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|October 28, 1998||
RBI network to monitor non-banking finance companies
Reserve Bank of India Deputy Governor S P Talwar has inaugurated a wide-area network with videoconference facilities for its Department of Non-Banking Supervision.
Congratulating the department on making a beginning in establishing the WAN, Talwar said information technology should bring the central office and the regional offices closer, enable instantaneous and credible communication
At present, the Department of Non-Banking Supervision's WAN connects six regional offices of at Bombay, New Delhi, Calcutta, Madras, Bangalore and Hyderabad with the central office in Bombay.
As part of the strategy towards enhancing the efficacy of the supervisory system for non-banking finance companies, the WAN is meant to help conduct offsite surveillance of these companies.
The regulatory-cum-supervisory returns to be submitted by NBFCs would now be analysed through computerised processes for various purposes including verification of the regulatory compliance, constant tracking of the financial health of the entities supervised by the RBI and generation of a management information system.
The remaining nine regional offices of the Department of Non-Banking Supervision will be covered by the WAN soon. The project was implemented by the department in association with organisations such as the Mahanagar Telephone Nigam Limited, Tata-IBM, Melstar Information Technology Limited, Microuniv and Nucleas Software Offshore Private Limited.
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