Question

What is the purpose of the Pravaah portal?

A To make financial regulations more complex Correct Answer Incorrect Answer
B To simplify and streamline application processes Correct Answer Incorrect Answer
C To increase the cost of compliance for regulated entities Correct Answer Incorrect Answer
D To decrease efficiency in regulatory processes Correct Answer Incorrect Answer
E None of these Correct Answer Incorrect Answer

Solution

Reserve Bank of India 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.   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.

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