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

RBI launches DAKSH- Reserve Bank’s Advanced Supervisory Monitoring System: The Reserve Bank Governor, Shaktikanta Das, introduced a new ‘SupTech’ initiative DAKSH – the bank’s Advanced Supervisory Monitoring System, which is expected to strengthen supervisory operations. Numerous steps are being taken to increase supervision, some of which include adopting the most recent data and analytical tools and utilizing technology to establish automated and efficient work procedures.

What is DAKSH?

DAKSH is a web-based end-to-end workflow platform via which the RBI will more closely monitor compliance standards with the goal of further enhancing the compliance culture in Supervised Entities (SEs) such as banks and NBFCs.

What DAKSH offers?

The program will offer secure access from anywhere at any time, as well as enable seamless communication, inspection planning and execution, reporting and analysis of cyber incidents, and the provision of numerous MIS reports, among other things.

Reserve Bank of India

• Reserve Bank of India is the country’s central bank and the regulatory organization in charge of overseeing the country’s banking system.
• It is in charge of managing the supply of Indian rupees and controlling its issuance.
• The Reserve Bank of India Act, which was passed in 1934, allowed for the establishment of the bank on April 1st, 1935.
• Initially, the RBI’s headquarters were in Calcutta. It was, however, permanently relocated to Mumbai in 1937.
• Mr. Shaktikanta Das is the Governor of the Reserve Bank of India. He is the 25th Governor of the RBI.