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RBI also implemented risk based internal audit system for housing finance companies

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RBI also implemented risk based internal audit system for housing finance companies

RBI (Photo Credits: IANS)

Mumbai, June 11: The Reserve Bank of India (RBI) on Friday expanded the scope of risk-based internal audit (RBIA) regime to include some housing finance companies as well. Its purpose is to further improve the quality and effectiveness of their internal audit system. It is noteworthy that RBI had issued a circular in February this year making RBIA framework mandatory for select non-banking financial companies (NBFCs) and urban co-operative banks with effect from May 31, 2022. Now, by issuing another circular on Friday, the central bank has made the provisions of NBFCs applicable to housing finance companies as well.

RBI said the provisions would be applicable to all housing finance companies (HFCs) that accept deposits. Regardless of their size. Whereas only those non-deposit taking HFCs will come under its purview, whose assets are Rs 5,000 crore and above. Such HFCs have been asked to prepare the RBIA framework by June 30, 2022.

Also read- Important information RBI’s third phase of purchase of government securities worth Rs 40,000 crore on June 17

RBIA is an effective audit methodology that links the overall risk management framework of an organization. It provides confidence to the Board of Directors and senior management on the quality and effectiveness of systems and processes relating to the organization’s internal controls, risk management and operational systems.

According to the RBI circular issued in February, the internal audit function should be comprehensively assessed and contribute to the overall improvement of the organization’s operations, risk management and control processes using a systematic and disciplined approach. It was said that it is an integral part of a strong corporate governance system and is considered a third line of defence.

(This is an unedited and auto-generated story from a syndicated news feed, likely not modified or edited by the latest staff)

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All centrally protected monuments/sites and museums to be opened from June 16: Archaeological Survey of India

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Protected monuments/sites and museums to be opened:

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Inflation: Wholesale inflation hits record high of 12.94 per cent due to costlier fuel

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Inflation: Wholesale inflation hits record high of 12.94 per cent due to costlier fuel

Representational Image | (Photo Credits: PTI)

New Delhi: Inflation based on wholesale prices rose to a record high of 12.94 per cent in May due to rise in prices of crude oil and manufactured goods. WPI inflation rose sharply in May 2021 due to the lower base effect. WPI inflation in May 2020 was negative 3.37 per cent. Petrol Diesel Price: Petrol reached beyond 100 in these states, know today’s price in your cities

This is the fifth consecutive month that inflation based on the Wholesale Price Index (WPI) has increased. In April 2021, WPI inflation was in double digits to 10.49 percent. “The annual rate of inflation based on monthly WPI has increased to 12.94 per cent in May 2021 (as compared to May, 2020) from negative 3.37 per cent in May 2020,” the commerce ministry said in a statement.

According to the statement, “The higher rate of inflation in May 2021 is mainly due to lower base effect and increase in the prices of petroleum products and manufactured products like petrol, diesel, naphtha, furnace oil etc. as compared to the corresponding month of last year. ”

Inflation in fuel and power rose to 37.61 per cent during the period under review, from 20.94 per cent in April. Inflation in manufactured products stood at 10.83 per cent in May as against 9.01 per cent in the previous month.

Food inflation moderated marginally to 4.31 per cent in May. However, onions became expensive during this period. RBI in its monetary policy earlier this month kept interest rates at a record low and said it was committed to maintain a lenient policy to boost growth.

(This is an unedited and auto-generated story from a syndicated news feed, likely not modified or edited by the latest staff)

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Revolt in LJP, Chirag Paswan’s uncle Pashupati Kumar Paras was unanimously elected leader of the party parliamentary party in Lok Sabha

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Pashupati Kumar Paras was unanimously elected as the leader of Lok Janshakti Party (LJP) parliamentary party in Lok Sabha.

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