PRAVAAH Portal introduced by Reserve Bank of India for individual and entity's purpose. Explain three major initiatives of PRAVAAH.

The PRAVAAH portal is a centralized, web-based platform launched by the Reserve Bank of India (RBI) for streamlining the application process for various regulatory approvals, permissions, and licenses. It stands for Platform for Regulatory Application, Validation, and Authorization. The Reserve Bank of India (RBI) introduced three major initiatives: the Pravaah portal, the Retail Direct Mobile App, and a FinTech Repository. These initiatives, previously announced in the RBI's bi-monthly Statement on Development and Regulatory Policies in April 2023, April 2024, and December 2023, aim to enhance regulatory processes, provide easier access to government securities for retail investors, and improve the understanding of the FinTech sector. Pravaah Portal: The Pravaah portal is designed to streamline the application process for various regulatory approvals. It allows individuals and entities to apply online, enhancing the efficiency of the processes related to granting approvals and clearances by the Reserve Bank. Retail Direct Mobile App: The Retail Direct Mobile App aims to provide retail investors with seamless access to the retail direct platform. It simplifies the process of transacting in government securities (G-Secs), making it more convenient for individual investors. FinTech Repository: The FinTech Repository is a comprehensive database of Indian FinTech firms. This repository is intended to offer a better understanding of the sector from a regulatory perspective and aid in the formulation of appropriate policy approaches.