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RBI to put in place a “PRISM” to strengthen compliance by lenders

RBI to put in place a "PRISM" to strengthen compliance by lenders_50.1

The Reserve Bank of India is putting in place a Platform for Regulated Entities for Integrated Supervision and Monitoring (PRISM), a web-based end-to-end workflow automation system, to strengthen compliance by supervised entities (SEs). This is aimed at helping supervised entities to strengthen their internal defences and resilience and bringing focus on root cause analysis (RCA).

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What is PRISM?

PRISM will have various functionalities (inspection; compliance; incident functionality for cybersecurity; complaints; and returns functionalities), with built-in remediation workflows, time tracking, notifications and alerts, management information system (MIS) reports and dashboards.

Important takeaways for all competitive exams:

  • RBI 25th Governor: Shaktikant Das; Headquarters: Mumbai; Founded: 1 April 1935, Kolkata.

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RBI to put in place a "PRISM" to strengthen compliance by lenders_60.1

RBI to put in place a "PRISM" to strengthen compliance by lenders_70.1

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