**Policy Summary:**
This circular, RBI20212253 DoS.CO. PPG.SEC0311.01.005202122 dated June 11, 2021, issued by the Reserve Bank of India (RBI), extends the applicability of Risk-Based Internal Audit (RBIA) framework to Housing Finance Companies (HFCs). Specifically, the provisions outlined in circular Ref. No. DoS.CO.PPGSEC.0511.01.005202021 dated February 03, 2021, now apply to:
* All deposit-taking HFCs, irrespective of their asset size.
* Non-deposit-taking HFCs with an asset size of ₹5,000 crore and above.
These entities are required to implement the RBIA framework by June 30, 2022, in accordance with the provisions of the February 03, 2021 circular.
For further information, contact Ajay Kumar Choudhary, Chief General Manager-in-charge, Department of Supervision, Central Office, World Trade Centre, Centre I, Cuffe Parade, Colaba, Mumbai – 400 005. Tel: 022-2216 3395, Fax: 022-2218 0157, email: cgmicdoscorbi.org.in.
Key Entities Referenced
Risk Based Internal Audit (RBIA): A framework for internal auditing based on risk assessment.
Housing Finance Companies (HFCs): Financial institutions that primarily provide loans for housing.
Reserve Bank of India (RBI): The central bank of India.
Ajay Kumar Choudhary: Chief General Manager-in-charge at the Department of Supervision, Reserve Bank of India.
Mumbai, Maharashtra: City in India. Location of the Central Office, Department of Supervision, Reserve Bank of India.
DoS.CO.PPG.SEC0311.01.005202122: RBI Circular number related to the notification.
DoS.CO.PPGSEC.0511.01.005202021: RBI Circular number related to the notification.
World Trade Centre, Centre I, Cuffe Parade, Colaba: Address of Department of Supervision, Central Office, Reserve Bank of India
RBI/2021-22/53
DoS.CO. PPG.SEC/03/11.01.005/2021-22 June 11, 2021
The Chairman / Managing Director / Chief Executive Officer of:
All deposit taking HFCs
All non-deposit taking HFCs with asset size of ₹5,000 crore and above
Madam/Dear Sir,
Risk Based Internal Audit (RBIA)
Please refer to the circular Ref. No. DoS.CO.PPG/SEC.05/11.01.005/2020-21 dated February
03, 2021 on the captioned subject.
2. On a review, it has been decided that the provisions of the aforesaid circular shall be
applicable to Housing Finance Companies (HFCs) also, as stipulated below:
a. All deposit taking HFCs, irrespective of their size
b. Non-deposit taking HFCs with asset size of ₹5,000 crore and above
3. The above-mentioned entities shall put in place a RBIA framework by June 30, 2022, in
accordance with the provisions of the aforesaid circular.
Yours faithfully,
(Ajay Kumar Choudhary)
Chief General Manager-in-charge
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टेलीफोन: 022- 2216 3395 फै�: 022-2218 0157 ईमेल - cgmicdosco@rbi.org.in
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Department of Supervision, Central Office, World Trade Centre, Centre I, Cuffe Parade, Colaba, Mumbai - 400 005
-
Tel: 022-2216 3395 Fax: 022-2218 0157 e-mail: cgmicdosco@rbi.org.in
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