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As a very welcome step and in lines with Ease of Doing Business Mission of Government of India, Reserve Bank of India had vide Press Release dated April 6, 2023 announced the development of a web-based centralised portal, PRAVAAH (Platform for Regulatory Application, Validation And AutHorisation).
The budget reiterated the need to simplify, ease and reduce cost of compliance by financial sector regulators within laid down time limits. At the onset, many regulatory approvals and licenses are required to carry out the activities regulated by RBI.
During their entire life cycle, the regulated entities are required to seek various approvals from RBI under various statutes / regulations periodically. Currently there are various online/offline modes for filing different applications and seeking approvals. Therefore, in the direction of Ease of Doing Business, Ease of Compliance through the centralized web based portal befitting both the regulators and the regulated entities, compliance would become easier and faster. The web based centralised portal will gradually extend to all types of applications made to RBI across all functions.
A copy of the Press Release cam be accessed at the following link:
https://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=55473
//Happy reading//
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