1 week Ago By Samannay Biswas
The Reserve Bank of India (RBI) announced that starting 1 May 2025, all banks, financial companies, and regulated entities must submit their applications for regulatory authorisations, licences, and approvals exclusively through the PRAVAAH portal. This move, the RBI explained in an official statement on 28 April 2025, seeks to enhance efficiency, ensure faster processing, and improve transparency within India's financial regulatory system. The RBI stated, "With effect from May 01, 2025, Regulated Entities are advised to use PRAVAAH for submitting applications for regulatory authorisations, licences, approvals to the Reserve Bank using the application forms already available in the portal.
" It further clarified that detailed instructions on accessing the portal, submitting applications, and tracking their progress are provided within the platform itself. Background and Objective The PRAVAAH portal — short for Platform for Regulatory Application, Validation and Authorization — was launched on 28 May 2024. It is a secure, web-based portal designed to offer a single-window platform where individuals and companies can submit various regulatory requests to the RBI.
Since its launch, PRAVAAH has processed approximately 4,000 applications. However, the RBI observed that several entities continued to use offline submission methods, leading to inconsistencies in processing times and a lack of transparency. To address these challenges, the RBI has now mandated the exclusive use of the PRAVAAH portal for all future applications.
This includes Scheduled Commercial Banks (such as 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. Support and Guidance for Users The PRAVAAH portal offers a comprehensive set of resources, including a user manual, frequently asked questions (FAQs), and video tutorials, to assist applicants. The RBI’s initiative aims to not only make the application process faster but also to bring about greater clarity and predictability in regulatory interactions.
This step is part of a broader strategy by the RBI to modernise India's financial regulatory framework, aligning with its emphasis on digital transformation and enhanced governance practices. Get Latest News Live on Times Now along with Breaking News and Top Headlines from Budget 2025, Companies,Economy, Business Economy and around the world..
