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RBI introduces Internal Ombudsman mechanism for select NBFCs

Sumit Arora Published On November 17th, 2021 Leave a comment

The Reserve Bank of India has announced to introduce the Internal Ombudsman mechanism for the following two types of Non-Banking Financial Companies (NBFCs). These two types of NBFCs are Deposit-taking NBFCs (NBFCs-D) with 10 or more branches and Non-Deposit taking NBFCs (NBFCs-ND) with asset size of Rs.5,000 crore and above having public customer interface.

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Consequently, these two categories of NBFCs will have to appoint Internal Ombudsman (IO). The internal Ombudsman will be responsible for handling the public grievance at the entity level before the grievance is escalated to Ombudsman at RBI. RBI has given a timeline of six months to the NBFCs for the appointment of the Internal Ombudsman.

Important takeaways for all competitive exams:

RBI Founded: April 1, 1935;
RBI Headquarters: Mumbai, Maharashtra;
RBI Governor: Shaktikanta Das.

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Sumit Arora

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As a team lead and current affairs writer at Adda247, my role involves researching and creating informative and engaging content aimed at helping candidates prepare for national and state-level competitive government exams. I specialize in delivering insightful articles that keep aspirants updated on the latest current affairs trends and developments. My primary focus is on educational excellence, ensuring that our readers are well-prepared and informed to face their exams with confidence. Through meticulously crafted content, I aim to guide and support candidates in their journey toward success.