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    Question

    The Reserve Bank of India has made the implementation of

    the Risk-Based Internal Audit (RBIA) framework compulsory for which of the following institutions?
    A All Scheduled Commercial Banks, excluding Regional Rural Banks (RRBs) Correct Answer Incorrect Answer
    B All Scheduled Commercial Banks, including Regional Rural Banks (RRBs) Correct Answer Incorrect Answer
    C Deposit-taking Non-Banking Financial Companies (NBFCs), regardless of size Correct Answer Incorrect Answer
    D Primary Urban Co-operative Banks (UCBs) with asset size of ₹500 crore and above Correct Answer Incorrect Answer
    E Only a, c and d Correct Answer Incorrect Answer

    Solution

    Initially, the RBI mandated the Risk-Based Internal Audit (RBIA) framework for all Scheduled Commercial Banks (except RRBs).  Later, the scope was expanded to cover: • All deposit-taking NBFCs, irrespective of their size. • All non-deposit taking NBFCs (including Core Investment Companies) with an asset size of ₹5,000 crore or more. • All Primary (Urban) Co-operative Banks (UCBs) with an asset size of ₹500 crore or more. Hence, the correct institutions are a, c, and d.

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