Select Login
Select Product Type

Salient Features of Scheme

You are here:

Annex A

Ombudsman Scheme for Non-Banking Financial Companies, 2018 : Salient Features

Scheme covers customers of

All deposit taking NBFCs

NBFCs with assets size >= Rs. 100 crore + customer interface
(Excluding: Infrastructure Finance Companies, Core Investment Companies, Infrastructure Debt Fund and NBFCs under liquidation)

Grounds for filing a complaint by a customer:

  • Interest/Deposit not paid OR paid with delay
  • Cheque not presented OR done with delay
  • Not conveyed the amount of loan sanctioned, terms & conditions, annualised rate of interest, etc.
  • Notice not provided for changes in agreement, levy of charges
  • Failure to ensure transparency in contract/loan agreement
  • Failure/ Delay in releasing securities/ documents
  • Failure to provide legally enforceable built-in repossession in contract/ loan agreement
  • RBI directives not followed by NBFC
  • Guidelines on Fair Practices Code not followed

How can a customer file complaint?

Written representation to NBFC concerned

Written representation to NBFC concerned

If reply is not received from NBFC or customer remain dissatisfied with the reply of NBFC

If customer has not approached any forum

File a complaint with NBFC Ombudsman (not later than one year after the reply from NBFC)

How does Ombudsman take decision?

  • Proceedings before Ombudsman are summary in nature
  • Promotes settlement through conciliation → If not reached, can issue Award/Order

Can a customer appeal, if not satisfied with decision of Ombudsman?

Yes, If Ombudsman’s decision is appealable → Appellate Authority: Deputy Governor, RBI

Note:

  • This is an Alternate Dispute Resolution mechanism
  • Customer is at liberty to approach any other court/forum/authority for the redressal at any stage

Refer to www.rbi.org.in for further details of the Scheme

Annex I

Address and Area of Operation of NBFC Ombudsman

SN Centre Centre Address of the Office of NBFC Ombudsman Area of Operation
1. Chennai C/o Reserve Bank of India Fort Glacis, Chennai 600 001 STD Code: 044 Tel No. 25395964 Fax No. 25395488 Tamil Nadu, Andaman and Nicobar Islands, Karnataka, Andhra Pradesh, Telangana, Kerala, Union Territory of Lakshadweep and Union Territory of Puducherry
2. Mumbai C/o Reserve Bank of India, RBI Byculla Office Building, Opp. Mumbai Central Railway Station, Byculla, Mumbai-400 008 Maharashtra, Goa, Gujarat, Madhya Pradesh, Chhattisgarh, Union Territories of Dadra and Nagar Haveli, Daman and Diu
3. New Delhi C/o Reserve Bank of India Sansad Marg, New Delhi - 110001 STD Code: 011 Tel. No. 23724856 Fax No. 23725218-19 Delhi, Uttar Pradesh, Uttarakhand, Haryana, Punjab, Union Territory of Chandigarh Himachal Pradesh, and Rajasthan and State of Jammu and Kashmir
4. Kolkata C/o Reserve Bank of India 15, Netaji Subhash Road, Kolkata-700001 STD Code: 033 Tel. No. 22304982 Fax No. 22305899 West Bengal, Sikkim, Odisha, Assam, Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, Tripura, Bihar and Jharkhand

© 2017 Mahindra Finance

CIN - L65921MH1991PLC059642

Please rotate your IPAD to Landscape Mode.