RBI issues Ombudsman Scheme for Non-Banking Financial Companies, 2018

Feb 26, 2018 | by Avantis RegTech Legal Research Team

The Reserve Bank of India (RBI) vide notification dated February 23, 2018 has issued the Ombudsman Scheme for Non-Banking Financial Companies, 2018. It is directed that the NBFCs, which (a) are authorised to accept deposits; or (b) have customer interface, with assets size of Rs. 1 billion or above, as on the date of the audited balance sheet of the previous financial year should comply with the provisions of the Ombudsman Scheme for Non-Banking Financial Companies, 2018.

The Non-banking Financial Company - Infrastructure Finance Company (NBFC-IFC), Core Investment Company (CIC), Infrastructure Debt Fund - Non-banking Financial Company (IDFNBFC) and an NBFC under liquidation, are excluded from the ambit of the Scheme.

The Scheme will be operationalized for all deposit accepting NBFC’s The Scheme would be extended to include the remaining identified categories of NBFCs.

The Scheme shall come into effect and force from February 23, 2018.

[CEPD.PRS.No.3590/13.01.004/2017-18]

Copy of Scheme: https://rbidocs.rbi.org.in/rdocs/Content/PDFs/NBFC23022018.pdf

URL: https://rbidocs.rbi.org.in/rdocs/notification/PDFs/NOTI561C3A69557C44E191D43BA652E9690E.PDF


Related Updates



Alternate Text

Get updates on the go on RuleZbook Mobile App.