BBN Bureau
MUMBAI/October 06-2022: The Reserve Bank of India (RBI) Governor, Shaktikanta Das, on Thursday launched a new SupTech initiative named “दक्ष (DAKSH) – Reserve Bank’s Advanced Supervisory Monitoring System”, which is expected to make the Supervisory processes more robust.
RBI 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 and the new move is in continuation of RBI’s ongoing efforts this direction.
‘दक्ष (DAKSH)’ means ‘efficient’ & ‘competent’, reflecting the underlying capabilities of the application. ‘दक्ष (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.
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 which enables anytime-anywhere secure access.
Internal Ombudsman for credit information cos
RBI has directed all Credit Information Companies (CICs) holding a Certificate of Registration under sub-section (2) of Section 5 of the Credit Information Companies (Regulation) Act, to appoint Internal Ombudsman (IO) at the apex of their internal grievance redress mechanism by April 1, 2023.
The direction covers, inter-alia, the appointment/tenure, role and responsibilities, procedural guidelines, and oversight mechanism for the IO.
Under the mechanism, all complaints that are partly or wholly rejected by CICs will be reviewed by the Internal Ombudsman (IO) before the final decision of the CIC is conveyed to the complainant. The IO will not entertain any complaints directly from the members of public, an RBI official release said.
It said the implementation of the IO mechanism will be monitored by the CIC’s internal audit system, apart from regulatory oversight by RBI.
