RBI launches Ombudsman scheme for NBFCs

  • The Reserve Bank of India via notification on 23 February 2018, launched Ombudsman Scheme for non-banking financial companies (NBFCs), registered with RBI under section 45-IA of the RBI Act, 1934, for redressal of complaints against them.
  • The scheme was announced in the Monetary Policy Statement OF February 7, 2018. 
  • The scheme will provide a cost-free and expeditious complaint redressal mechanism relating to deficiency in the services by NBFCs covered under the scheme. 
  • The scheme will cover all deposit-taking NBFCs, and based on the experience gained, it would extend it to cover NBFCs having asset size of 100 crore rupees and above with customer interface.
  • The offices of the NBFC ombudsmen will function at four metro centres – New Delhi, Mumbai, Kolkata and Chennai.

Written by 

Leave a Reply

Your email address will not be published. Required fields are marked *