RBI vide notification no. RBI/2020-21/88 dated 3rd February, 2021 has decided 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
All the applicable entities shall implement RBIA by March 31, 2022 in accordance with the Guidelines on Risk-Based Internal Audit. - https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12018&Mode=0