+
RBI Urges Tech-Boosted Compliance Monitoring
ECONOMY & POLICY

RBI Urges Tech-Boosted Compliance Monitoring

The Reserve Bank of India (RBI) has issued a directive urging regulated entities to embrace technology for the augmentation of their internal compliance monitoring systems. This move is in line with the central bank's ongoing efforts to modernize and strengthen the regulatory framework within the financial sector.

Regulated entities, including banks and financial institutions, have been instructed by the RBI to leverage advanced technological solutions to bolster the effectiveness of their internal compliance mechanisms. The deadline for implementation has been set for June 30, 2024, emphasizing the urgency and importance of adopting these enhancements.

The incorporation of technology is expected to bring about a more robust and efficient internal compliance monitoring process, aligning with the evolving landscape of the financial industry. This initiative aims to not only streamline regulatory compliance but also enhance the overall risk management capabilities of the entities.

By mandating the integration of technology, the RBI seeks to create a more dynamic and responsive regulatory environment, ensuring that financial entities are equipped to address emerging challenges effectively. The deadline provides a clear timeline for entities to align their operations with the technological advancements prescribed by the RBI, marking a significant step towards a more technologically resilient financial sector in India.

The Reserve Bank of India (RBI) has issued a directive urging regulated entities to embrace technology for the augmentation of their internal compliance monitoring systems. This move is in line with the central bank's ongoing efforts to modernize and strengthen the regulatory framework within the financial sector. Regulated entities, including banks and financial institutions, have been instructed by the RBI to leverage advanced technological solutions to bolster the effectiveness of their internal compliance mechanisms. The deadline for implementation has been set for June 30, 2024, emphasizing the urgency and importance of adopting these enhancements. The incorporation of technology is expected to bring about a more robust and efficient internal compliance monitoring process, aligning with the evolving landscape of the financial industry. This initiative aims to not only streamline regulatory compliance but also enhance the overall risk management capabilities of the entities. By mandating the integration of technology, the RBI seeks to create a more dynamic and responsive regulatory environment, ensuring that financial entities are equipped to address emerging challenges effectively. The deadline provides a clear timeline for entities to align their operations with the technological advancements prescribed by the RBI, marking a significant step towards a more technologically resilient financial sector in India.

Next Story
Real Estate

DLF Returns to Mumbai with Premium Andheri Residential Project

Delhi-NCR based real estate major DLF announced its return to the Mumbai market on 17 July with the launch of its premium residential project, The WestPark, in Andheri. The first phase includes 416 apartments spread across four towers, with two towers launched on the announcement day. The company plans to invest over Rs 8 billion in the project and expects a topline exceeding Rs 20 billion from Phase 1.“We have launched two towers and, given the strong response, plan to unveil the remaining two towers ahead of schedule, within the next few days,” said Aakash Ohri, Joint Managing Director o..

Next Story
Infrastructure Urban

APCRDA Advances Net Zero Goal with IGBC Training for Officials

In a significant stride towards Andhra Pradesh’s Net Zero target by 2040 and the Swarna Andhra 2047 vision, the Andhra Pradesh Capital Region Development Authority (APCRDA), in partnership with the Indian Green Building Council (IGBC), conducted a high-level capacity-building programme for senior officials in Vijayawada on Friday.Held at a city hotel, the session saw the participation of over 50 senior APCRDA officials, including the Engineer-in-Chief, Chief Engineer (H&B), Director (Planning), Director (Environment), and heads of key departments. The training centred on IGBC’s Green B..

Next Story
Infrastructure Energy

Assam Solar Project Halted as Waaree EPC Contract Is Cancelled

Following the Assam government’s withdrawal from its proposed solar project, the Engineering, Procurement, and Construction (EPC) contract awarded to Waaree Renewable has been suspended. Waaree Group’s EPC division informed the stock exchange of this development through a regulatory filing.The Assam solar project was suspended due to funding challenges, which rendered the initiative unviable for the state government. Waaree Renewable Transmission Limited (RTL) explained that the Government of Assam has withdrawn the project’s funding via the Asian Development Bank (ADB) loan. Consequentl..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?