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Business EconomyPosted at: Mar 28 2025 7:40PM


NBFCs must maintain highest standards in audit, transparency & ethics:RBI

New Delhi, Mar 28 (UNI) In view of increased exposure by the Non-Banking Financial Companies (NBFCs) in the financial sector, the Reserve Bank of India (RBI) on Friday met chief executives and regulatory heads of these institutions and asked them to maintain the “audit rigour” and adhere to highest standards of objectivity, transparency and ethics.
The RBI held a Conference for the large-sized NBFCs. Chairpersons of the Audit Committee of the Board (ACB), MD & CEOs and the Statutory Auditors of the NBFCs attended the Conference, the RBI said in a statement.
Acknowledging the important role that is being played by NBFCs in the financial ecosystem and the role of Chairpersons of the ACB and Statutory Auditors in ensuring the integrity of financial statements, the RBI emphasised that risk-taking must be “prudent” and well planned and should never go beyond the risk absorption capacity of the entity concerned.
The Conference is a part of the series of supervisory engagements that the Reserve Bank has been having with key stakeholders of its Regulated Entities. The theme of the Conference was ‘Shared Vision, Shared Responsibility: Strengthening the NBFCs’. The Conference was attended by over 200 participants, RBI said.
Deputy Governor of Reserve Bank, Swaminathan J, and Charanjot Singh Nanda, President, the Institute of Chartered Accountants of India (ICAI), addressed the participants. Executive Directors in-charge of the Regulatory, Supervisory and Enforcement functions of the Reserve Bank also participated in the Conference.
Swaminathan exhorted the NBFCs to proactively adopt fairness in lending and recovery supported by a robust grievance redress mechanism. He also conveyed expectations from auditors on maintaining the audit rigour and adhering to the highest standards of objectivity, transparency and ethics.
The President, ICAI emphasised the contribution needed from the Chartered Accountancy profession and urged them to live up to the trust reposed on the profession. He touched upon various initiatives taken by the Institute in capacity building of Chartered Accountants, especially with respect to adoption of technology in auditing.
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Tags: #NBFCs must maintain highest standards in audit# transparency & ethics:RBI
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