Web-based supervisory system on anvil

The RBI plans to launch a web-based and an end-to-end workflow automation system as part of a plan to introduce a prudential supervisory mechanism.

Speaking at a BFSI summit, RBI Deputy Governor MK Jain said the system has been developed for continuous engagement with supervised entities (SEs). “It has various functionalities including inspection, compliance and incident reporting for cyber security, etc. with a built-in remediation workflow, time tracking, notifications and alerts, Management Information System (MIS) reports and dashboards,” he said.