10th June 2024- The Reserve Bank of India (RBI) has unveiled three significant initiatives: the FinTech and EmTech Repositories, the Pravaah Portal, and the RBI Retail Direct mobile app and portal. These initiatives, managed by the Reserve Bank Innovation Hub (RBIH), aim to enhance the fintech sector’s regulatory framework and facilitate better policy-making.
The FinTech and EmTech Repositories are secure web-based applications designed to provide aggregate sectoral data, trends, and analytics. RBI encourages fintechs and regulated entities to contribute actively to these repositories. The fintech repository will offer comprehensive insights into the Indian fintech sector, aiding in the development of appropriate regulatory policies.
The Pravaah Portal and the RBI Retail Direct mobile application were previously announced in RBI’s bi-monthly Statement on Development and Regulatory Policies. These initiatives collectively aim to streamline data management and enhance regulatory oversight in India’s rapidly evolving fintech landscape.
Comment By Industry Expert
Satendra Singh CTO, Propelld
1. Establishing a technology adoption repository for Fintech and EmTech companies will offer valuable insights into how technology is being utilized. This will assist policymakers in developing frameworks and standards, particularly for financial inclusion. The result will be the creation of superior products and the empowerment of the public with secure access to services, ensuring regulatory and compliance confidence.
2. Simplifying approval processes by eliminating intermediaries like authorized dealers will allow businesses to focus on innovation and bring products to market faster, avoiding delays caused by lengthy approval procedures.
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