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The Reserve Bank of India (RBI) has directed all banks, financial institutions, and regulated entities to mandatorily use the PRAVAAH portal for submitting applications for authorisations, licenses, and approvals starting May 1, 2025. In an official statement issued 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.” The RBI 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.”
Portal Designed For Streamlined Application Process
PRAVAAH, which stands for Platform for Regulatory Application, Validation, and Authorization, serves as a secure and web-based portal. The RBI launched PRAVAAH on May 28, 2024, with the goal of providing a single, safe, and streamlined platform for individuals and companies to apply for various permissions. Since its launch, PRAVAAH has received around 4,000 applications and requests.
Despite the availability of the platform, the RBI noticed that some banks and financial companies continued to submit applications through older methods. To address this, the RBI has now made it compulsory to use the PRAVAAH portal exclusively.
Rule Applicable To All Regulated Entities
The mandate to use PRAVAAH applies to a wide range of entities. These include 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.
Support Materials Available On The Portal
The PRAVAAH portal hosts all necessary application forms. Users can find clear instructions for submission and tracking of applications directly on the platform. To further assist users, the RBI has provided a detailed user manual, a list of frequently asked questions (FAQs), and video tutorials.
By making the portal mandatory, the RBI aims to ensure faster processing of applications and to enhance transparency and efficiency across all regulatory procedures.
(With Inputs From ANI)
