The governor of the Reserve Bank of India (RBI), Shaktikanta Das, launched a new ‘SupTech’ initiative Daksh – the central bank’s advanced monitoring system – which is expected to make the supervisory processes more robust.
The RBI on late Thursday said in a release that it had 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.
The official statement said: “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 (non-banking finance companies), etc.”
It added that the application would also enable seamless communication, inspection planning and execution, cyber incident reporting and analysis, and provision of various management information system (MIS) reports, among others, through a platform which enables anytime-anywhere secure access.
Daksh means ‘efficient’ and ‘competent’, reflecting the underlying capabilities of the application, the RBI said.