You are here: Home » Finance » News » NBFCs
Business Standard

Have complaints against an NBFC? Soon you'll get a platform to raise issues

The ombudsman will exercise jurisdiction over the companies it in a phased manner, starting with deposit-taking NBFCs

IANS  |  Mumbai 

Deputy RBI governor B P Kanungo, Deputy RBI governor N S Vishwanathan, RBI Governor Urjit Patel and Deputy RBI governor Viral V Acharya during RBI monetary policy meeting.     Photo: Kamlesh Pednekar
Deputy RBI governor B P Kanungo, Deputy RBI governor N S Vishwanathan, RBI Governor Urjit Patel and Deputy RBI governor Viral V Acharya during RBI monetary policy meeting. Photo: Kamlesh Pednekar

In a move to strengthen the customer mechanism for companies (NBFCs), (RBI) on Wednesday announced it would be setting up an for

Referring to the successful working of the banking ombudsman, told reporters here following central bank's last monetary policy review of 2017-18 that the "Scheme will be operationalised by the end of this month."

"The banking scheme has been working well and has been accepted as a preferred mode of customer by public at large, which is cost free and expeditious.

"It was found that since in the complaints were increasing, and there is no such redressal mechanism, it has been decided that we will have a scheme for the non-banking financial sector also," he said.

The will exercise jurisdiction over the companies it in a phased manner, starting with deposit-taking NBFCs, and at a later stage will include all companies which have an asset size of Rs 1 billion and above with customer interface.

The banking ombudsman, which is operational from 1995, is a quasi-judicial authority that works to resolve customer complaints relating to certain services provided by banks.

First Published: Thu, February 08 2018. 02:18 IST
RECOMMENDED FOR YOU