Mumbai, Oct 6 (PTI) Reserve Bank Governor Shaktikanta Das on Thursday launched a new 'SupTech' initiative DAKSH - the bank's Advanced Supervisory Monitoring System, which is expected to make the supervisory processes more robust.

In a statement, the Reserve Bank of India (RBI) said it has been taking various initiatives in strengthening supervision, which among other initiatives include adoption of latest data and analytical tools as well as leveraging technology for implementing more efficient and automated work processes.

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"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 culture in Supervised Entities (SEs) like Banks, NBFCs, etc," it said.

The 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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DAKSH means 'efficient' and 'competent', reflecting the underlying capabilities of the application, the RBI said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)