Industry hails RBI’s 3 new initiatives to bolster fintech sector

NEW DELHI — The fintech industry leaders on Wednesday hailed the three major initiatives of the Reserve Bank of India (RBI) which include the PRAVAAH portal, the Retail Direct Mobile App and a FinTech Repository.

The repository will provide a centralised platform for fintech entities to document and share their technological implementations and activities, fostering greater transparency and trust within the industry.

“The repository’s focus on advanced technologies such as AI and ML enables fintech firms to access data-driven insights, optimise operations, and deliver more personalised and efficient customer experiences, thereby enhancing competitiveness and supporting industry growth,” said Anil Sinha, Chief Technology Officer, Fibe.

Additionally, consumers will benefit from the transparency and trust promoted by the repository, as the advanced use of AI and ML ensures more secure, personalised and efficient financial solutions, leading to better financial inclusion and improved customer satisfaction.

The PRAVAAH portal will make it convenient for any individual or entity to apply online for various regulatory approvals in a seamless manner.

The Retail Direct Mobile App will provide retail investors seamless and convenient access to the retail direct platform and provide ease of transacting in government securities (G-Secs).

Ankit Ratan, Co-founder and CEO, Signzy, said that these initiatives mark a significant step towards a future-proof financial sector in India.

“By encouraging participation from both fintech and regulated entities, the RBI is encouraging a collaborative environment where all stakeholders can leverage the repository’s insights to strengthen security practices and drive innovation,” added Ratan.