RBI Initiate to Use PRAVAAH portal from 1st May to All Stakeholders
To streamline, digitize, and enhance transparency in the regulatory approval process, the RBI had introduced the PRAVAAH portal in May 2024. Now, to improve compliance and efficiency, the RBI has made it mandatory for all regulated entities to use this online platform for all applications, effective May 1, 2025. The move is part of RBI’s broader push toward digital governance in the financial sector.
The Reserve Bank of India (RBI) has issued a mandate requiring all banks, financial institutions, and regulated entities to compulsorily submit applications for licenses, authorizations, and approvals through the PRAVAAH portal from May 1, 2025.
Summary/Static | Details |
Why in the news? | RBI Initiate to Use PRAVAAH portal from 1st May to All Stakeholders |
Initiative | PRAVAAH Portal |
Launched By | Reserve Bank of India (RBI) |
Launch Date | May 28, 2024 |
Mandatory Use | From May 1, 2025 |
Purpose | Streamline submission of applications for regulatory approvals` |
Entities Covered | All regulated entities including banks, NBFCs, co-operatives, PSOs, CICs |
Support Tools | Provided User manual, FAQs, video tutorials |
Applications Received (till now) | Around 4,000 |
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