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 framework for risk-based internal audit of NBFCs, UCBs
The new framework will be applicable to all deposit taking NBFCs, all non-deposit taking NBFCs with asset size of Rs 5,000 crore and above, and all UCBs with asset size of Rs 500 crore and above.
BusinessToday.In | February 5, 2021 | Updated 15:27 IST
The adoption of RBIA framework will help in enhancing the quality and effectiveness of internal audit system of the entities, the Reserve Bank of India said.
The Reserve Bank on Wednesday released the guidelines for risk-based internal audit (RBIA) for NBFCs and urban co-operative banks.
The RBIA guidelines aim to align the requirements of internal audit of Non-Banking Finance Companies (NBFCs) and Primary (Urban) Co-operative Banks (UCBs) with those for Scheduled Commercial Banks (SCBs), and its adoption will help in enhancing the quality and effectiveness of internal audit system of these entities, the Reserve Bank of India (RBI) said.
Story outline
Companies with paid-up capital up to Rs 2 cr and turnover up to Rs 20 cr will fall under small companies.
The Budget made space for easing norms around setting up of OPC.
It has reduced the residency limit of NRIs from 182 to 120 days
Among advantages, one can say that an OPC is free from stringent legal compliances such as board meetings, financial statement inclusions, quorums, mandatory rotation of an auditor.
Delivering the Union Budget 2021-22, Finance Minister Nirmala Sitharaman, on Monday, proposed changes in definition of small companies under the Companies Act. Companies with paid-up capital up to Rs 2 crore and turnover up to Rs 20 crore will fall under small companies. Previously, this threshold held the limit of paid-up capital to Rs 50 lakh and turnover up to Rs 2 crore. This is aimed at benefiting more than 2 lakh companies in compliance required.
Economic Survey: 10 Trends To Make GDP Grow By 11% Next Financial Year
The Economic survey predicted a “V-shaped” economic recovery for the country stating that the Covid-19 vaccination program will be one of the triggers for the growth. PTI Jyotika Sood 2021-01-29T16:31:11+05:30 Economic Survey: 10 Trends To Make GDP Grow By 11% Next Financial Year outlookindia.com 2021-01-29T17:14:01+05:30
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The Economic Survey 2020-21 tabled by the union finance minister Nirmala Sitharaman on Friday stated that India’s real GDP is expected to grow at 11% in the next fiscal.
The Economic survey predicted a “V-shaped” economic recovery for the country stating that the Covid-19 vaccination program will be one of the triggers for the growth. However, it cautioned that it will take at least the next two years for India to be able to reach back its pre-pandemic GDP levels.
Economic Survey 2020-21: Key takeaways
Chief Economic Advisor KV Subramanian
(ANI)
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Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman presented the Economic Survey 2020-21 in the Parliament today.
The key highlights of Economic Survey 2020-21, which is dedicated to the COVID Warriors, are as follows:
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