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.