New Delhi: The fintech industry leaders have praised three significant initiatives launched by the Reserve Bank of India (RBI) on Wednesday: the PRAVAAH portal, the Retail Direct Mobile App, and a FinTech Repository.
The FinTech Repository will offer a centralized platform for fintech entities to document and share their technological implementations and activities, fostering greater transparency and trust within the industry.
“The repository’s focus on advanced technologies such as AI and ML enables fintech firms to access data-driven insights, optimize operations, and deliver more personalized and efficient customer experiences, thereby enhancing competitiveness and supporting industry growth,” said Anil Sinha, Chief Technology Officer at Fibe.
Furthermore, consumers will benefit from the transparency and trust promoted by the repository, as the advanced use of AI and ML ensures more secure, personalized, and efficient financial solutions, leading to better financial inclusion and improved customer satisfaction.
The PRAVAAH portal will streamline the process for individuals and entities to apply online for various regulatory approvals in a seamless manner.
The Retail Direct Mobile App will provide retail investors with seamless and convenient access to the retail direct platform, facilitating easier transactions in government securities (G-Secs).
Ankit Ratan, Co-founder and CEO of Signzy, stated that these initiatives represent a significant step towards creating a future-proof financial sector in India.
“By encouraging participation from both fintech and regulated entities, the RBI is fostering a collaborative environment where all stakeholders can leverage the repository’s insights to strengthen security practices and drive innovation,” added Ratan.
