In order to address complaints, the Reserve Bank of India on February 23, 2018 launched Ombudsman Scheme for non-banking financial companies (NBFC). The scheme has provision for a cost-free and speedy means of complaint redressel mechanism if the services by non-banking financial companies which come under the scheme are found deficient.
The offices of the NBFC, to handle complaints of customers in the respective zones, will be located at four metro cities of Chennai, Kolkata, Mumbai and New Delhi. All deposit-taking NBFCs will be covered under the scheme. An appellate mechanism is also provided for in the scheme.
Once the settlement between the NBFC and the complainant becomes final, it is obligatory for the NBFC concerned to implement the same and send a report in this regard to the RBI within 15 days of the award becoming final.