Question
Download Solution PDFIn November 2021, RBI introduced an Internal Ombudsman mechanism for select Non-Banking Financial Companies.Non-Deposit-taking NBFCs with assets size of _______must appoint an Internal Ombudsman (IO).
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is ₹5,000 crore.
Key Points
- The Reserve Bank of India (RBI) on 15 November 2021 introduced an Internal Ombudsman mechanism for select Non-Banking Financial Companies (NBFCs).
- Desposit-taking NBFCs with 10 or more branches and non-deposit taking NBFCs with assets size of ₹5,000 crore must appoint an Internal Ombudsman (IO).
- The RBI has given six months time to follow the directions.
Important Points
- The direction covers the appointment/tenure, role and responsibilities, procedural guidelines, and oversight mechanism for the IO.
- All complaints that are partly or wholly rejected by the NBFC will be reviewed by the IO before the final decision of the NBFC is conveyed to the complainant.
- The IO will not entertain any complainants directly from members of public.
- The implementation of the IO mechanism will be monitored by the NBFC’s internal audit system apart from regulatory oversight by RBI.
Last updated on Jun 28, 2025
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