Outlook Business Desk
RBI introduces PRAVAAH to digitise how banks and financial institutions apply for approvals, licenses and authorisations, aiming to simplify and speed up regulatory procedures.
The RBI has mandated that from May 1, 2025, all banks, financial firms and regulated entities must submit applications for authorisations, licences and approvals only through the PRAVAAH portal.
The portal hosts 108 application forms covering various departments. It also includes a general-purpose form for submissions not yet listed, ensuring broader accessibility.
Users can track application status, respond to RBI queries and receive communications—all through a secure, centralised online interface, enhancing transparency and processing speed.
Scheduled banks, NBFCs, co-operative banks, financial institutions and payment operators are among those mandated to use the PRAVAAH portal for regulatory communication.
The portal offers detailed user manuals, FAQs and video tutorials to guide applicants through submission processes and ensure ease of use for all users.
The portal enables faster decisions, reduces paperwork and minimises delays, promoting greater accountability and smoother coordination between RBI and financial sector players.
With PRAVAAH portal, RBI takes a major step in digitising its regulatory functions, supporting faster approvals and a more transparent banking environment in India.