{"id":257142,"date":"2021-11-16T10:30:59","date_gmt":"2021-11-16T05:00:59","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=257142"},"modified":"2021-11-16T10:06:29","modified_gmt":"2021-11-16T04:36:29","slug":"rbi-introduces-internal-ombudsman-mechanism-for-select-non-banking-financial-companies-nbfcs","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2021\/11\/16\/rbi-introduces-internal-ombudsman-mechanism-for-select-non-banking-financial-companies-nbfcs\/","title":{"rendered":"RBI introduces internal ombudsman mechanism for select Non-Banking Financial Companies (NBFCs)"},"content":{"rendered":"

On November 15, 2021, the Reserve Bank has directed Deposit-taking NBFCs (NBFCs-D) with 10 or more branches and Non-Deposit taking NBFCs (NBFCs-ND) with asset size of Rs.5,000 crore and above having public customer interface to appoint Internal Ombudsman (IO) at the apex of their internal grievance redress mechanism within a period of six months from the date of issue of the direction.<\/p>\n

 <\/p>\n

The Direction<\/a> covers, inter-alia, the appointment\/tenure, role and responsibilities, procedural guidelines, and oversight mechanism for the IO. All complaints that are partly or wholly rejected by the NBFC will be reviewed by the IO before the final decision of the NBFC is conveyed to the complainant. The IO will not entertain any complainants directly from members of public.<\/p>\n

 <\/p>\n

NBFCs not having public customer interface and certain types of NBFCs, viz., stand-alone Primary Dealers (PDs), NBFC – Infrastructure Finance Companies (NBFC-IFCs), Core Investment Companies (CICs), Infrastructure Debt Fund – Non-Banking Financial Companies (IDF-NBFCs), Non-Banking Financial Company \u2013 Account Aggregators (NBFC-AAs), NBFCs under Corporate Insolvency Resolution Process, NBFCs in liquidation and NBFCs having only captive customers have been excluded from the requirement to appoint IOs.<\/p>\n

\n","protected":false},"excerpt":{"rendered":"

On November 15, 2021, the Reserve Bank has directed Deposit-taking NBFCs (NBFCs-D) with 10 or more branches and Non-Deposit taking NBFCs (NBFCs-ND) <\/p>\n","protected":false},"author":8808,"featured_media":253309,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,1193],"tags":[],"class_list":["post-257142","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-notifications"],"yoast_head":"\nRBI introduces internal ombudsman mechanism for select Non-Banking Financial Companies (NBFCs) | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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of India (RBI) being satisfied that for the purpose of enabling it to promote conducive credit culture among the Non Banking Financial Companies (NBFCs) and to regulate the credit system\u2026","rel":"","context":"In "Business News"","block_context":{"text":"Business News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/business_news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-1.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-1.jpg?resize=1050%2C600&ssl=1 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Financial implication: The direct financial implication for the Government is Rs. 5\u2026","rel":"","context":"In "Cabinet Decisions"","block_context":{"text":"Cabinet Decisions","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/cabinet_decisions\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/CABINET-SECRETARIAT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/CABINET-SECRETARIAT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/CABINET-SECRETARIAT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/CABINET-SECRETARIAT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/CABINET-SECRETARIAT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":250479,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/06\/30\/rbi-issues-guidelines-on-declaration-of-dividends-by-nbfcs\/","url_meta":{"origin":257142,"position":2},"title":"RBI issues guidelines on declaration of dividends by NBFCs","author":"Prachi Bhardwaj","date":"June 30, 2021","format":false,"excerpt":"The Reserve Bank of India has issued circular dated June 24, 2021 prescribing the guidelines on distribution of dividend by NBFC\u2019s. 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At the same time, there is a need for\u2026","rel":"","context":"In "Op Eds"","block_context":{"text":"Op Eds","link":"https:\/\/www.scconline.com\/blog\/post\/category\/op-ed\/legal-analysis\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/12\/BANNER-3.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/12\/BANNER-3.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/12\/BANNER-3.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/12\/BANNER-3.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/12\/BANNER-3.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":266255,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/04\/30\/regulating-nbfcs-nomination-and-remuneration-committees-via-guidelines-on-compensation-of-key-managerial-personnel-kmp-and-senior-management-in-nbfcs\/","url_meta":{"origin":257142,"position":5},"title":"Regulating NBFCs\u2019 Nomination and Remuneration Committees via Guidelines on Compensation of Key Managerial Personnel (KMP) and Senior Management in NBFCs","author":"Prachi Bhardwaj","date":"April 30, 2022","format":false,"excerpt":"On 29th April 2022, Reserve Bank of India (RBI), issued guidelines on Key Managerial Personnel (KMP) and Senior Management in NBFCs. 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