RBI Launches G-Sec Mobile Trading App, Introduces PRAVAAH Portal for Digital Form Submissions

RBI's first initiative is a user-friendly mobile app designed to facilitate retail investors in trading G-Secs directly from their smartphones

The RBI app, available on both Android and iOS platforms, complements the existing Retail Direct portal, which was launched in November 2021.

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The Reserve Bank of India (RBI) on Tuesday announced three initiatives, aiming to boost retail investor participation in the government securities (G-Secs) market and streamline regulatory processes. The first initiative is a user-friendly mobile app designed to facilitate retail investors in trading G-Secs directly from their smartphones. The app, available on both Android and iOS platforms, complements the existing Retail Direct portal, which was launched in November 2021. This portal allows retail investors to open Retail Direct Gilt accounts and participate in both primary and secondary G-Secs markets.

In addition to the mobile app, the RBI introduced the PRAVAAH portal (Platform for Regulatory Application, VAlidation and AutHorisation). This centralised, web-based platform enables individuals and entities to apply online for various regulatory approvals. The portal aims to enhance the efficiency of the approval process and improve transparency.

According to the RBI, the portal initially supports 60 application forms covering different regulatory and supervisory departments, with more forms to be added as needed. Applicants can track the status of their submissions, and the RBI can issue decisions in a timely manner.

RBI Governor Shaktikanta Das also unveiled the Fintech Repository, a comprehensive data storehouse of Indian FinTech firms. This repository aims to provide a deeper understanding of the FinTech sector from a regulatory perspective and aid in the formulation of appropriate policies. FinTech firms, whether regulated or unregulated, are encouraged to contribute data to the repository.

Simultaneously, the RBI launched the EmTech Repository, focusing on the adoption of emerging technologies such as AI, ML, Cloud Computing, DLT, and Quantum Computing by banks and Non-Banking Financial Companies (NBFCs). Both the FinTech and EmTech repositories are managed by the Reserve Bank Innovation Hub (RBIH), a wholly-owned subsidiary of the RBI. These repositories will collect sectoral data, trends, and analytics, benefiting policymakers and industry participants alike.

The RBI said its commitment to encouraging active contributions from FinTechs and regulated entities to these repositories, which are expected to foster greater innovation and regulatory oversight in the financial sector.