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Ombudsman Scheme for NBFCs
February 28 , 2018
2320 days
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- The Reserve Bank of India (RBI) launched ‘Ombudsman Scheme’ for non-banking financial companies (NBFC) for redressal of complaints against them.
- As per the RBI, this Scheme will offer a speedy and cost-free complaint redressal mechanism relating to deficiency in the services by NBFCs covered under the Scheme.
- The NBFC ombudsmen will function and the complaints of customer as per zone wise (Chennai, Mumbai, Kolkata and New Delhi.)
- The Ombudsman Scheme will provide an Appellate mechanism under which the complainant/ NBFC has the option to appeal against the decision of the Ombudsman before the Appellate Authority.
- The Non-Banking Financial Company (NBFC) - Infrastructure Finance Company (NBFC-IFC), Core Investment Company (CIC), Infrastructure Debt Fund - Non-Banking Financial Company (IDFNBFC) and an NBFC under liquidation, are excluded from the ambit of the Scheme.
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