RBI announced Ombudsman for addressing customer grievances in the non-banking

 Reserve Bank of India on Wednesday announced setting up ombudsman for addressing customer grievances in the non-banking finance companies. The rules will be laid out by the end of this month. RBI will start with deposit taking NBFCs and widen the scope to cover NBFCs with asset size of Rs 100 crore.

“The scheme for banks is working well and is accepted as a preferred mode of customer grievance redressal by public at large, which is cost free and expeditious,” RBI deputy governor B.P. Kanungo. “There was no scheme as such for non-banking finance companies. This will be introduced by end of this month.”

Kanungo said that RBI will start with deposit taking NBFCs and at a later stage will include all non-banking finance companies who have asset size of Rs 100 and above, if they have customer interface under the ombudsman.

This will be introduced in a phased manner. “We will start with deposit taking NBFCs and include NBFC with Rs 100 crore and above,” said Kanungo.

Banking ombudsman is a quasi judicial authority, created to resolve customer complaints against banks relating to certain services provided by them. The Banking Ombudsman Scheme is operational from  1995.

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