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 …