RBI launches Ombudsman scheme for NBFCs
The Reserve Bank of India has launched Ombudsman Scheme for non-banking financial companies (NBFCs) for redressal of complaints against them.
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.
The offices of the NBFC ombudsmen will function at four metro centers – New Delhi, Mumbai, Kolkata, and Chennai.
The schemes provide for Appellate mechanism under which complainant/NBFC will have option to appeal against decision of Ombudsman before Appellate Authority.
It will obligation of NBFC concerned to implement settlement arrived with complainant or Award passed by Ombudsman when it becomes final and send report in this regard to RBI within 15 days of award becoming final.
In case of non-implementation of settlement or Award, the complainant may represent to RBI and RBI may initiate such action under provisions of RBI Act, 1934 as it deems fit.
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