Features and Area of Operations- Ombudsman Scheme

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

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, annualized 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 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 II
Address and Area of Operation of NBFC Ombudsman

Sr.NoCentreCentre Address of the Office of NBFC OmbudsmanArea of Operation
1ChennaiC/o Reserve Bank of India Fort Glacis, Chennai 600 001 STD Code: 044 Tel No. 25395964 Fax No. 25395488
Email: nbfcochennai@rbi.org.in
Tamil Nadu, Andaman and Nicobar Islands, Karnataka, Andhra Pradesh, Telangana, Kerala, Union Territory of Lakshadweep and Union Territory of Puducherry
2MumbaiC/o Reserve Bank of India, RBI Byculla Office Building, Opp. Mumbai Central Railway Station, Byculla, Mumbai-400 008 STD Code: 022 Tel No. 2300 1280 Fax No. 23022024
Email: nbfcomumbai@rbi.org.in
Maharashtra, Goa, Gujarat, Madhya Pradesh, Chhattisgarh, Union Territories of Dadra and Nagar Haveli, Daman and Diu
3New DelhiC/o Reserve Bank of India Sansad Marg, New Delhi - 110001 STD Code: 011 Tel. No. 23724856 Fax No. 23725218-19
Email: nbfconewdelhi@rbi.org.in
Delhi, Uttar Pradesh, Uttarakhand, Haryana, Punjab, Union Territory of Chandigarh Himachal Pradesh, and Rajasthan and State of Jammu and Kashmir
4KolkataC/o Reserve Bank of India 15, Netaji Subhash Road, Kolkata-700001 STD Code: 033 Tel. No. 22304982 Fax No. 22305899
Email: nbfcokolkata@rbi.org.in
West Bengal, Sikkim, Odisha, Assam, Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, Tripura, Bihar and Jharkhand