The Reserve Bank of India (RBI) governor Shaktikanta Das launched a new ‘SupTech’ initiative called DAKSH. This application will be the bank’s advanced supervisory monitoring system, which is expected to make the supervisory processes more robust.
DAKSH means ‘efficient’ and ‘competent’, reflecting the underlying capabilities of the application, RBI said.
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,” the banking regulator said.
The application will also enable seamless communication, inspection planning and execution, cyber incident reporting and analysis, and provision of various MIS (management information systems) reports, among others, through a platform which enables anytime-anywhere secure access.