Reserve Bank Governor Shaktikanta Das on October 6 launched a new 'SupTech' initiative ____________, which is the bank's Advanced Supervisory Monitoring System and is expected to make the supervisory processes more robust.
DAKSH
RBI's New SupTech Initiative: DAKSH
On October 6, the Reserve Bank of India (RBI) Governor, Shaktikanta Das, launched a significant new initiative designed to enhance the bank's supervisory capabilities. This new 'SupTech' initiative represents a major advancement in leveraging technology for improved regulatory oversight.
Understanding the 'SupTech' Initiative
The term 'SupTech' is a portmanteau of 'Supervision' and 'Technology'. The Reserve Bank's newly launched system falls under this category, focusing on the utilization of advanced technological tools to boost the efficiency and effectiveness of its supervisory functions across the financial sector.
Introducing DAKSH: Advanced Supervisory Monitoring System
The initiative launched by Governor Shaktikanta Das is named DAKSH. It functions as the Reserve Bank's Advanced Supervisory Monitoring System. The core objective behind the development and rollout of DAKSH is to make the supervisory processes more robust, efficient, and responsive to the dynamic financial environment.
Key Features and Objectives of DAKSH
- Launch Date: The initiative was launched on October 6.
- Initiator: RBI Governor Shaktikanta Das.
- Nature: It is a 'SupTech' initiative, integrating Supervision and Technology.
- Function: Acts as an Advanced Supervisory Monitoring System.
- Goal: To significantly enhance the robustness of supervisory processes.
- Purpose: Supports the RBI in monitoring financial entities more effectively using technology.
Through the implementation of sophisticated systems like DAKSH, the Reserve Bank of India aims to ensure greater stability and integrity within the financial system by employing advanced, data-driven supervisory techniques.
Important Questions from RBI
The Central Board of Directors of the Reserve Bank of India are appointed for a term of ______ years.
Which of the following Acts was amended to provide a statutory basis for the implementation of the flexible inflation targeting (FIT) framework?
In which year was The Reserve Bank of India was established?
Which of the following institutions is responsible for regulating the formal sources of credit in India?
Which of the following statements about the Reserve Bank of India (RBI) is NOT correct?
