RbiSearchHeader

Press escape key to go back

Past Searches

Theme
Theme
Text Size
Text Size
S1

Press Releases Marquee

RBI Announcements
RBI Announcements

RbiAnnouncementWeb

RBI Announcements
RBI Announcements

Asset Publisher

81035870

Risk Based Internal Audit (RBIA) in NBFCs/UCBs

RBI had announced in the ‘Statement on Developmental and Regulatory Policies’ issued as part of the Monetary Policy Statement dated December 4, 2020 that with a view to strengthen the Internal Audit Function, which works as a third line of defence, suitable guidelines will be issued to large UCBs and NBFCs on adoption of Risk Based Internal Audit (RBIA).

Accordingly, a circular on RBIA covering all deposit taking Non-Banking Financial Companies (NBFCs); all non-deposit taking NBFCs (including Core Investment Companies) with asset size of ₹5,000 crore and above; and all Primary (Urban) Co-operative Banks (UCBs) with asset size of ₹500 crore and above has been issued today.

The circular intends, inter alia, 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. It is expected that the adoption of RBIA by such entities would help to enhance the quality and effectiveness of their internal audit system.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2020-2021/1036

RbiTtsCommonUtility

प्ले हो रहा है
સાંભળો

Related Assets

RBI-Install-RBI-Content-Global

RbiSocialMediaUtility

રિઝર્વ બેંક ઑફ ઇન્ડિયા મોબાઇલ એપ્લિકેશન ઇન્સ્ટૉલ કરો અને લેટેસ્ટ ન્યૂઝનો ઝડપી ઍક્સેસ મેળવો!

Scan Your QR code to Install our app

RbiWasItHelpfulUtility

શું આ પેજ ઉપયોગી હતું?