The Reserve Bank of India (RBI) said that it would be bolstering its supervisory function through the use of technology, which will help improve the central banks' ability to monitor the performance of regulated entities. The RBI's decision to invest into technology for supervisory purposes comes in the wake of a series of financial accidents, scandals and bank failures over the last two years. "Recognizing that cutting-edge technology has enormous potential for preventive compliance, transaction monitoring and automated data flows, the Reserve Bank has accorded priority to adoption of RegTech," it said in its Report on Trend and Progress of Banking in India for 2019-20. The RBI will undertake a broad-based survey on RegTech adoption, based on which it will come out with broad principles to encourage adoption, it said. The use of Supervisory Technology (SupTech) and Regulatory Technology (RegTech)…
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