RBI to launch centralised portal PRAVAAH for licencing, approval applications

• The Reserve Bank of India (RBI) has planned to launch a secured web-based centralised portal named ‘PRAVAAH’ to simplify and streamline application processes.
• PRAVAAH stands for Platform for Regulatory Application, Validation And AutHorisation.
• The portal will show time limits for deciding on the applications/approvals sought.
• Currently, the application and approval processes for the same take place in varied on-line and off-line modes.
• The new system will bring greater efficiencies into regulatory processes and facilitate ease of doing business for the regulated entities of RBI.
• The facility will be extended to all types of applications made to RBI across all functions.