RBI directs select NBFCs, Urban Co-operative Banks to implement risk-based internal audit system

The Reserve Bank has directed select Non-Banking Financial Companies (NBFCs) and Urban Co-operatives Banks (UCBs) to implement a risk-based internal audit system. In a notification, the RBI said all deposits taking NBFCs, all non-deposit taking NBFCs with asset size of 5,000 crore rupees and above and all urban cooperative banks with asset size of 500 crore rupees and above will have to implement the system by March 2022.

Currently, all the entities supervised by the RBI have their own approaches on internal audit, resulting in certain inconsistencies, risks and gaps in the system. The RBI statement said that the new system will assure the bank’s board and senior management about the quality and effectiveness of the entity’s internal control, risk management and governance framework.

The regime in Myanmar headed by the Army has announced a new State Administrative Council. The council headed by the Army Chief General Min Aung Hlaing has eleven members out of which eight are from the military.

Earlier, addressing the meeting of the Union Government on yesterday, General Min Aung Hlaing said that election matters and COVID-19 prevention and containment will be prioritised. He reiterated that the voting frauds will be exposed. In a statement released on the official channel, the Military Government announced that the Union Election Commission will be reconstituted for implementing the duties and functions.

Meanwhile, the United Nations Security Council held closed consultations to arrive at a consensus statement on Myanmar developments. According to the UN press briefing, the Special Envoy of the Secretary General Christine Schraner Burgener urged the council members to send a clear signal in support of democracy in Myanmar.

read more at RBI panel recommends large NBFCS, with asset size of 500…