Reserve Bank of India (RBI) on November 15 introduced internal ombudsman mechanism for select-NBFCs.
RBI has directed deposit-taking NBFCs (NBFCs-D) with 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.
Certain NBFCs not having public customer interface and certain types of NBFCs, viz., standalone 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 – Account Aggregators.