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Ombudsman Scheme for NBFC : Launched by RBI

Ombudsman scheme was introduced by RBI recently to provide the customers of  NBFC Company with easy, cost-free and prompt grievance redress mechanism.

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Ombudsman Scheme for NBFC : Launched by RBI

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  1. Ombudsman Scheme for NBFC : Launched by RBI

  2. Ombudsman Scheme for NBFC : Launched by RBI Ombudsman scheme was introduced by RBI recently to provide the customers of NBFC Company with easy, cost-free and prompt grievance redress mechanism. The ombudsman scheme for banks was a hit among the banking customers hence RBI aimed at releasing the same for Non-banking financial companies. Ombudsman scheme for NBFC was launched on 23rd February 2018. The current ombudsman scheme would cover only the deposit-taking NBFC, effective immediately. The NBFC ombudsman is an official appointed by the RBI to work on the customer complains. Related: Different types of NBFC in India

  3. Procedure for filing complaint with Ombudsman • Any customer of NBFC can file a complaint with ombudsman on any grounds which are mentioned in the clause 8 of the said scheme. • The complaint made by the representative should be made in the branch which has jurisdiction of the Non-Banking company against whom the complaint has been submitted. • The complainant needs to sign the said form of grievance which is submitted, or if not signed by him it should be duly signed by the representative. • The complaint filed should contain the address of the complainant the registered address of the NBFC. It should also contain relief which is sought by the complainant. Must Read: Future of NBFC

  4. Non-Applicability of the Ombudsman Scheme • The scheme only covers deposit-taking NBFC’s hence this scheme is not applicable on the non-deposit taking NBFC with asset size of 100 crore rupees and above. • The following NBFC are excluded from the ambit of the scheme: • Non-Banking Financial companies which are under liquidation • The Non-Banking Financial Company- Infrastructure Finance Company • Infrastructure Debt Fund- NBFC • Core Investment Company Read More: Difference between NBFC and Commercial Banks

  5. Groups for Filing Complaint (RBI) • Financial Deficiency • Functional Deficiency • Contractual Deficiency Rejection of the Complaint • If the complainant has not filed the complaint with NBFC before filing a complaint with the ombudsman. • The cause of action for which the complaint has been filed with the ombudsman is already going on in court or tribunal. • The complaint filed is frivolous. • If the complaint made is not on the grounds mentioned in the clause 8 of the ombudsman scheme.

  6. CONTACT INFORMATION info@quickcompany.in 011-395-95858 www.quickcompany.in

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