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Digital Transformation Awards 2025

Why in News?

  • The Reserve Bank of India (RBI) has been awarded the Digital Transformation Awards 2025 by the London-based Central Banking.
  • The award recognises the success of two key digital initiatives—'Pravaha' and 'Saarathi'—developed by RBI's in-house developer team.

'Sarathi' Initiative:

  • It was launched in January 2023.
  • It has digitised all internal workflows of RBI.

Benefits:

  • Secure storage and sharing of documents. 
  • Improved records management. 
  • Use of reports and dashboards for data analysis.

'Pravaha' Initiative:

  • It was launched in May 2024.
  • It provided a digital medium for external users to submit regulatory applications to RBI.
  • These initiatives have reduced the use of paper-based submissions.
  • This has led to significant improvements in the internal and external processes of RBI.

Reserve Bank of India (RBI):

  • It is the central bank of India, responsible for the management of the Indian banking system and the Indian rupee.
  • It is owned by the Government of India and headquartered in Mumbai.
  • It was established on April 1, 1935 under the provisions of the Reserve Bank of India Act, 1934.
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