The Reserve Bank of India (RBI)
has given clear instructions that from May 1, 2025, all banks, financial
companies, and other regulated entities must use the PRAVAAH portal to submit
any applications for authorisations, licenses, and approvals.
In an official statement released
on Monday, the RBI said, "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." It also 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 stands for Platform for
Regulatory Application, Validation and Authorization. It is a secure, web-based
portal launched by the RBI on May 28, 2024.The aim of PRAVAAH is to provide a
single, safe, and streamlined platform where individuals and companies can
apply for different permissions from the RBI. Since its launch, PRAVAAH has
received around 4,000 applications and requests. However, the RBI noticed that
some banks and financial companies were still submitting applications using
older methods, outside the portal. To ensure faster processing and improve
transparency, the RBI has now made it compulsory for all regulated entities to
use the PRAVAAH portal only. The rule applies to 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 provides all necessary
application forms. Users can easily find instructions for submitting and
tracking their applications directly on the platform. For additional support,
the RBI has also made available a user manual, a list of frequently asked
questions (FAQs), and video tutorials.
With this step, the RBI aims to make the process of seeking regulatory approvals faster, more transparent, and efficient.
-The EconomicTimes ,29,April,2025
