Explanation:

- On 6th October 2022, RBI Governor Shaktikanta Das launched a web-based application to enhance supervisory processes.

- This application aims to streamline and strengthen the monitoring mechanisms of financial institutions.

- Option 1: SAKSHAM - This name suggests empowerment, often used for programs focusing on development or capacity building.

- Option 2: URJA - Generally refers to energy or power, commonly used in contexts involving energy management or resources.

- Option 3: UNION - Represents coming together or unification, possibly in collaborative or cooperative contexts.

- Option 4: DAKSH - Translates to competent or capable, and is correctly associated with the application launched by the RBI.

- Option 5: PRAWAH - Means flow, usually used in contexts of continuity or progression.