The Reserve Bank of India has launched a new SupTech initiative named Daksh, which is expected to make the supervisory processes more robust.
The RBI has been taking various initiatives in strengthening supervision, which among other initiatives include the adoption of the latest data and analytical tools as well as leveraging technology for implementing more efficient and automated work processes. In continuation of this effort, Shaktikanta Das, Governor, launched Daksh, an advanced supervisory monitoring system.
Daksh means ‘efficient’ and ‘competent’, reflecting the underlying capabilities of the application. It is a web-based end-to-end workflow application through which RBI will monitor compliance requirements in a more focused manner with the objective of further improving the compliance culture in supervised entities (SEs) like banks, NBFCs, and so on.
The application will also enable seamless communication, inspection planning and execution, cyber incident reporting and analysis, and provision of various MIS report through a platform that enables anytime, anywhere secure access.
Read more-
- Taking digital payments journey to next level, The Reserve Bank of India governor launches 3 initiatives
- Govt renominates Marathe, Gurumurthy, Iyer, and Chaturvedi on RBI Board
- Ensure existing digital loans comply with new norms by Nov 30: RBI
- RBI invites feedback on charges in payment systems
- RBI issues guidelines to DCCBs for opening new branches, ATMs
- The Reserve Bank of India announces digital lending norms to mitigate security concerns
- RBI hikes repo rate by 50bps and stays focused on the withdrawal of accommodation
