From May 1, RBI directs all banks, financial companies and other regulatory entities to use the Pravaah portal
New Delhi [India]April 29 (ANI): The Reserve Bank of India (RBI) has made it clear that from 1 May 2025, all banks, financial companies and other regulated entities must submit any application for authorization, license and approval using the Pravaah portal.
“From 1 May 2025, it is recommended to use Pravaah to submit a regulatory authorization, license, license, approval to submit an application form to the Reserve Bank and use the application form available on this portal,” the Reserve Bank of India said in an official statement issued on Monday.
It also added: “All regulated entities are advised to comply with the above instructions. Instructions related to accessing the portal, submitting and tracking applications, etc. can be used on the portal itself.”
Pravaah stands for the platform for regulating applications, verification and authorization. This is a secure, web-based portal that was launched on May 28, 2024.
Pravaah’s purpose is to provide a single, secure and streamlined platform where individuals and companies can apply for different permissions from the Reserve Bank of India.
Since its launch, Pravaah has received approximately 4,000 applications and requests. However, the RBI has noted that some banks and financial companies are still submitting applications using old methods outside the portal.
To ensure faster processing and greater transparency, RBI now makes all regulated entities mandatory only using the Pravaah portal.
The rules apply to pre-order commercial banks (including small financial banks, local banks and regional rural banks), urban cooperative banks, state cooperative banks, central cooperative banks, all-India financial institutions, non-bank financial institutions, non-bank financial companies, non-bank financial companies (including housing financing companies), major dealers, payment systems, payment system operators and credit information companies.
The Pravaah portal provides all necessary application forms. Users can easily find instructions for submitting and tracking their applications directly on the platform. To get additional support, the RBI also provides a user manual, a range of FAQs (FAQs) and video tutorials.
Through this step, RBI aims to make the process of seeking regulatory approval faster, more transparent and efficient. (ANI)
