PRAVAAH: RBI’s New Platform for Smoother FDI and Bank Payment Control
Dubela, Jit Roy: The Reserve Bank of India has mandated the use of PRAVAAH portal for submission of applications licenses starting from May 1, 2025. This decision aims to enhance the transparency of the regulatory and reduce the delay in approval process.
Launched in May 2024, PRAVAAH is a secure, web-based platform designed to handle applications for licenses, approvals and authorizations. It provides a single point of access to necessary forms submission, speed up the application process and make it more transparent for both individuals and companies. Applicants can also check the real time progress of their application. This site also provides video tutorials to help applicants.
The RBI noted that many financial institutions were still relying on traditional, paper-based methods. To encourage wider adoption, improve efficiency and reduce corruption the central bank has now made the use of PRAVAAH compulsory. Since the portal was launched, nearly 4000 applications have been submitted to the portal. The RBI anticipates that making PRAVAAH mandatory will significantly reduce processing times and make a more transparent and efficient regulatory environment for all regulated entities, including banks and payment system operators. This move signifies RBI’s commitment to leveraging technology for better governance and ease of doing business in the financial sector.
