RBI extends risk-based internal audit system to HFCs

rbi extends risk based internal audit system to hfcs

Sumary of RBI extends risk-based internal audit system to HFCs:

  • The Reserve Bank on Friday extended the risk-based internal audit (RBIA) system to select housing finance companies to enhance the quality and effectiveness of their internal audit system..
  • In February this year, the RBI had issued a circular mandating the RBIA framework for select non-banking financial companies (NBFCs) and urban co-operative banks by March 31, 2022..
  • On Friday, the RBI, through a circular, extended the provisions issued for NBFCs to housing finance companies (HFCs) also….

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