RBI launches new advanced system DAKSH for monitoring, know what will be the benefits

Mumbai. Reserve Bank of India (RBI) Governor Shaktikanta Das on Thursday launched the Advance Supervisory Monitoring System ‘DAKSH’ (DAKSH). This is expected to strengthen the monitoring process of RBI.

RBI said in the statement that it has been taking several steps to strengthen the monitoring activities and ‘Daksh’ is a new link in it. “Daksh is a web-based end-to-end workflow application through which RBI will be able to monitor entities like banks and NBFCs in a more focused manner,” the Reserve Bank said.

RBI launches DAKSH (DAKSH) – Reserve Bank’s Advanced Supervisory Monitoring Systemhttps://t.co/sllKKMfrSk

— ReserveBankOfIndia (@RBI) October 6, 2022

This ‘Supertech’ application of RBI will enable seamless communication, inspection planning and execution, cyber incident reporting and analysis through a single platform that enables secure access anywhere and anytime. The Reserve Bank said that this monitoring system will work efficiently and effectively as per its name.

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RBI to use AI and machine learning to improve surveillance
RBI is planning to extensively use Artificial Intelligence (AI) and Machine Learning (ML) to analyze its extensive database and improve regulatory oversight on banks and NBFCs. RBI will also recruit external experts for this. However, RBI is still using artificial intelligence and machine learning technology. But now there is an attempt to make it more comprehensive so that the Supervision Department in the Central Bank can be made more advanced.

Recently RBI launched Rupay Credit Card on UPI
Recently, at the Global Fintech Festival, Reserve Bank of India Governor Shaktikanta Das launched the Rupay Credit Card on UPI facility. At present, the benefit of this facility will be available to the users of RuPay credit cards of Punjab National Bank, Union Bank of India and Indian Bank. RuPay credit cards of these three banks have gone live on the BHIM app operated by NPCI.

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Tags: RBI, Reserve Bank of India, Shaktikanta Das