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RBI instructs all banks, financial companies, and other regulated entities to use PRAVAAH portal from 1st May

Banking & Finance | Dated: 02 May 2025

The Reserve Bank of India (RBI) has mandated that all regulated entities—including banks, non-banking financial companies (NBFCs), fintech firms, and other financial institutions—utilize the PRAVAAH portal for submitting applications related to licenses, approvals, and authorizations. This directive came into effect on May 1, 2025. PRAVAAH stands for Platform for Regulatory Application, Validation, and Authorization. It is a secure, centralized, web-based platform developed by the RBI on May 28, 2024 to digitize and streamline the process of obtaining regulatory approvals. The portal allows entities to submit applications online, track their status, and receive timely decisions from the RBI. It covers over 60 application forms across various regulatory and supervisory departments of the RBI.

🎯 Key Highlights:

  • - The Reserve Bank of India (RBI) has made it mandatory for all banks, financial institutions, NBFCs, and other regulated entities to use the PRAVAAH portal.
  • - The PRAVAAH portal has received around 4,000 applications and requests since its launch.
  • - The RBI aims to make the process of seeking regulatory approvals faster, more transparent, and efficient.

💡 Other Important Facts:

  • (i) The aim of PRAVAAH is to provide a single, secure, and streamlined digital platform where individuals and entities can apply for a wide range of permissions, approvals, and licenses from the Reserve Bank of India (RBI), making regulatory processes more transparent, efficient, and user-friendly.
  • (ii) If a bank falls under the RBI’s regulatory framework—including national, regional, rural, co-operative, or small finance—it must use the PRAVAAH portal to submit applications for: Licenses, Regulatory approvals & Authorizations.

📚 Test Your Knowledge:

What is the main objective of the RBI’s PRAVAAH portal, which came into effect on May 1, 2025?

Correct Answer: To streamline and digitize regulatory processes for financial entities

🚀 Quick Recap:

About Reserve Bank of India -

  • Established - 1 April 1935
  • Headquarters - Mumbai, Maharashtra, India