Current Affairs: Passage of the Day - 29 May 2024 | Current Affairs & General Knowledge - CLAT PDF Download

Directions: Read the passage carefully and answer the questions that follow.

The Reserve Bank of India (RBI) on Tuesday launched three major initiatives namely the PRAVAAH portal, RBI Retail Direct mobile application and FinTech Repository as earlier announced in April 2023, April 2024 and December 2023 respectively.
The said initiatives, aimed at enhancing regulatory processes, facilitating retail investment, and providing comprehensive data on the fintech sector, were launched by Governor Shaktikanta Das in presence of several leaders from the industry.
According to the central bank, the PRAVAAH portal (Platform for Regulatory Application, VAlidation and AutHorisation) is a secure, centralized web-based platform designed for individuals and entities to seek authorizations, licenses, or regulatory approvals from the RBI.
Moreover, it features online application submission, status tracking, and timely decision-making, covering 60 different application forms across various regulatory and supervisory departments.
As for the Retail Direct Mobile App, it has been designed to offer easy access to retail investors allowing them to buy and sell government securities (G-Secs) directly from their smartphones.
Available on both Android and iOS, the app simplifies transactions in the primary and secondary markets.
Lastly, the FinTech Repository, as per the top bank, is aimed at providing comprehensive data on Indian FinTech firms, facilitating better regulatory understanding and policy formulation.
"Simultaneously, a related repository for only RBI regulated entities (banks and NBFCs) on their adoption of emerging technologies (like AI, ML, Cloud Computing, DLT, Quantum, etc.), called EmTech Repository is also being launched," the RBI said in a media release.
Both repositories, managed by the Reserve Bank Innovation Hub (RBIH), are designed to support policymakers and industry participants with valuable sectoral insights, it said.
[Excerpt from Economic Times “RBI Governor Unveils Key Financial Initiatives for 2023” Dated 29/05/24]

Q1: What is the purpose of the Pravaah portal launched by RBI Governor Shaktikanta Das?
(a) To facilitate investment in government bonds
(b) To provide a database of Indian FinTech companies
(c) To streamline the regulatory licensing process
(d) To improve transparency in financial services

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Q2: What is the main objective of the Retail Direct Mobile App launched by RBI Governor Shaktikanta Das?
(a) To facilitate investment in government bonds
(b) To streamline the regulatory licensing process
(c) To provide a database of Indian FinTech companies
(d) To improve transparency in financial services

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Q3: What is the purpose of the FinTech Repository launched by RBI Governor Shaktikanta Das?
(a) To facilitate investment in government bonds
(b) To streamline the regulatory licensing process
(c) To provide a database of Indian FinTech companies
(d) To improve transparency in financial services

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Q4: What is one of the main goals of the RBI's recent initiatives?
(a) To increase government revenue
(b) To decrease transparency in financial services
(c) To make it easier for people to access financial services
(d) To complicate the regulatory frameworks

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Q5: What overarching theme do the RBI's recent initiatives reflect?
(a) Complexity
(b) Accessibility
(c) Exclusivity
(d) Inefficiency

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