RBI makes PRAVAAH portal mandatory for all regulatory applications from May 1

In a significant move to digitize and streamline the regulatory application process, the Reserve Bank of India (RBI) has mandated that all banks, financial companies, and other regulated entities must use the PRAVAAH portal starting May 1, 2025. The central bank has clarified that no other method of submission will be accepted moving forward.

The PRAVAAH portal — which stands for Platform for Regulatory Application, Validation and Authorization — was launched by the RBI on May 28, 2024. It is a secure, web-based digital platform designed to simplify how regulatory entities apply for authorizations, licenses, and various approvals from the central bank.

According to the RBI, despite the availability of the PRAVAAH platform, several institutions continued to submit applications through offline or older digital routes. To close these gaps and bring consistency across the financial ecosystem, RBI has now made its usage mandatory for all regulated entities.

The mandate applies to a wide range of institutions, including Scheduled Commercial Banks (like Small Finance Banks and Local Area Banks), Urban and State Co-operative Banks, All-India Financial Institutions, Non-Banking Financial Companies (NBFCs), Housing Finance Companies, Primary Dealers, Payment System Operators, and Credit Information Companies.

The portal offers all necessary application forms, with clear instructions and resources for submission and tracking. To further assist users, RBI has provided detailed user manuals, FAQs, and video tutorials, all accessible within the PRAVAAH interface.

With this move, the RBI aims to make the regulatory application process faster, more transparent, and easier to monitor. The platform has already handled around 4,000 applications since its inception. The new directive is expected to eliminate redundancy, reduce processing times, and ensure better compliance from all players in the financial sector.