RBI launches Ombudsman Scheme for NBFCs

The RBI today launched 'Ombudsman Scheme' for non-banking financial companies (NBFC) for redressal of complaints against them.
"The scheme will provide a cost-free and expeditious complaint redressal mechanism relating to deficiency in the services by NBFCs covered under the Scheme," the central bank said.
The offices of the NBFC ombudsmen will function at four metro centres -- Chennai, Kolkata, Mumbai and New Delhi.
They will handle complaints of customers in the respective zones.
"To begin with, the Scheme will cover all deposit-taking NBFCs. Based on the experience gained, the RBI would extend the scheme to cover NBFCs having asset size of Rs 100 crore and above with customer interface," the RBI said.

The Scheme 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.