BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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On Site Surveillance and Monitoring System
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Off Site Surveillance and Monitoring System
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Over-Simplified Method of Surveillance
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On Site Migration of System
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Detailed explanation-1: -What is the full form of OSMOS? Answer: [B] Off Site Surveillance and Monitoring System. Notes: OSMOS refers to Off Site Surveillance and Monitoring System. The RBI requires banks to submit detailed and structured information periodically under OSMOS. On the basis of OSMOS, RBI analyzes the health of the banks.
Detailed explanation-2: -Offsite Surveillance The Off Site monitoring and surveillance system has been introduced effective from March 1996 and banks are required to furnish DSB Returns. DSB Returns are statutory returns being called by RBI in exercise of power vested in its u/s 27(2) of Banking Regulation Act.
Detailed explanation-3: -Off-site monitoring is one of the Bank’s operations–along with on-site examinations–to grasp the state of business operations and assets of the financial institutions that hold current accounts at the Bank.
Detailed explanation-4: -As part of the new supervisory strategy, a focussed off-site surveillance function was initiated in 1995 for domestic operations of banks.