 "RBI")
The Reserve Bank of India (RBI) on Wednesday introduced a risk-based internal audit (RBIA) system for select non-bank lenders and urban co-operative banks (UCBs).
All deposit-taking non-banking financial companies (NBFCs), NBFCs with an asset size of Rs 5,000 crore, and UCBs with an asset size of Rs 500 crore will have to implement the system by March 31, 2022.
This, the RBI said, will enhance the efficacy of internal audit systems and processes followed by NBFCs and UCBs. The central bank had introduced RBIA for scheduled commercial banks (SCBs) in 2002.
These entities already have internal audit systems, but by and large they
