The Reserve Bank of India (RBI) has now extended the ombudsman scheme to non-banking finance companies (NBFCs). The grievance redressal mechanism will help consumers in cases of blatant violation, as it happens in the case of banks, according to consumer activists. The scheme however, does not cover housing finance companies, which are regulated by National Housing Bank.
For now, the ombudsman scheme for NBFCs will only function for deposit-taking entities. Later, other NBFCs will be brought under the grievance redressal mechanism. Of the 11,500 NBFCs registered with the regulator, ...
TO READ THE FULL STORY, SUBSCRIBE NOW NOW AT JUST Rs
Key stories on business-standard.com are available to premium subscribers only.
Already a premium subscriber? LOGIN NOW
First Published: Fri, March 09 2018. 00:13 IST
RECOMMENDED FOR YOU