RBI to launch centralised portal PRAVAAH for licencing, approval applications
RBI
to launch centralised portal PRAVAAH for licencing, approval applications
Why
In News
·
RBI is set to
introduce a new secured web-based portal called "PRAVAAH", aimed at
simplifying and streamlining the application processes.
Key
Points
·
RBI is set to
introduce a new secured web-based portal called “PRAVAAH” (Platform for
Regulatory Application, Validation And AutHorisation) aimed at simplifying and
streamlining the application processes.
·
The portal will
display the timeframes for deciding on applications and approvals, leading to
greater effectiveness in regulatory processes and making it easier for
regulated entities to do business with RBI.
Key
Features of PRAVAAH portal:
·
It will provide
transparent timelines for the decision-making process on the
applications/approvals sought by the applicants.
·
This will enable
the applicants to know the expected timeframes for the decision on their
applications, and they can plan their business activities accordingly.
·
Additionally,
PRAVAAH will offer a single interface for applicants to submit and track the
status of their applications, making it easier to monitor the application’s
progress.
·
Moreover, it will
enable RBI to standardize the application forms, making the application process
more uniform and simpler.