applications seamlessly.

(iii) In exceptional cases, if applicants are unable to submit applications through PRAVAAH, they can still submit them directly to the RBI. However, these applications will be processed through the portal, and applicants will be notified of their status. This initiative showcases RBI's commitment to achieving end-to-end digitization of regulatory processes, enhancing service delivery.
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