By Dibisha Mishra (email@example.com)
Reserve Bank of India (RBI), in its Statement on Development and Regulatory Policies dated April 04, 2019, stated its intention to extend the same to the remaining notified classes of NBFCs as well, by the end of April, 2019.
Ombudsman Scheme for Non-Banking Financial Companies, 2018 (Scheme) on 23rd February, 2018 was introduced with the intent of curbing down the time, costs and complexities involved in complaint redressal mechanism for certain services rendered by non-banking financial companies (NBFC). The salient features of the Scheme worth taking note of has been explained in our previous article. The Scheme covered within its ambit, all NBFCs registered with RBI, who are:
- authorized to accept deposits; or
- having customer interface, with assets size of Rs. 100 Crores or above, as on the date of the audited balance sheet of the previous financial year,
(hereinafter referred to as “notified classes of NBFCs”) Read more