NBFC-INTERNAL-AUDITmediumReserve Bank of India
NBFC-INTERNAL-AUDIT — Risk Based Internal Audit
Quarterly risk based internal audit report placed before the audit committee, mandatory for NBFCs in the Middle Layer and above.
- Due
- Last day of the month, 1 month after quarter end
- Frequency
- Quarterly
- If it lapses
- Supervisory action where the internal audit function is inadequate
- Statutory reference
- RBI circular — Risk Based Internal Audit for NBFCs and UCBs
Who has to file it
Every one of these has to hold before NBFC-INTERNAL-AUDIT binds an entity:
- RBI-registered NBFC
- Middle Layer (NBFC-ML), Upper Layer (NBFC-UL) and Top Layer (NBFC-TL)
- Usually owned by:
- Accountant
- Typical effort:
- 6 hours
Common questions
- When is NBFC-INTERNAL-AUDIT due?
- Last day of the month, 1 month after quarter end. It falls due every quarter.
- Who has to file NBFC-INTERNAL-AUDIT?
- It applies to RBI-registered NBFC and Middle Layer (NBFC-ML), Upper Layer (NBFC-UL) and Top Layer (NBFC-TL).
- What is the penalty for filing NBFC-INTERNAL-AUDIT late?
- Supervisory action where the internal audit function is inadequate
This is the standing statutory position. The government extends deadlines often, and an extension is not reflected here until the rule is updated. Mallah Software Services Private Limited is a software company and not a firm of company secretaries or chartered accountants — nothing here is legal, tax or secretarial advice. Confirm the date with your professional before relying on it. See the Professional Disclaimer.