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RBI extended RBIA System

Published on June 15, 2021
Current Context: The Reserve Bank of India (RBI) has extended the Risk-Based Internal Audit (RBIA) system for Housing Finance Companies (HFCs).
RBI extended RBIA System
  • This will lead to boost the quality and effectiveness of the internal audit system of HFCs.
  • The extension is applicable for all deposit-taking HFCs and non-deposit-taking HFCs having asset size of Rs 5,000 crore and above.
  • Such kinds of HFCs will have to place an RBIA framework by 30th June 2022.
  • The RBIA is an audit methodology that connects organisations’ overall risk management framework and offers assurance to the BODs and senior management of the quality and effectiveness of the internal audit system. It performs risk management and governs systems and processes.
  • Static Part: 
    • HQ of RBI: Mumbai
    • 25th Governor of RBI: Shaktikanta Das

Question: 

Q.1 Recently, RBI extended the Risk-Based Internal Audit (RBIA) system to which of the following?
a. Housing Finance Companies (HFCs)
b. Non Banking Financial Companies (NBFCs)
c. Urban Cooperative Banks
d. Payment Banks
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