India’s central financial institution, the Reserve Financial institution of India (RBI), has been chosen for the Central Banking’s Digital Transformation Award 2025 in London, United Kingdom, on Friday, March 14, as per a social media put up on platform X.
“The Reserve Bank of India has been chosen for the Digital Transformation Award 2025 by Central Banking, London, UK,” mentioned RBI in its put up on platform X.
Based on the social media put up, the Reserve Financial institution of India was awarded this recognition for its initiatives just like the Pravaah and Sarthi methods, which have been developed in-house.
“RBI was awarded and recognised for its initiatives, together with Pravaah and Sarthi methods, which were developed by in-house developer group. The awards committee famous how these digital initiatives have diminished use of paper-based submissions thus reworking RBI’s inside and exterior processes,” mentioned RBI in its put up on Friday.
What’s RBI Sarthi?
RBI’s Sarthi system is a digital initiative to digitise the organisation’s inside workflow. The phrase “Sarthi” means charioteer in Hindi, and the system was taken stay in January 2023, which seeks to assist the staff retailer and share paperwork securely within the system.
This method goals to improves document administration and will increase choices for knowledge evaluation by the studies and dashboards obtainable, in line with the Central Banking web site cited within the social media put up.
What’s RBI Pravaah?
The RBI Pravaah is one other initiative which was launched in Might 2024. The system was created to digitise means for exterior customers to submit regulatory purposes to the banking regulator.
Pravaah is the digital portal by which the paperwork submitted are processed and plugged into the Sarthi database the place they are often dealt with digitally throughout the central financial institution’s places of work inside a centralised system overseen by cyber safety and digital monitoring.
RBI IT division’s chief basic supervisor, Shailendra Trivedi, led the group which made the 2 methods. Trivedi termed the Pravaah system as one of many “main initiatives of digital transformation” on the Reserve Bank of India, in line with the report.
RBI’s transfer to make these methods in-house reportedly made extra environment friendly utilization of sources and sure diminished the time of the launch on the methods.
The Pravaah system has allowed greater than 70 completely different regulatory purposes to be digitised to this point together with supporting work of 9 RBI departments, as per the report.
