Central Bank to Set up NBFC Customer Grievance Mechanism by Month’s End

Central Bank to Set up NBFC Customer Grievance Mechanism by Month’s End

The Reserve Bank of India (RBI) said that in a bid to provide the customers of the Non-Banking Financial Companies (NBFCs) a fast and cost-free grievance redress mechanism, it has decided to introduce an Ombudsman Scheme.
In a recent statement on developmental and regulatory policies, the central bank disclosed the details on the scheme and said that it will be implemented by the month’s end for all NBFCs that are involved in the collection of deposits.
RBI said that since the banking ombudsman scheme is doing well, they have decided to introduce one for the NBFCs as well.