Endonuclease RNase P responsible for the 5' maturation of tRNA precursors. Also involved in the maturation of mRNA and small nucleolar RNA (snoRNA). Endonucleolytic cleavage of RNA, removing 5'-extranucleotides from tRNA precursor. Binds 2 Mg(2+) or Mg(2+) ions per subunit. No visible phenotype; due to the redundancy with PRORP2. Prorp2 and prorp3 double mutant is lethal. Belongs to the PPR family. P subfamily. Truncated N-terminus. Intron retention.