RBI extends ombudsman scheme to non-deposit taking NBFCs

RBI extends ombudsman scheme to non-deposit taking NBFCs

• The Reserve Bank of India has extended the NBFC Ombudsman Scheme 2018 to Non-Deposit Taking Non-Banking Financial Companies with assets size of Rupees 100 crore or above.
• NBFC’s excluded from the ambit of NBFC Ombudsman: 
  • Non-Banking Financial Company – Infrastructure Finance Company (NBFC-IFC),
  • Core Investment Company (CIC),
  • Infrastructure Debt Fund-Non-Banking Financial Company (IDF-NBFC) and
  • an NBFC under liquidation
• Offices of the Non-Banking Financial Companies Ombudsman are present in four metro centers viz. Chennai, Kolkata, Mumbai and New Delhi for handling complaints.
• Maximum Award under NBFC Ombudsman: Rs 10 lakh

Points to remember:

1. NBFC Ombudsman scheme will be applicable on non-deposit taking NBFCs with minimum asset size of?
2. NBFCs on which NBFC Ombudsman is not applicable?
3. Maximum Award under NBFC Ombudsman Scheme?
4. NBFC Ombudsman Scheme in which year?-2018
5. NBFC Ombudsman present in how many cities?