The Reserve Bank of India (the Bank) has issued
Non-Banking Financial Companies Auditor's
Report (Reserve Bank) Directions, 2016 (the
Directions) to every auditor of every non-banking
financial companies effective from 29th
September, 2016 in super session of Directions
issued in 2008.
RBI has substantially modified mandatory
reporting requirements by Auditors of Non
Banking Financial Companies and has issued
fresh Directions w.e.f. 29th September, 2016.
(Directions of 2008 stands modified). The
reporting is to be made even by the Auditors of
Companies which are not registered with RBI as
NBFC but which meet the criteria of more than 50% financial asset and more than 50% income
from financial assets.