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Business EconomyPosted at: Oct 8 2021 6:07PM


RBI to introduce internal ombudsman for NBFCs

Mumbai, Oct 8 (UNI) To further strengthen the internal grievance redress mechanism of NBFCs, the Reserve Bank of India (RBI) has decided to introduce the Internal Ombudsman Scheme (IOS) for certain categories of NBFCs that have higher customer interface, officials said on Friday.
RBI on Friday said that the IOS for NBFCs, which will be on the lines of IOS for banks and non-bank payment system participants, will require select NBFCs to appoint an Internal Ombudsman (IO) at the top of their internal grievance redress mechanism to examine customer complaints which are like a deficiency in service and are partly or wholly rejected by the NBFCs.
Detailed instructions in this regard will be issued separately, RBI said.
RBI said that NBFCs have played an important role in extending finance to niche sectors such as MSME, microfinance, housing, vehicle finance and have effectively complemented the efforts of banks through last-mile financial intermediation.
Several NBFCs have also successfully adopted digital modes to support the delivery of their financial products and services to a wide spectrum of customers.
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