What does the PRAVAAH portal, launched by the Reserve Bank of India in May 2024, stand for?

The correct answer is Platform for Regulatory Application, VAlidation and AutHorisation.

Key Points

• The PRAVAAH portal stands for Platform for Regulatory Application, VAlidation and AutHorisation.
• The portal was launched by the Reserve Bank of India in May 2024.
• PRAVAAH aims to streamline the regulatory processes for banks and financial institutions.
• It facilitates the submission, validation, and authorization of various regulatory applications.
• The portal is designed to enhance transparency and efficiency in regulatory compliance.

Additional Information

• Reserve Bank of India (RBI)
  • The RBI is India's central bank, responsible for regulating the country's monetary and financial system.
  • It was established on April 1, 1935, under the Reserve Bank of India Act, 1934.
  • The RBI's functions include currency issuance, regulation of banks, and maintaining financial stability.
  • The current Governor of the RBI is Shaktikanta Das.
• Regulatory Compliance
  • Regulatory compliance refers to the adherence to laws, regulations, guidelines, and specifications relevant to an organization's business.
  • It is crucial for financial institutions to comply with regulatory standards to avoid legal penalties and ensure smooth operations.
  • Compliance helps in maintaining the integrity and stability of the financial system.
• Digital Transformation in Banking
  • Digital transformation involves the adoption of digital technologies to improve banking operations and customer experience.
  • It includes the use of online banking, mobile apps, and automated services.
  • Digital transformation enhances efficiency, reduces costs, and offers convenience to customers.
  • Banks are increasingly investing in technology to stay competitive and meet regulatory requirements.
• Efficiency and Transparency
  • Efficiency in regulatory processes reduces the time and effort required for compliance.
  • Transparency ensures that regulatory actions and decisions are clear and understandable.
  • Both efficiency and transparency are essential for maintaining trust in the financial system.