RBI introduces internal ombudsman mechanism for select NBFCs

RBI introduces internal ombudsman mechanism for select NBFCs

NS reserve Bank of India announced to present internal ombudsman system for the following two types Non-Banking Financial Companies (NBFCs). These two types of NBFCs are deposit taking NBFCs (NBFC-D) 10 or more branches and non-deposit taking NBFCs (NBFC-ND) having asset size of Rs.5,000 crore and above have public client interface.

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Consequently, these two categories of NBFCs have to be appointed Internal Ombudsman (IO). The Internal Ombudsman will be responsible for handling public grievances at the unit level before sending the complaint to the Ombudsman in RBI. RBI has given NBFCs six months to appoint an internal ombudsman.

Important facts for all competitive exams:

  • Establishment of RBI: April 1, 1935;
  • RBI Headquarters: Mumbai, Maharashtra;
  • RBI Governor: Shaktikanta Das.

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