Reserve Bank Governor Shaktikanta Das on Thursday launched a new ‘SupTech’ initiative DAKSH – the bank’s Advanced Supervisory Monitoring System, which is expected to make the supervisory processes more robust.
In a statement, the Reserve Bank of India (RBI) said it has been taking various initiatives in strengthening supervision, which among other initiatives include adoption of latest data and analytical tools as well as leveraging technology for implementing more efficient and automated work processes.
”DAKSH is a web-based end-to-end workflow application through which RBI shall monitor compliance requirements in a more focused manner with the objective of further improving the compliance culture in Supervised Entities (SEs) like Banks, NBFCs, etc,” it said.
The application will also enable seamless communication, inspection planning and execution, cyber incident reporting and analysis, and provision of various MIS reports, among others, through a platform which enables anytime-anywhere secure access.
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DAKSH means ‘efficient’ and ‘competent’, reflecting the underlying capabilities of the application, the RBI said.