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    Question

    Consider the following statements with regard to the

    Risk Based Internal Audit (RBIA) Framework: i.         It is mandated for all Deposit taking NBFCs. ii.       It is mandated for all Non-deposit taking NBFCs (including Core Investment Companies) with asset size of ₹10,000 crore and above iii.      It is mandated for All UCBs having asset size of ₹500 crore and above. iv.     The RBIA policy shall be formulated with the approval of the Audit Committee Which of the above statements are true?
    A i &ii Correct Answer Incorrect Answer
    B i &iii Correct Answer Incorrect Answer
    C ii& iv Correct Answer Incorrect Answer
    D iii & iv Correct Answer Incorrect Answer

    Solution

    Ref: RBI/2020-21/88 Ref.No.DoS.CO.PPG./SEC.05/11.01.005/2020-21, Feb 03, 2021.

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