The Reserve Bank of India has launched a DAKSH

The Reserve Bank of India has launched a DAKSH – a new suptech initiative aimed at developing an Advanced Supervisory Monitoring System. The application will allow for the collection and analysis of data from various sources and the automation of various steps of the supervisory process. ‘DAKSH is a web-based end-to-end workflow application through which RBI shall monitor compliance requirements in a more focused manner to further improve the compliance culture in Supervised Entities (SEs) like Banks, NBFCs, etc,’ the RBI press release said. The application will enable seamless communication, inspection planning and execution, cyber incident reporting and analysis, and provision of various MIS reports, among others, through a platform enabling secure access anytime-anywhere. DAKSH means ‘efficient’ and ‘competent’, reflecting the underlying capabilities of the application, the RBI said.