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The central bank also introduced a new initiative DAKSH, the bank's advanced supervisory monitoring system, which is expected to make the supervisory processes more robust

The action was taken citing failure to exercise proper skill, care and diligence while discharging its duties as a credit rating agency

Shaktikanta Das also said that the need of the hour is to ensure assurance of safety after following a process of green-lighting and due diligence by the regulated entities

The finance minister said that the word 'taming inflation' or the word 'keeping it within the tolerance limit', is an exercise of so many different activities and a majority of which is outside the monetary policy in today's circumstances