RBI to launch web-based supervisory system to enable off-site and on-site supervision of modern functions

• Integrity Education, Delhi
• 03, Nov 2021

The Reserve Bank of India will soon launch a web-based supervisory system that will enable off-site and on-site supervision of modern functions such as digital banking and cyber security. RBI Deputy Governor M. K. Jain informed this while speaking at a private function in Mumbai yesterday.

Mr. Jain said that the banks need to be careful in complying with rules and invest in technologies to meet the supervisory challenges as they experiment with new services in the post-COVID world through ultimately governance standards, business model, risk culture and assurance functions will decide how well they fare in long run. He further said that the web-based and end-to-end workflow automation system has been developed by the Central Bank.

Sources : News On Air