For expeditious redressal of complaints against deficiency in services concerning loans and other matters, the Reserve Bank of India (RBI) today extended the coverage of ombudsman scheme to non-deposit taking non-banking financial companies (NBFCs) having asset size of ₹100 crore or higher. It will help provide a cost-free and expeditious complaint redressal mechanism relating to deficiency in the services by NBFCs covered under the scheme.
The ombudsman scheme was earlier operationalized for deposit-accepting NBFCs. Now, it has been extended to include some other categories of NBFCs.
The non banking financial company-infrastructure finance company (NBFC-IFC), core investment company (CIC), infrastructure debt fund-non-banking financial company (IDF-NBFC) and an NBFC under liquidation, are excluded from the ambit of the Scheme.
The scheme also provides for an Appellate mechanism under which the complainant / NBFC has the option to appeal against the decision of the Ombudsman before the appellate authority.