What is the name given by RBI to the Advanced Supervisory Monitoring System?
The Reserve Bank ofIndia has launched a new 'SupTech' initiative DAKSH - the bank's Advanced Supervisory Monitoring System, which is expected to make the supervisory processes more robust. 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 culturein Supervised Entities ( SEs) like Banks, NBFCs, etcThe application will also enable seamless communication, inspection planning and execution, cyber incident reporting and analysis, and provision of various MIS reports, among others, through a platform which enables anytime- anywhere secure access.
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Benchmarks and regulatory mechanisms needing development and implemented for quality assurance in both government and private schools.
