RBI is set to introduce a new secured web-based portal called “PRAVAAH” (Platform for Regulatory Application, Validation And AutHorisation) aimed at simplifying and streamlining the application processes. The portal will display the timeframes for deciding on applications and approvals, leading to greater effectiveness in regulatory processes and making it easier for regulated entities to do business with RBI.
Key Features of PRAVAAH portal:
- 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.