Ombudsman Scheme for NBFC : Launched by RBI

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Ombudsman Scheme for NBFC Launched by RBI
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Ombudsman Scheme for NBFC Launched by RBI
Ombudsman scheme was introduced by RBI recently
to provide the customers of  NBFC Company with
easy, cost-free and prompt grievance redress
mechanism. The ombudsman scheme for banks was a
hit among the banking customers hence RBI aimed
at releasing the same for Non-banking financial
companies. Ombudsman scheme for NBFC was
launched on 23rd February 2018. The current
ombudsman scheme would cover only the
deposit-taking NBFC, effective immediately. The
NBFC ombudsman is an official appointed by the
RBI to work on the customer complains.
Related Different types of NBFC in India
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Procedure for filing complaint with Ombudsman

• Any customer of NBFC can file a complaint with
  ombudsman on any grounds which are mentioned in
  the clause 8 of the said scheme.
• The complaint made by the representative should
  be made in the branch which has jurisdiction of
  the Non-Banking company against whom the
  complaint has been submitted.
• The complainant needs to sign the said form of
  grievance which is submitted, or if not signed by
  him it should be duly signed by the
  representative.
• The complaint filed should contain the address of
  the complainant the registered address of the
  NBFC. It should also contain relief which is
  sought by the complainant.

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Non-Applicability of the Ombudsman Scheme

• The scheme only covers deposit-taking NBFCs
  hence this scheme is not applicable on the
  non-deposit taking NBFC with asset size of 100
  crore rupees and above.
• The following NBFC are excluded from the ambit of
  the scheme
• Non-Banking Financial companies which are under
  liquidation
• The Non-Banking Financial Company- Infrastructure
  Finance Company
• Infrastructure Debt Fund- NBFC
• Core Investment Company

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Banks
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Groups for Filing Complaint (RBI)

• Financial Deficiency
• Functional Deficiency
• Contractual Deficiency

Rejection of the Complaint

• If the complainant has not filed the complaint
  with NBFC before filing a complaint with the
  ombudsman.
• The cause of action for which the complaint has
  been filed with the ombudsman is already going on
  in court or tribunal.
• The complaint filed is frivolous.
• If the complaint made is not on the grounds
  mentioned in the clause 8 of the ombudsman
  scheme.

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