Published: 23rd Aug, 2021
Context
The Reserve Bank of India is putting in place a Platform for Regulated Entities for Integrated Supervision and Monitoring (PRISM) to strengthen compliance by supervised entities (SEs).
About
About PRISM
- PRISM is a web-based end-to-end workflow automation system.
- The focus of its new approach to ‘continuous supervision’ is on early identification of risks and conduct of supervisory actions.
- This is aimed at helping supervised entities to strengthen their internal defences and resilience.
- The focus of its new approach is to bring focus on ‘root cause analysis (RCA)’.
- PRISM will have various functionalities with:
- Built-in remediation workflows
- Time tracking
- Notifications and alerts
- Management information system (MIS) reports and dashboards
Entities in India regulated by RBI
- RBI regulates and supervises various entities in India.
- Entities regulated by the RBI include-
- Banks
- All India Financial Institutions
- Non-Banking Financial Company (NBFC)
- All payment system providers
|
RBI’s annual report (2020-21) on supervisory framework
|
Courses
Study
Notes
Home
Resources
More
