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      Question

      The Risk-Based Internal Audit (RBIA) system is mandated

      for
      A all Scheduled Commercial Banks (except Regional Rural Banks) Correct Answer Incorrect Answer
      B all Scheduled Commercial Banks (including Regional Rural Banks) Correct Answer Incorrect Answer
      C Selected NBFCs (Non -banking finance companies) Correct Answer Incorrect Answer
      D all Scheduled Commercial Banks (except Regional Rural Banks) and Urban Cooperative banks Correct Answer Incorrect Answer
      E Only a, c and d Correct Answer Incorrect Answer

      Solution

      The introduction of Risk-Based Internal Audit (RBIA) system was mandated for all Scheduled Commercial Banks (except Regional Rural Banks. It was decided later to mandate RBIA framework for the following Non-Banking Financial Companies (NBFCs) and Primary (Urban) Co-operative Banks (UCBs):   All deposit taking NBFCs, irrespective of their size;   All Non-deposit taking NBFCs (including Core Investment Companies) with asset size of ₹5,000 crore and above; and   All UCBs having asset size of ₹500 crore and above.

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