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RBI launches advanced supervisory monitoring system DAKSH

  • Published
    7th Oct, 2022

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.

End-to-end workflow application:

  • An end-to-end field service management system is a term for software that provides end-to-end solutions for processes from the beginning of a workflow, right until the very end.
  • It encapsulates everything from the preparation stages right through to the post-launch of the application.
  • This eliminates any unnecessary steps in the end-to-end process and, in turn, enhances the efficiency of a system.

Advantages:

  • Ability to make informed decisions using specific sets of data
  • Complete visibility from start to finish on a single project
  • More time to focus on providing cost-effective solutions

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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