In a bid to provide faster grievance redressal against shortfall in services relating to loans and other issues, RBI today included non-deposit taking NBFCs with asset size of Rs. 100 crore or more within the ombudsman scheme. Earlier the ombudsman scheme was introduced for deposit-taking NBFCs. Now within the purview of the scheme, are included some more categories of NBFCs.

The extension of the ombudsman scheme will enable customers to get cost-free and expeditious redressal against complaints concerning deficiency in services covered as part of the scheme.

Furthermore, infrastructure finance company (NBFC-IFC), infrastructure debt fund-non-banking financial company (IDF-NBFC), core investment company (CIC) and an NBFC under liquidation do not form the part of the scheme.

Also the scheme offer an appellate mechanism in which the NBFC or its customer can make an appeal before the appellate authority against the decision taken by the Ombudsman.

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