RBI Mandates All Bank, FI Licences and Approvals Through Online Portal PRAVAAH From 1st May

New Delhi, Apr 29 (KNN) The Reserve Bank of India (RBI) has issued a directive requiring all banks, financial companies, and other regulated entities to exclusively use the PRAVAAH portal for submitting applications for authorisations, licenses, and approvals effective May 1, 2025.

In an official statement released on Monday, the central bank stated, "With 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 portal."

The statement further added, "All 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 itself."

PRAVAAH, which stands for Platform for Regulatory Application, Validation and Authorisation, is a secure, web-based portal launched by the RBI on May 28, 2024.

The platform was designed to provide a single, safe, and streamlined interface where individuals and companies can apply for various permissions from the central bank.

Since its inception, PRAVAAH has processed approximately 4,000 applications and requests. However, the RBI observed that some financial institutions were continuing to submit applications through traditional channels outside the portal.

To ensure faster processing and enhance transparency, the central bank has now made the use of the PRAVAAH portal mandatory for all regulated entities.

This directive applies to a wide range of financial institutions including 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 offers comprehensive application forms and features user-friendly instructions for submitting and tracking applications.

For additional assistance, the RBI has made available a user manual, frequently asked questions (FAQs), and video tutorials on the platform.

Through this initiative, the RBI aims to streamline the process of seeking regulatory approvals, making it more efficient, transparent, and expeditious for all financial institutions under its purview.

(KNN Bureau)