NEW DELHI: The Reserve Bank of India (RBI) has given clear instructions that all banks, financial companies, and other regulated entities must use the PRAVAAH portal from May 1, 2025, to submit any applications for authorisations, licences and approvals.
In an official statement, the RBI said, âWith effect from May 01, 2025, Regulated Entities are advised to use PRAVAAH for submitting applications for regulatory authorisations, licenses, approvals to the Reserve Bank using the application forms already available in the portalâ. It added, âAll Regulated Entities are advised to adhere to the above instructions. Instructions related to accessing the portal, submission and tracking of applications, etc., are available on the portal itselfâ.
Published In Public Interest by thebengalurulive.com
PRAVAAH stands for Platform for Regulatory Application, Validation and Authorization. It is a secure, web-based portal launched by the RBI on May 28, 2024. The aim of PRAVAAH is to provide a single, safe, and streamlined platform where individuals and companies can apply for different permissions from the RBI.
Since its launch, PRAVAAH has received around 4,000 applications and requests. However, the RBI noticed that some banks and financial companies were still submitting applications using older methods, outside the portal. To ensure faster processing and improve transparency, the RBI has now made it compulsory for all regulated entities to use the PRAVAAH portal only.
The rule applies to Scheduled Commercial Banks (including Small Finance Banks, Local Area Banks, and Regional Rural Banks), Urban Co-operative Banks, State Co-operative Banks, Central Co-operative Banks, All-India Financial Institutions, Non-Banking Financial Companies (including Housing Finance Companies), Primary Dealers, Payment System Operators, and Credit Information Companies.
The PRAVAAH portal provides all necessary application forms. Users can easily find instructions for submitting and tracking their applications directly on the platform. For additional support, the RBI has also made available a user manual, a list of frequently asked questions (FAQs), and video tutorials.
With this step, the RBI aims to make the process of seeking regulatory approvals faster, more transparent, and efficient. (ANI)
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