Reserve Bank Governor Shaktikanta Das on Thursday launched a new ‘SupTech’ initiative DAKSH (दक्ष) – the bank’s Advanced Supervisory Monitoring System, which is expected to make supervisory processes robust.
‘DAKSH’ means ‘efficient’ & ‘competent’ which 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 culture in Supervised Entities (SEs) like Banks, NBFCs, etc.,
While the RBI is already using AI and ML in supervisory processes, it now intends to upscale it to ensure that the benefits of advanced analytics can accrue to the Department of Supervision in the central bank. 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 that enables anytime-anywhere secure access.
