Recently, as briefly referred to an earlier post here, the Reserve Bank of India has notified the NBFCs Auditors’ Report (Reserve Bank) Directions 2008 (“2008 Directions”) (full text available here). These replace similar directions issued exactly a decade back, i.e., in 1998. Both these Directions require auditors of non-banking financial companies (“NBFCs”)...
Now even non-deposit accepting NBFCs of asset size of Rs. 50 crores subject to reporting to RBI
Reserve Bank of India issued on 24th September 2008 (see here) certain reporting requirements for certain non-deposit accepting non-banking financial companies (NBFCs). What is important though is that these will be applicable to such NBFCs of asset size Rs. 50 crores but less than Rs. 100 crores. Though such entities are not given the status of “Systemically Important” NBFCs, effectively, it is...
Recent Comprehensive Directions by RBI to Auditors of Non-banking Financial Companies
The Reserve Bank of India has issued, vide its circular dated 23rd September 2008, comprehensive and updated directions to auditors of non-banking financial companies (NBFCs) (posted here on the Reserve Bank of India website) requiring them to specifically answer many questions relating to NBFCs. These 2008 Directions replace the decade old 1998 Directions to auditors. The Directions are in a way...
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