Nifty99000 100%

Sensex99000 100%

Article rating: No rating
Article rating: 4.8
Article rating: 5.0
Article rating: 3.0
Article rating: No rating
Article rating: 5.0
Article rating: No rating
Article rating: No rating
Article rating: 4.5
Article rating: No rating
Article rating: No rating
Article rating: 4.2
Article rating: 5.0
Article rating: 4.0
Article rating: No rating
Article rating: No rating


NBFCs to get Ombudsman to strengthen customers’ complaint redressal

Author: IANS/Thursday, February 8, 2018/Categories: Banking & Financial Services

NBFCs to get Ombudsman to strengthen customers’ complaint redressal

Mumbai - In a move to strengthen the customer grievance redressal mechanism for non-banking finance companies (NBFCs), Reserve Bank of India (RBI) on Wednesday announced it would be setting up an ombudsman for NBFCs.

Referring to the successful working of the banking ombudsman, RBI Deputy Governor B.P. Kanungo told reporters here following central bank's last monetary policy review of 2017-18 that the "Ombudsman Scheme will be operationalised by the end of this month."

"The banking ombudsman scheme has been working well and has been accepted as a preferred mode of customer grievance redressal by public at large, which is cost free and expeditious.

"It was found that since in the NBFCs complaints were increasing, and there is no such redressal mechanism, it has been decided that we will have a scheme for the non-banking financial sector also," he said. 

The ombudsman will exercise jurisdiction over the companies it in a phased manner, starting with deposit taking NBFCs, and at a later stage will include all non-banking finance companies which have an asset size of Rs 100 crore and above with customer interface. 

The banking ombudsman, which is operational from 1995, is a quasi-judicial authority that works to resolve customer complaints relating to certain services provided by banks.

Print Rate this article:
No rating

Number of views (327)/Comments (0)

rajyashree guha


Other posts by IANS
Contact author

Leave a comment

Add comment



Ask the Finapolis.

I'm not a robot
Dharmendra Satpathy
Col. Sanjeev Govila (retd)
Hum Fauji Investments
The Finapolis' expert answers your queries on investments, taxation and personal finance. Want advice? Submit your Question above
Want to Invest



The technical studies / analysis discussed here can be at odds with our fundamental views / analysis. The information and views presented in this report are prepared by Karvy Consultants Limited. The information contained herein is based on our analysis and upon sources that we consider reliable. We, however, do not vouch for the accuracy or the completeness thereof. This material is for personal information and we are not responsible for any loss incurred based upon it. The investments discussed or recommended in this report may not be suitable for all investors. Investors must make their own investment decisions based on their specific investment objectives and financial position and using such independent advice, as they believe necessary. While acting upon any information or analysis mentioned in this report, investors may please note that neither Karvy nor Karvy Consultants nor any person connected with any associate companies of Karvy accepts any liability arising from the use of this information and views mentioned in this document. The author, directors and other employees of Karvy and its affiliates may hold long or short positions in the above mentioned companies from time to time. Every employee of Karvy and its associate companies is required to disclose his/her individual stock holdings and details of trades, if any, that they undertake. The team rendering corporate analysis and investment recommendations are restricted in purchasing/selling of shares or other securities till such a time this recommendation has either been displayed or has been forwarded to clients of Karvy. All employees are further restricted to place orders only through Karvy Consultants Ltd. This report is intended for a restricted audience and we are not soliciting any action based on it. Neither the information nor any opinion expressed herein constitutes an offer or an invitation to make an offer, to buy or sell any securities, or any options, futures or other derivatives related to such securities.

Subscribe For Free

Get the e-paper free