Synopsis
On March 16, Prime Minister Narendra Modi congratulated the Reserve Bank of India for winning the prestigious 'Digital Transformation Award 2025' from Central Banking in London, recognizing the bank's significant digital initiatives and their impact on India's financial ecosystem.Key Takeaways
- PM Modi congratulated RBI for winning a notable award.
- ‘Saarathi’ and ‘Pravaah’ are key digital initiatives by RBI.
- These initiatives reduce paper-based submissions.
- ‘Saarathi’ enhances internal workflows and data management.
- ‘Pravaah’ digitizes regulatory applications for external users.
New Delhi, March 16 (NationPress) Prime Minister Narendra Modi expressed his heartfelt congratulations to the Reserve Bank of India (RBI) for being awarded the 'Digital Transformation Award 2025' by Central Banking, London.
PM Modi shared his commendation via the social media platform X, highlighting the RBI's achievement as a remarkable milestone.
He underscored that digital innovation is fortifying India's digital ecosystem, thereby empowering millions of citizens throughout the nation.
In his post, PM Modi remarked, “A commendable accomplishment, reflecting an emphasis towards innovation and efficiency in governance.”
He further noted, “Digital innovation continues to strengthen India’s financial ecosystem, thus empowering countless lives.”
The central bank was honored with this prestigious award for its digital initiatives, ‘Saarathi’ and ‘Pravaah’, which were crafted by its in-house technology team.
The bank regulator took to social media platform X to announce this achievement. “The Reserve Bank of India has been selected for the Digital Transformation Award 2025 by Central Banking, London, UK,” the RBI stated.
The award committee acknowledged how these initiatives have greatly minimized paper-based submissions and transformed both internal and external processes of the RBI.
‘Saarathi,’ which was launched in January 2023, has completely digitized the RBI’s internal workflow. Employees can now securely submit and share documents, enhancing record management and facilitating data analysis through reports and dashboards.
By automating various processes, ‘Saarathi’ has improved operational efficiency, task tracking, collaboration, and integration with other RBI systems.
Previously, different departments utilized a combination of manual and digital methods, but ‘Saarathi’ now functions as a centralized digital repository for the central bank’s information.
‘Pravaah,’ introduced in May 2024, offers external users a digital platform to submit regulatory applications to the RBI.
The documents submitted through 'Pravaah' are automatically connected to the Saarathi database, allowing them to be processed digitally using centralized cybersecurity systems and digital tracking.
To date, 'Pravaah' has digitized over 70 regulatory applications, benefiting nine departments of the RBI.
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