comScore
Active Stocks
Wed Dec 06 2023 15:52:23
  1. Tata Steel share price
  2. 131.8 0.15%
  1. State Bank Of India share price
  2. 608.1 -0.05%
  1. Power Grid Corporation Of India share price
  2. 224.4 0.9%
  1. Tata Motors share price
  2. 722.4 1.99%
  1. NTPC share price
  2. 281.15 -1.52%
Business News/ Industry / Banking/  RBI extends ombudsman scheme to non-deposit taking NBFCs
Back Back

RBI extends ombudsman scheme to non-deposit taking NBFCs

It will help provide expeditious complaint redressal mechanism to customers
  • The ombudsman scheme was earlier operationalized for deposit-accepting NBFCs
  • The ombudsman scheme was earlier operationalized for deposit-accepting NBFCsPremium
    The ombudsman scheme was earlier operationalized for deposit-accepting NBFCs

    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.

    Milestone Alert!
    Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more.

    Catch all the Industry News, Banking News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
    More Less
    Published: 26 Apr 2019, 10:19 AM IST
    Next Story footLogo
    Recommended For You
    Banking Stocks
    ₹1,132.1-1.05%
    ₹1,623.450.23%
    ₹1,013.15-1.01%
    ₹85.030.48%
    ₹608.4-0.05%
    Switch to the Mint app for fast and personalized news - Get App