RBI launches web based ‘Daksh’ for better monitoring of Banks and NBFC

Tags: Economy/Finance

The Reserve Bank of India Governor Shaktikanta Das launched a new super tech initiative called “DAKSH” on 6 October 2022. It is RBI’s Advanced Supervisory Monitoring System, which will help in better supervision of Banks and Non-Banking Financial Company (NBFC) by the RBI. .

According to the RBI it is a part of the effort of the RBI to strengthen its supervision by utilizing the latest data and analytical tools, technology for implementing   more efficient and automated work processes.

RBI says that "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 of Banks, NBFC.

Reserve Bank of India

It was set up on 1 April 1935 under the RBI act 1934.

The central office of RBI was in Kolkata but was shifted to Mumbai in 1937.

It was nationalized in 1949 and it is owned by the Government of India.

It is the supreme monetary and regulatory body in India.

It regulates the banks under the Banking Regulation Acts 1949.

It regulates NBFC under the Reserve Bank of India act 1934.

Governor of RBI: Shaktikanta Das