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The Reserve Bank of India (RBI) was honored with the Digital Transformation Award by Central Banking in London. The award recognizes RBI's groundbreaking initiatives, Sarthi and Pravaah, which have played a pivotal role in modernizing the bank's operations.
About Sarthi And Pravaah
Sarthi, launched in January 2023, is a system designed to digitize the internal workflows of the RBI. The name Sarthi translates to "charioteer" in Hindi, symbolizing its role in guiding and streamlining the bank's internal processes. This initiative allows RBI employees to securely store and share documents, simplifying record-keeping and enhancing data analysis through detailed reports and dashboards. It is already supporting over 13,500 employees spread across more than 40 locations.
Pravaah, which means "smooth flow" in Hindi, was introduced in May 2024. This system focuses on external regulatory applications and integrates seamlessly with Sarthi. The integration ensures improved operational efficiency and greater transparency for over 70 regulatory applications.
Impact On RBI’s Operations
The implementation of Sarthi and Pravaah has dramatically transformed the operational structure of RBI. Since the launch of Pravaah, there has been an 80% increase in the number of monthly applications. This shift has led to a significant reduction in delays caused by traditional paper-based systems. The digital tools have streamlined the entire submission process and enabled real-time tracking, benefiting both applicants and RBI managers.
Importance Of Digital Transformation Award
The Digital Transformation Award highlights RBI's successful efforts in minimizing paper-based workflows. These initiatives have not only boosted operational efficiency but also modernized internal and external banking functions. This recognition is a major milestone in RBI's path to becoming one of the most digitally advanced central banks in the world.
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