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RBI Mandates Use of PRAVAAH Portal for Banks

RBI Mandates Use of PRAVAAH Portal for Banks

The Reserve Bank of India (RBI) has announced a significant change for banks and financial companies. Starting May 1, 2025, all such entities must use the PRAVAAH portal to submit applications for licenses and approvals. This user-friendly online platform, launched in May 2024, aims to streamline the application process and enhance transparency. Despite its success, with around 4,000 applications already submitted, some institutions were still relying on outdated methods. By making PRAVAAH mandatory, the RBI hopes to speed up processing times and improve the overall efficiency of regulatory approvals.

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