- The Reserve Bank of India via notification on 23 February 2018, launched Ombudsman Scheme for non-banking financial companies (NBFCs), registered with RBI under section 45-IA of the RBI Act, 1934, for redressal of complaints against them.
- The scheme was announced in the Monetary Policy Statement OF February 7, 2018.
- The scheme will provide a cost-free and expeditious complaint redressal mechanism relating to deficiency in the services by NBFCs covered under the scheme.
- The scheme will cover all deposit-taking NBFCs, and based on the experience gained, it would extend it to cover NBFCs having asset size of 100 crore rupees and above with customer interface.
- The offices of the NBFC ombudsmen will function at four metro centres – New Delhi, Mumbai, Kolkata and Chennai.
