Risk-Based Internal Audit (RBIA) for NBFCs and UCBs

RBI vide notification no. RBI/2020-21/88 dated 3rd February, 2021 has decided to mandate RBIA framework for the following Non-Banking Financial Companies (NBFCs) and Primary (Urban) Co-operative Banks (UCBs):

  1. All deposit taking NBFCs, irrespective of their size
  2. All Non-deposit taking NBFCs (including Core Investment Companies) with asset size of ₹5,000 crore and above; and
  3. All UCBs having asset size of ₹500 crore and above
    All the applicable entities shall implement RBIA by March 31, 2022 in accordance with the Guidelines on Risk-Based Internal Audit.
  4. https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12018&Mode=0

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