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.