Which of the following best describes the PRAVAAH portal introduced by the Reserve Bank of India (RBI)?
An online marketplace for trading financial assets.
Incorrect AnswerA social media platform for banking professionals.
Incorrect AnswerA secure, centralized web-based portal for regulatory approvals.
Correct AnswerA blockchain-based currency trading system.
Incorrect AnswerExplanation:
Recently, the Reserve Bank of India launched three major initiatives, namely the PRAVAAH portal, the Retail Direct Mobile App, and a FinTech Repository, to facilitate individuals and entities reaching out to the apex bank.
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The PRAVAAH (Platform for Regulatory Application, Validation, and Authorization) portal is a secure and centralized web-based platform designed to allow any individual or entity to easily apply online for various regulatory approvals from the RBI.
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The PRAVAAH (Platform for Regulatory Application, Validation, and Authorization) portal is a secure and centralized web-based portal.
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It allows any individual or entity to seek authorization, license, or regulatory approval on any reference made by it to the Reserve Bank.
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It aims to enhance the efficiency and transparency of the RBI’s regulatory processes.
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The platform centralizes the application process, making it easier and more streamlined for applicants.
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This initiative reflects the RBI's commitment to leveraging technology to improve regulatory compliance and operational efficiency.
Hence option 3rd is correct.
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By: Shubham Tiwari