RBI mulls ombudsman for NBFC customers

The central bank is considering an 'ombudsman' scheme for redressal of customer grievances at non-banking finance companies (NBFCs) in line with banks, RBI Deputy Governor N S Vishwanathan said today.
He also said the Reserve Bank is not in favour of NBFCs accepting deposits from public with a view to protect the interest of depositors.
"We are thinking of an ombudsman scheme for the NBFCs so that people will feel they have a central bank regulated mechanism (for redressal)," he said at an event organised by Assocham.
This would only strengthen customer confidence in NBFCs, he said.
NBFCs have recorded much higher annualised growth of about 14 per cent in credit compared to banks, he said, adding the asset quality of NBFCs too is far better than those of banks.

NBFCs are an important part of financial inclusion and the RBI will continue to support them, he added.