RBI to launch centralised portal PRAVAAH for licencing, approval applications
Platform for Regulation Application, Validation And Authorization, or "PRAVAAH," is a new, secure web-based portal that RBI plans to launch with the intention of streamlining and expediting the application processes. The portal would make it easier for regulated firms to conduct business with RBI and increase the efficiency of regulatory processes by displaying the timelines for decisions on applications and approvals.
Key Points
- It will provide transparent timelines for the decision-making process on the applications/approvals sought by the applicants.
- This will enable the applicants to know the expected timeframes for the decision on their applications, and they can plan their business activities accordingly.
- Additionally, PRAVAAH will offer a single interface for applicants to submit and track the status of their applications, making it easier to monitor the application’s progress.
- Moreover, it will enable RBI to standardize the application forms, making the application process more uniform and simpler.
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