RBI extends coverage of NBFC Ombudsman Scheme to eligible Non Deposit Taking NBFC
Reserve Bank of India (RBI) has extended the coverage of Ombudsman Scheme for Non-Banking Financial Companies (NBFCs), 2018 (the Scheme) to eligible Non Deposit Taking Non Banking Financial Companies (NBFC-NDs) having asset size of Rupees 100 crore or above with customer interface.
The extension of the Scheme to eligible Non-Deposit Accepting Non-Banking Financial Companies shall come into effect and force from April 26, 2019.
However, the following types of NBFCs are excluded from the ambit of the Scheme:
(i) The Non Banking Financial Company-Infrastructure Finance Company (NBFC-IFC),
(ii) Core Investment Company (CIC),
(iii) Infrastructure Debt Fund-Non-banking Financial Company (IDF-NBFC) and
(iv) NBFC under liquidation,
The the Ombudsman Scheme for Non-Banking Financial Companies (NBFCs) was launched on February 23, 2018 for redressal of complaints against NBFCs registered with RBI under Section 45-IA of the RBI Act, 1934 and covered all deposit accepting NBFCs to begin with.
The Scheme provides a cost-free and expeditious complaint redressal mechanism relating to deficiency in the services by NBFCs covered under the Scheme.
The offices of the NBFC Ombudsmen are functioning at four metro centres viz. Chennai, Kolkata, Mumbai and New Delhi and handle complaints of customers in the respective zones.
The Scheme also provides for an Appellate mechanism under which the complainant / NBFC has the option to appeal against the decision of the Ombudsman before the Appellate Authority.
The complete Scheme is available on RBI’s website.
In absence of mala fide intention bank should not be treated as assessee in default for late deduction and deposit…
Whether bank account was fraudulently open in the name of assessee is question of fact. High Court declined to entertain…
SBI Concurrent Auditor Empanelment of Chartered Accountant Firms for FY 2024-25 SBI Concurrent Auditor Empanelment of CA Firms for FY…
Change in the constitution of Appellate Authority for CAs CSs and Cost Accountants In 2015, the Ministry of Corporate Affairs…
Trade Tax Department was unjustified in retaining refund beyond stipulated period and adjusting it against default notices issued subsequently. In…
Notice issued u/s 143(2) prior to filing of return of income by the assessee was invalid. Before filing ITR provisions…