All Deposit taking NBFCs
NBFCs with assets size >= Rs.100 crore + customer interface (Excluding : Infrastructure Finance Companies, Core Investment Companies, Infrastructure Debt Fund and NBFCs under Liquidation).
- Interest/Deposit not paid OR paid with delay
- Cheque not presented OR done with delay
- Not conveyed the amount of loan sanctioned, terms & conditions, annualised rate of interest, etc.
- Notice not provided for changes in agreement, levy of charges
- Failure to ensure transparency in contract / loan agreement
- Failure / Delay in releasing securities / documents
- Failure to provide legally enforceable built-in repossession in contract / loan agreement RBI directives not followed by NBFC
Guidelines on Fair Practices Code not followed
Written representation to NBFC:
– At the end of one month : If reply is not received from NBFC or customer remain dissatisfied with the reply of NBFC representation to NBFC.
– If the Customer has not approached any forum : File a complaint with NBFC Ombudsman (not later than one year after one year after the reply from NBFC).
Proceedings before Ombudsman are summary in nature.
Promotors are settlement through conciliation. If not reached, can issue Award/Order
Yes, if Ombudsman’s decision is appealable Appellate Authority :Deputy Governor RBI
This is an Alternate Dispute Resolution mechanism.
Customer is at liberty to approach any other court/forum/authority for the redressal at any stage.
Refer to Reserve Bank of India – Frequently Asked Questions (rbi.org.in) for further details of the Scheme.