BFSI Summit: RBI to go high-tech to boost oversight, says Dy Governor Jain

The RBI has increased its scrutiny manifold, particularly since the PMC Bank crisis

The Reserve Bank of India (RBI) is overhauling the way it supervises entities and has introduced, or is in the process of launching, automated systems that give granular access to firms that it regulates. 

The central bank is also much more engaged now with firms’ managements, revealed RBI Deputy Governor M K Jain in his keynote address at the Business Standard BFSI Insight Summit. The RBI will soon launch a web-based, end-to-end workflow automation system that will have functionalities for inspection, compliance and incident reporting for cyber security, etc., with a built-in remediation workflow, management information system (MIS) reports, Jain said.

Strengthening