Banking regulator, Reserve Bank of India requires a software which would aid it in monitoring bank performances and keep a track on how well are financial regulations and directives being implemented by banks in their processes. The suggestion for such a software comes from Amitabh Ghosh, former RBI governor.

Ghosh was present for a panel discussion at the Indian Institute of Management, Lucknow during its annual leadership summit.

Focusing most on regulations required in the banking sector, he said that mostly RBI directives are not being implemented by banks.

"There is no meaning of instructions until they are implemented and it is not possible for the RBI to monitor the banks on a day-to-day basis," he said. He however cautioned against over regulation.

He suggested that the void can be filled up by a proper IT system. "The RBI should develop a software that captures all important day-to-day aspects of the bank, particularly the adverse aspects and the incumbents of the Central bank should take cognisance of the information. Only with such a monitoring system would it be possible for the RBI to control and regulate the sector," he said.