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Who launched centralised portal PRAVAAH for licencing, approval applications?
A)
SEBI
B)
IRDA
C)
RBI
D)
NITI Aayog

Correct Answer :   RBI


Reserve Bank of India (RBI) will launch a secured web-based centralised portal named ‘PRAVAAH’ (Platform for Regulatory Application, Validation And AutHorisation) to simplify and streamline application processes.

* The portal will show time limits for deciding on the applications/approvals sought. This measure will bring greater efficiencies into regulatory processes and facilitate ease of doing business for the regulated entities of RBI.

* Gradually, it will be extended to all types of applications made to RBI across all functions, the central bank said in its statement on Developmental and Regulatory Policies.

* The step has also been taken to comply with the Union Budget 2023-24 announcement regarding the need to simplify, ease and reduce cost of compliance by financial sector regulators within laid down time limits to decide the applications under various regulations.

* Various entities are required to obtain license/authorization to carry out activities regulated by RBI, and regulated entities are required to seek certain approvals under various statutes/regulations periodically. Currently, the application and approval processes for the same take place in varied on-line and off-line modes...

Source : H B

Published On : April 8, 2023
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