RBI Launches DAKSH- Reserve Bank’s Advanced Supervisory Monitoring System

RBI Launches DAKSH- Reserve Bank’s Advanced Supervisory Monitoring System: The Reserve Bank of India (RBI) 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.

October 2022 Current Affairs Quiz

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.

Its Usage:

DAKSH means ‘efficient’ & ‘competent’, reflecting the underlying capabilities of the application. 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. The application will also enable seamless communication, inspection planning and execution, cyber incident reporting and analysis, provision of various MIS reports etc., through a Platform which enables anytime-anywhere secure access.