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- The Reserve Bank of India(RBI) has decided to extend the Ombudsman Scheme for Non-Banking Financial Companies(NBFCs),2018 to non-deposit taking non-banking financial companies(NBFC-NDs) having asset size of Rs 100 crore or above with customer interface.
- This decision has been taken to ensure expeditious redressal of complaints against deficiency in services concerning loans and other matters relating to deficiency in the services by NBFCs.
- An NBFC is a company registered under the Companies Act, 1956.It engages in the business of (a)loans and advances (b)acquisition of shares /stocks/ bonds/ debentures/securities issued by Government or local authority or other marketable securities of a like nature leasing and (c)hire-purchase,insurance business,chit business.
- However,it does not include any institution whose principal business is that of (a)agriculture activity (b)industrial activity (c)purchase or sale of any goods (other than securities) and (d)providing any services and sale/purchase/construction of immovable property.
- The Reserve Bank of India has introduced an Ombudsman Scheme for customers of Non-Banking Financial Companies (NBFCs).The Ombudsman Scheme for Non-Banking Financial Companies,2018 (the Scheme) is an expeditious and cost free apex level mechanism for resolution of complaints of customers of NBFCs relating to certain services rendered by NBFCs.
- The NBFC Ombudsman is a senior official appointed by the Reserve Bank of India to redress customer complaints against NBFCs for deficiency in certain services covered under the grounds of complaint specified under Clause 8 of the Scheme.



