New Delhi, April 29
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.
— ANI
Reader Comments
This is a great move by RBI! Centralizing everything through PRAVAAH will definitely reduce paperwork and processing time. Had to submit multiple applications last month and the portal was surprisingly user-friendly. ðŸ‘
While I appreciate the digital push, I hope RBI has considered the learning curve for smaller cooperative banks. Many rural banks still rely on physical paperwork. The transition might be challenging for them.
Used PRAVAAH last week for NBFC registration. The tracking feature is brilliant - no more calling RBI offices every other day for updates! Big improvement over the old system.
The video tutorials are super helpful! RBI should conduct more webinars though, especially for first-time users. Digital transformation is good but proper guidance is equally important 💻
About time! The previous system was so fragmented. Now if only they could integrate state-level financial regulators too... One can dream! 😄
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