For which of the following has the Risk-Based Internal

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.