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Published on 8/02/2018 10:37:57 AM | Source: Dion Global Solutions Ltd

RBI to unveil grievance redressal mechanism for NBFCs

Posted in Economy News| #RBI #Economy #Banking Sector #NBFC

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The Reserve Bank has said that it will bring about a customer grievance redressal mechanism for non- banking finance companies (NBFCs) by this month end. As per reports, the move is aimed at enhancing the availability of such platforms across the financial services sector. Commenting on the issue, a RBI Official told the media, "With a view to providing customers of NBFCs with a cost-free and expeditious grievance redress mechanism, it has been decided to introduce an Ombudsman Scheme for NBFCs."

“To begin with, the scheme will be operationalised by the end of this month for all deposit taking NBFCs. To be implemented in phased manner, it will cover all deposit taking NBFCs and those with customer interface having asset-size of Rs 100 crore and above,” he added.