RBI issues circular on risk-based internal audit for UCBs, NBFCs
The circular is applicable to NBFCs with asset size of Rs 5,000 crore and all Primary Urban Cooperative Banks (UCBs) with asset size of Rs 500 crore and above February 03, 2021 / 10:42 AM IST
The Reserve Bank of India (RBI) on February 3 issued a circular on risk-based internal audit for Non-banking finance companies (NBFCs) and Urban Cooperative Banks (UCBs) on risk-based internal audit.
The circular is applicable to NBFCs with asset size of Rs 5,000 crore and above and all Primary Urban Cooperative Banks (UCBs) with asset size of Rs 500 crore and above, RBI said.
RBI releases circular on risk-based internal audit for NBFCs, UCBs
By IANS |
Published on
Wed, Feb 3 2021 13:57 IST |
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Reserve Bank of India (RBI). (File Photo: IANS). Image Source: IANS News
Mumbai, Feb 3 : The Reserve Bank of India (RBI) on Wednesday released a circular on risk-based internal audit (RBIA) for non-banking finance companies (NBFC) and urban co-operative banks (UCB).
The circular covers all deposit taking and non-deposit taking NBFCs, including Core Investment Companies, with asset size of Rs 5,000 crore and above, and all Primary (Urban) Co-operative Banks (UCBs) with asset size of Rs 500 crore and above.
It intends, to provide the essential requirements for a robust internal audit function, which include sufficient authority, stature, independence, resources and professional competence, so as to align these requirements in larger NBFCs, UCBs with those stipulated for scheduled commercial banks, said an RBI statement.