RBI Mandates PRAVAAH Portal for License and Permission Applications from May 1st. Banks and NBFCs must now utilize this portal. Learn how.
PRAVAAH: The Reserve Bank of India (RBI) has announced a significant change for banks and Non-Banking Financial Companies (NBFCs). From May 1st, 2024, all banks and financial institutions will be required to use the PRAVAAH portal for obtaining licenses and other permissions. This portal provides a streamlined and secure platform for all RBI-related approvals and licenses.
What is the PRAVAAH Portal?
PRAVAAH stands for Platform for Regulatory Application, Validation and Authorization. It is a web-based portal designed by the RBI to help banks, NBFCs, and other entities complete their application processes in a simplified and digital manner. Its aim is to provide an integrated, secure, and user-friendly platform for obtaining permissions and licenses from the RBI.
Key Features of the PRAVAAH Portal:
Secure and Digital Platform: The portal facilitates the secure online completion of the application process, eliminating the need for paperwork.
Application Status Monitoring: Applicants can track their application status through the portal via SMS and email notifications.
Over 3000 Applications Received: Since its launch, the PRAVAAH portal has received over 3000 applications, demonstrating its reliability and effectiveness.
108 Forms Available: Currently, 108 forms are available on the portal for various types of permissions. More forms will be added in the future, further simplifying the process.
Submission of Clarifications and Additional Information: If the RBI requires additional information or clarifications regarding an application, applicants can submit them directly through the portal.
Timely Decisions: The RBI will provide applicants with timely decisions on their applications through the portal, ensuring transparency in the process.
Objective of PRAVAAH:
The primary objective of the PRAVAAH portal is to make the process of working with the Reserve Bank of India digital and more efficient. Using this portal allows banks and financial institutions to complete their application processes faster and more securely. This platform is a significant step towards enhancing transparency and efficiency in the financial services sector in India.
What did the RBI Press Release State?
The RBI press release stated that over 3000 applications have been submitted through the PRAVAAH portal to date. Continued progress has been observed in the adoption of this portal, and it will pave the way for a more convenient and faster workflow for banks and companies.
From May 1st, obtaining licenses, permissions, and other approvals through the PRAVAAH portal will become mandatory. This change is a crucial step in promoting digital transformation within the financial sector.
Need More Information?
If you are associated with banks, NBFCs, or other entities and wish to utilize this portal, ensure you begin using the PRAVAAH portal before May 1st. For more information and details about the PRAVAAH portal, visit the RBI's official website and follow the instructions provided there.
