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RBI launches advanced supervisory monitoring system DAKSH
The Reserve Bank of India has launched a new ‘SupTech’ initiative DAKSH – the bank’s Advanced Supervisory Monitoring System.
About DAKSH:
- DAKSH is a web-based end-to-end workflow application.
- Its literal meaning is ‘efficient’ & ‘competent’, reflecting the underlying capabilities of the application.
- Using this application, the RBI can monitor compliance requirements in a more focused manner.
- This will improve the compliance culture in Supervised Entities (SEs) like Banks, NBFCs, etc.
- It will make the supervisory processes more robust.
- The application will enable seamless communication, inspection planning, and execution, cyber incident reporting, and analysis, provision of various MIS reports, etc.
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End-to-end workflow application:
Advantages:
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Financial Supervision:
- The Reserve Bank of India performs this function under the guidance of the Board for Financial Supervision (BFS).
- The Board was constituted in November 1994 as a committee of the Central Board of Directors of the Reserve Bank of India.
- The primary objective of BFS is to undertake consolidated supervision of the financial sector comprising commercial banks, financial institutions, and non-banking finance companies.
The Board Constitution:
- The Board is constituted by co-opting four Directors from the Central Board as members for a term of two years and is chaired by the Governor.
- The Deputy Governors of the Reserve Bank are ex-officio members.
- One Deputy Governor, usually, the Deputy Governor in charge of banking regulation and supervision, is nominated as the Vice-Chairman of the Board.
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