Scheme for Non-Banking Financial Companies, 2018
Ref. CEPD. PRS.
The Reserve Bank of India (RBI)
had vide Notification
Ref.CEPD.PRS.No.3590/13.01.004/2017-18 dated February 23, 2018,
implemented the Ombudsman Scheme for Non-Banking Financial Companies
(NBFCs) as defined in Section 45-I(f) of the Reserve Bank of India Act,
1934 and registered with the RBI under Section 45-IA of the Reserve Bank of
India Act, 1934 which are authorised to accept deposits. The Scheme was to
be extended to remaining identified categories of NBFCs based on experience
gained. As announced in Para 11 of the Statement
on Developmental and Regulatory Policies of the Monetary Policy Statement
dated April 04, 2019, in partial modification of the Notification
ibid, RBI hereby directs that the Non-banking Financial Companies, as
defined in Section 45-I(f) of the Reserve Bank of India Act, 1934 and
registered with the RBI under Section 45-IA of the Reserve Bank of India
Act, 1934 which (a) are authorised to accept deposits; (b) are Non-Deposit
Taking Non-Banking Financial Companies having customer interface, with
assets size of Rupees 100 crore or above, as on the date of the audited
balance sheet of the previous financial year, or of any such asset size as
the RBI may prescribe, will come within the ambit, and shall comply with
the provisions of the Ombudsman Scheme for
Non-Banking Financial Companies, 2018.
2. The 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, are excluded from
the ambit of the Scheme.
3. The Scheme will continue to
be administered from the offices of the Non-Banking Financial Companies
Ombudsman in four metro centers viz. Chennai, Kolkata, Mumbai and New Delhi
for handling complaints from the respective zones, so as to cover the
entire country. The area of jurisdiction of these offices is indicated in ‘Annex- I'
of the Scheme.
4. The extension of the Scheme
to eligible Non-Deposit Accepting Non-Banking Financial Companies shall
come into effect and force from April 26, 2019.