RBI has launched “Centralised Information Management System” (CIMS)

Current Context: The Reserve Bank of India (RBI) has launched the Centralized Information Management System (CIMS) to improve the efficiency and effectiveness of its regulatory reporting framework. CIMS is a cloud-based platform that will allow banks and other regulated entities to submit their regulatory reports electronically. 

• This will reduce the burden on banks and other regulated entities, and it will also help the RBI to improve the timeliness and accuracy of its regulatory data.
• CIMS is a significant step forward for the RBI's regulatory reporting framework. It will help the RBI to better monitor the financial system and to take early action to address any emerging risks. CIMS will also help the RBI to improve its communication with banks and other regulated entities.
• The RBI has said that CIMS will be rolled out in phases, and it is expected to be fully operational by the end of 2023. Here are some of the benefits of CIMS:
• Increased efficiency and effectiveness of regulatory reporting
• Reduced burden on banks and other regulated entities
• Improved timeliness and accuracy of regulatory data
• Enhanced monitoring of the financial system
• Improved communication with banks and other regulated entities
• CIMS is a major initiative by the RBI to improve the efficiency and effectiveness of its regulatory reporting framework. It is a significant step forward for the Indian financial system, and it is expected to have a positive impact on the stability and resilience of the system.

Question: 

Q.1 The Reserve Bank of India (RBI) has launched the CIMS to improve the efficiency and effectiveness of its regulatory reporting framework. What is the full form of CIMS?
a. Centralized Information Management System
b. Centralized Internal Management System
c. Centralized Inspection Management System
d. Centralized Information and Monitoring System