Ombudsman For NBFC

The RBI on Friday said the ombudsman disposed of 95.1 per cent of the complaints it received between April 1, 2023 and March 31, 2024. Under the Reserve Bank - Integrated Ombudsman Scheme (RB-IOS), a total of 9,34,355 complaints were received by the Office of Reserve Bank of India Ombudsman ORBIOs and the Centralised Receipt and Processing Centre (CRPC), said the Annual Report of the Ombudsman Scheme for the period April 1, 2023 to March 31, 2024. "A total of 2,84,355 complaints were disposed by the ORBIOs during the year, thereby achieving a disposal rate of 95.10 per cent," it said. Out of the total complaints received at the ORBIOs, 88.77 per cent were received through digital modes, including on the online Complaint Management System (CMS) portal, email, and Centralised Public Grievance Redress and Monitoring System (CPGRAMS). The share of complaints from individuals in the total complaints was the highest at 2,56,527 (87.27 per cent) in the financial year 2023-24. Complaints

RBI said the IOS for NBFCs will be on the lines of IOS for banks and non-bank payment system participants

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