Saturday, December 4, 2021

RBI directs NBFCs to appoint Internal Ombudsman within 6 months

Reserve Bank of India has directed Non-Banking Finance Companies (NBFCs) to appoint an Internal Ombudsman within 6 months.

Deposit-taking NBFCs with more than 10 branches and non-deposit-taking NBFCs with an asset size of a minimum of 5 thousand Crore rupees have been asked to appoint an internal ombudsman within 6 months. It will be an apex of their internal grievance redress mechanism. All complaints that are partly or wholly rejected by the NBFC will be reviewed by the Internal Ombudsman before the final decision of the NBFC is conveyed to the complainant. The Internal Ombudsman will not entertain any complaints directly from members of public. NBFCs not having a public customer interface have been excluded from the requirement for appointment of an Internal Ombudsman.

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