In Short
- RBI instructs the use of PRAVAAH portal from May 1, onwards
- It is a secure, web-based portal introduced by the RBI last year
- It aims to simplify the application process, and make it more transparent
With effect from May 1, 2025, all financial institutions, financial companies, and other RBI-regulated organisations will be required to use the PRAVAAH portal for submission of applications for licences, approvals, and authorisations.
RBI, in its notification dated April 11, 2025, stated, “With effect from May 01, 2025, all applicants, including Regulated Entities (REs) are advised to use PRAVAAH for submitting applications for regulatory authorisations, licences, and approvals to the Reserve Bank using the application forms already available in the portal.”
“Applications for which a specific form is not available can be submitted using the general-purpose form,” the central bank stated.
PRAVAAH stands for Platform for Regulatory Application, Validation and Authorisation. It is a secure, web-based portal introduced by the RBI on May 28, 2024. The platform aims to simplify the application process, speed it up, and make it more transparent for individuals and companies alike.
WHY THIS MOVE MATTERS?
The RBI observed that despite introducing PRAVAAH, most banks and financial institutions were still employing conventional methods, such as emails or hard copies, to submit applications. To rectify this, the RBI has now made it compulsory to use the PRAVAAH portal only from May 1 onwards.
This portal provides all necessary forms, along with simple instructions. Users can submit their application, track its progress, and even get alerts. For extra help, there’s a user manual, FAQs, and video tutorials available on the site.
