What changed
RBI has made it mandatory for all regulated entities to use the PRAVAAH portal for submitting applications for regulatory authorisations, licenses, and approvals, effective May 1, 2025. Previously, some entities were still submitting applications outside the portal, despite its launch in May 2024. The portal now has application forms available for all such submissions.
What it means for you
Banks and other regulated entities must shift all regulatory application processes to the PRAVAAH portal, ensuring a uniform and trackable submission method. This move aims to streamline approvals and reduce manual or offline submissions, potentially speeding up processing times. Entities should familiarise themselves with the portal's user manual, FAQs, and videos to ensure compliance.
What you must do
- Ensure all future applications for regulatory authorisations, licenses, or approvals are submitted only through the PRAVAAH portal from May 1, 2025.
- Access the portal at https://pravaah.rbi.org.in and review the user manual, FAQs, and training videos for guidance.
- Update internal processes and train relevant staff to use PRAVAAH for all submissions to avoid non-compliance.
- Track application status through the portal and adhere to any specific instructions provided therein.
Who it affects
All Scheduled Commercial Banks (including Small Finance Banks, Local Area Banks, Regional Rural Banks), All Primary (Urban) Co-operative Banks, State Co-operative Banks, Central Co-operative Banks, All All-India Financial Institutions, All Non-Banking Financial Companies (including Housing Finance Companies), All Primary Dealers, All Non-bank Payment System Operators, All Credit Information Companies
What is the PRAVAAH portal?
PRAVAAH (Platform for Regulatory Application, Validation And AutHorisation) is a secure, centralised web-based portal launched by RBI on May 28, 2024, for entities to seek authorisations, licenses, or regulatory approvals.
When does the mandatory use of PRAVAAH take effect?
The mandatory requirement starts from May 1, 2025. From this date, all regulated entities must submit applications for regulatory authorisations, licenses, and approvals only through the PRAVAAH portal.
What if my entity has already submitted applications outside PRAVAAH?
The RBI circular does not address past submissions. However, going forward, all new applications must be submitted via PRAVAAH. Check the portal for any specific transition instructions or contact RBI for clarification.