In 2001 Reserve Bank of India introduced a system of OSS for scheduled Primary Urban Cooperative ban...........

Indian Economy (Easy) Money and banking

In 2001 Reserve Bank of India introduced a system of OSS for scheduled (Primary) Urban Cooperative banks. What does OSS stand for?

On site Surveillance

Off-site Surveillance

Open Surveillance System

Open Surveillance Scheme

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Explanation:

The primary objective of the off site surveillance is to monitor the financial health of banks between two on-site inspections, identifying banks which show financial deterioration and would be a source for supervisory concerns. This acts as a trigger for timely remedial action.