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The Reserve Bank of India (RBI) has issued a circular on risk-based internal audit (RBIA) for Non-banking finance companies (NBFCs) and Urban Cooperative Banks (UCBs). This 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.
RBIA is an audit methodology that links an organisation s overall risk management framework and provides an assurance to the Board of Directors and the Senior Management on the quality and effectiveness of the organisationâs internal controls, risk management and governance related systems and processes.
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.