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RBI to Launch Centralised Portal PRAVAH for Licencing Approval Applications

The Reserve Bank of India (RBI) is set to launch a centralised portal called PRAVAH for all licencing and approval-related applications. The new portal is expected to simplify and streamline the entire process of applying for licences and approvals from the RBI. This move is aimed at enhancing the ease of doing business and improving the overall efficiency of the regulatory system. Let’s take a closer look at why this news is important.

Why this News is Important

Streamlining Licencing and Approval Processes: With the launch of the PRAVAH portal, the RBI aims to simplify the entire process of applying for licences and approvals. This will help to reduce the time and effort required for businesses to obtain the necessary approvals, thereby improving the ease of doing business in India.
Enhancing Efficiency: The centralised portal will help to improve the overall efficiency of the regulatory system by eliminating redundancies and improving transparency. This will lead to faster processing times and better communication between the RBI and businesses.
Encouraging Innovation: By simplifying the licencing and approval process, the RBI hopes to encourage innovation and entrepreneurship in the country. This will help to promote economic growth and create new job opportunities.

Historical Context

The RBI has been taking steps to simplify and streamline the regulatory framework for several years now. In 2016, the RBI introduced the online reporting system called XBRL (Extensible Business Reporting Language) for all non-banking financial companies (NBFCs). This system was aimed at improving the quality of data submitted by NBFCs and reducing the burden of compliance.

In 2018, the RBI launched the online portal for filing complaints called Sachet. This portal was aimed at improving customer awareness and enabling faster redressal of complaints.

The PRaVAH portal is the latest initiative by the RBI to digitise and streamline its regulatory processes.

Key Takeaways from “RBI to Launch Centralised Portal PRAVAH for Licencing Approval Applications”

Serial Number	Key Takeaway
1.	The RBI is set to launch a centralised portal called PRaVAH for all licencing and approval-related applications.
2.	The new portal is expected to simplify and streamline the entire process of applying for licences and approvals from the RBI, thereby improving the ease of doing business in India.
3.	The centralised portal will help to improve the overall efficiency of the regulatory system by eliminating redundancies and improving transparency.
4.	By simplifying the licencing and approval process, the RBI hopes to encourage innovation and entrepreneurship in the country.
5.	The PRaVAH portal is the latest initiative by the RBI to digitise and streamline its regulatory processes, following the introduction of XBRL and Sachet.

RBI PRAVAH portal

Important FAQs for Students from this News

Q1. What is PRAVAH?

A1. PRaVAH is a centralised portal that has been launched by the Reserve Bank of India (RBI) for all licencing and approval-related applications.

Q2. How will PRAVAH simplify the licencing and approval process?

A2. PRaVAH is expected to simplify the licencing and approval process by eliminating redundancies and improving transparency. It will also help to reduce the time and effort required for businesses to obtain the necessary approvals.

Q3. Why is the RBI launching PRAVAH?

A3. The RBI is launching PRaVAH to enhance the ease of doing business in India and improve the overall efficiency of the regulatory system. By simplifying the licencing and approval process, the RBI hopes to encourage innovation and entrepreneurship in the country.

Q4. What are some of the other initiatives that the RBI has launched to digitise and streamline its regulatory processes?

A4. In 2016, the RBI introduced the online reporting system called XBRL for all non-banking financial companies (NBFCs). In 2018, the RBI launched the online portal for filing complaints called Sachet.

Q5. How can PRAVAH benefit businesses in India?

A5. PRAVAH can benefit businesses in India by reducing the time and effort required to obtain licences and approvals from the RBI. This will help to improve the ease of doing business and encourage entrepreneurship in the country.