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The Reserve Bank of India was selected for UK's Digital Transformation Award 2025 for its tech innovations Sarthi and Pravaah systems.

News in Detail

The Digital Transformation Award 2025 recognizes excellence in technological innovation and digital transformation among global central banks.

It is presented by Central Banking, London, UK.

The Reserve Bank of India (RBI) won the award for its two digital initiatives—Sarthi and Pravaah.

About Sarthi System

It was launched in January 2023 by RBI.

It aims to improve document storage, record management, and data analysis.

Significance

• It automates routine processes; reducing manual work.
• It provides dashboards and reports; improving decision-making.
• It reduces reliance on physical documents; making RBI more environmentally friendly.

About the Pravaah System

It is a digital portal launched in May 2024 by RBI.

Earlier, banks and financial institutions had to submit physical documents. Now, Pravaah System allows external users to submit regulatory applications directly to RBI. 

Significance

• Banks and financial institutions can now submit applications online, eliminating paperwork.
• The submitted applications are processed through Sarthi, ensuring seamless internal handling.
• RBI’s departments can access applications through a secure digital network, reducing processing time.
• RBI has built strong cybersecurity and digital tracking features to ensure data safety.

So far, Pravaah has digitized more than 70 different regulatory applications and supports nine RBI departments.

Source:

LIVEMINT

https://t.me/+hJqMV1O0se03Njk9