Modi praises RBI for winning prestigious digital transformation award

On March 16, 2025, Prime Minister Narendra Modi expressed his congratulations to the Reserve Bank of India (RBI) for achieving the prestigious Digital Transformation Award 2025, awarded by Central Banking in London. This recognition highlights the RBI's commitment to digital innovation and efficiency within governance structures. The Prime Minister took to the social media platform X to vocalize his appreciation, emphasizing that this milestone signifies a step forward in strengthening India’s digital ecosystem, which empowers countless individuals across the country. The RBI was commended for its significant digital initiatives, namely Saarathi and Pravaah. Saarathi, an internal workflow system launched in January 2023, has effectively transitioned the bank's operations into a fully digitized format, ensuring that employees can submit and share documents securely. This innovation has led to improvements in record management, data analysis capabilities, task tracking, collaboration, and integration among various RBI systems, unifying previously fragmented processes. Additionally, Pravaah, introduced in May 2024, serves as a digital platform for external users, allowing regulatory applications to be submitted digitally to the RBI. Through this platform, submitted documents are linked to the centralized Saarathi database, processed with advanced cybersecurity measures, and tracked systematically. Since its implementation, over 70 regulatory applications have been digitized, greatly benefiting multiple departments within the RBI. The accomplishments recognized in the award mirror the broader trends of digital transformation occurring within various sectors in India. PM Modi's acknowledgment reflects not only on the RBI's current achievements but also on the future trajectory of India's commitment to a digitized financial ecosystem. Such policies focus on bolstering operational efficiency and enhancing accessibility, thereby impacting millions of citizens positively. Overall, this award exemplifies the importance of embracing technology in governance and its substantial role in fostering innovation in India's banking landscape.