RBI also closely monitors upgradation of technology in banks. Eighth, and a related measure under implementation is RBI’s Central Database Management System, which will become a pioneering project among emerging countries. Ninth, there has been an increasing recourse to auditors as a supervisory resource from RBI.
Finally, to monitor developments in financial markets and take prompt actions a Financial Markets Committee (FMC) has been constituted within the RBI which meets at least once a day and often several times during periods of excess activity in the financial markets. The FMC provides crucial inputs in assessment of short-term liquidity and operation of Liquidity Adjustment Facility.