Current Affairs   »   RBI introduces Internal Ombudsman mechanism for...

RBI introduces Internal Ombudsman mechanism for select NBFCs

RBI introduces Internal Ombudsman mechanism for select NBFCs_50.1

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.

Buy Prime Test Series for all Banking, SSC, Insurance & other exams

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.

Find More Banking News Here

RBI introduces Internal Ombudsman mechanism for select NBFCs_60.1

RBI introduces Internal Ombudsman mechanism for select NBFCs_70.1

Thank You, Your details have been submitted we will get back to you.
Was this page helpful?

Leave a comment

Your email address will not be published. Required fields are marked *