RBI releases circular on risk-based internal audit for NBFCs

RBI releases circular on risk-based internal audit for NBFCs, UCBs


RBI releases circular on risk-based internal audit for NBFCs, UCBs
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IANS
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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.

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