RBI launches a web-based application “DAKSH” to strengthen the supervisory processes and improve the compliance culture in Banks, NBFCs, etc.

The Reserve Bank of India (“RBI”) has launched a new SupTech initiative named “DAKSH – Reserve Bank’s Advanced Supervisory Monitoring System” with an aim to make the Supervisory processes more powerful.

“DAKSH” which means ‘efficient and competent’, is a web-based end-to-end workflow application through which the RBI intends to monitor the compliance requirements and subsequently improve the compliance culture of Supervised Entities (SEs) such as Banks, NBFCs, etc. The application will also enable seamless communication, inspection planning and execution, cyber incident reporting and analysis, provision of various MIS reports etc., through a Platform which enables anytime-anywhere secure access.

Source: Reserve Bank of India