PRAVAAH – The Flow…..
PRAVAAH – The Flow…..
“PRAVAAH” is a Platform for Regulatory Application, Validation And AutHorisation :
– Various entities are required to obtain license/authorization to carry out activities regulated by RBI.
– Further, regulated entities are required to seek certain regulatory approvals from RBI under various statutes/regulations periodically.
– Currently, the application and approval processes for the same take place in varied online and offline modes.
– The Union Budget for 2023-24 has announced the need to simplify, ease and reduce the cost of compliance by financial sector regulators within laid down time limits to decide the applications under various regulations.
– It has been decided to develop a secured web-based centralized portal named ‘PRAVAAH’
– Platform or Regulatory Application, Validation, And AutHorisation) which will gradually extend to all types of applications made to RBI across all functions
an important step towards Ease of Doing Business by RBI/Govt of India.
– This will help businesses, and start-up seeks regulatory approvals.
– This will help reduce the cost of compliance and procedural challenges including timely responses.
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