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The Ombudsman Scheme for Non-Banking Financial Companies, 2021
TABLE OF CONTENTS | ||||||||||||||||||||||
CHAPTER I | ||||||||||||||||||||||
PRELIMINARY | Page No. | |||||||||||||||||||||
1 | Short title, Commencement, Extent and Application | 3 | ||||||||||||||||||||
2 | Suspension of the Scheme | 3 | ||||||||||||||||||||
3 | Definitions | 3 | ||||||||||||||||||||
CHAPTER II | ||||||||||||||||||||||
OFFICES UNDER THE RESERVE BANK- INTIGRATED OMBUDSMAN SCHEME, 2021 | ||||||||||||||||||||||
4 | Appointment and Tenure of Ombudsman and Deputy Ombudsman | 5 | ||||||||||||||||||||
5 | Location of the Office of the Ombudsman | 5 | ||||||||||||||||||||
6 | Establishment of a Centralised Receipt and Processing Centre | 5 | ||||||||||||||||||||
CHAPTER III | ||||||||||||||||||||||
JURISDICTION, POWERS AND DUTIES OF OMBUDSMAN | ||||||||||||||||||||||
7 | Powers and Jurisdiction | 6 | ||||||||||||||||||||
CHAPTER IV | ||||||||||||||||||||||
PROCEDURE FOR REDRESSAL OF GRIEVANCE | ||||||||||||||||||||||
8 | Grounds of Complaint | 7 | ||||||||||||||||||||
9 | Procedure for Filing Complaint | 8 | ||||||||||||||||||||
9-A | Power Not to Entertain a Complaint | 8 | ||||||||||||||||||||
10 | Power to Call for Information | 9 | ||||||||||||||||||||
11 | Settlement of Complaint by Agreement | 10 | ||||||||||||||||||||
12 | Award by the Ombudsman | 10 | ||||||||||||||||||||
13 | Rejection of the Complaint | 11 | ||||||||||||||||||||
14 | Appeal Before the Appellate Authority | 12 | ||||||||||||||||||||
15 | NBFCs to display salient features of the Scheme for knowledge of public (in English, Hindi and Vernacular Language) | 13 | ||||||||||||||||||||
CHAPTER V | ||||||||||||||||||||||
MISCELLANEOUS | ||||||||||||||||||||||
16 | Removal of Difficulties | 15 | ||||||||||||||||||||
Annex I | Address and Area of Operation of NBFC Ombudsman | 16 | ||||||||||||||||||||
Annex II | Form of Complaint | 17 | ||||||||||||||||||||
THE OMBUDSMAN SCHEME FOR NBFCs, 2018 2 | ||||||||||||||||||||||
www.rbi.org.in | ||||||||||||||||||||||
DEPUTY GOVERNOR | ||||||||||||||||||||||
Ombudsman Scheme for Non-Banking Financial Companies, 2021 | ||||||||||||||||||||||
NOTIFICATION | ||||||||||||||||||||||
Ref. CEPD. PRD. No. S544/13.01.001/2022-23 | August 5, 2022 | |||||||||||||||||||||
In exercise of the powers conferred by sub section (1) of Section 11 of the Credit Information Companies (Regulation) Act, 2005, and in partial modification of its notification CEPD. PRD. No. S873/13.01.001/2021-22 dated November 12, 2021, the Reserve Bank of India, being satisfied that it is in public interest to do so, and to provide an avenue for cost free alternate grievance redress to customers of regulated entities covered under the RBIOS 2021 (the Scheme) for grievances against Credit Information Companies, hereby directs that the ‘Credit Information Company’ as defined in the Credit Information Companies (Regulation) Act, 2005, shall also be treated as a ‘Regulated Entity’ for the purpose of the Scheme. Ombudsman Scheme for Non-Banking Financial Companies, 2021 The Scheme is introduced with the object of enabling resolution of complaints free of cost, relating to certain aspects of services rendered by certain categories of non-banking financial companies registered with the Reserve Bank, to facilitate the satisfaction or settlement of such complaints, and matters connected therewith. | ||||||||||||||||||||||
CHAPTER I | ||||||||||||||||||||||
PRELIMINARY | ||||||||||||||||||||||
1. SHORT TITLE, COMMENCEMENT, EXTENT AND APPLICATION (1) This Scheme may be called the Reserve Bank – Integrated Ombudsman Scheme, 2021. 2. SUSPENSION OF THE SCHEME (1) The Reserve Bank, if it is satisfied that it is expedient so to do, may by order suspend for such period as may be specified in the order, the operation of all or any of the clauses of the Scheme, either generally or in relation to any specified Regulated Entity. 3. DEFINITIONS (1) In the Scheme, unless the context otherwise requires: (a) “Appellate Authority” means the Executive Director in-Charge of the Department of the Reserve Bank administering the Scheme; | ||||||||||||||||||||||
CHAPTER II | ||||||||||||||||||||||
ESTABLISHMENT OF OFFICE OF OMBUDSMAN | ||||||||||||||||||||||
4. APPOINTMENT AND TENURE OF OMBUDSMAN AND DEPUTY OMBUDSMAN (1) The Reserve Bank may appoint one or more of its officers as Ombudsman and Deputy Ombudsman, to carry out the functions entrusted to them under the Scheme. 5. LOCATION OF OFFICE OF THE OMBUDSMAN (1) The offices of the Ombudsman shall be at such places as may be specified by the Reserve Bank. 6. ESTABLISHMENT OF A CENTRALISED RECEIPT ND PROCESSING CENTRE (1) The Reserve Bank shall establish the Centralised Receipt and Processing Centre at any place as may be decided by it to receive the complaints filed under the Scheme and process them. 7. STAFFING OF THE OFFICES OF OMBUDSMAN AND CENTRALISED RECEIPT AND PROCESSING CENTRE The Reserve Bank shall ensure that the offices of the Ombudsman and the Centralised Receipt and Processing Centre are adequately staffed and shall bear the cost thereof. | ||||||||||||||||||||||
CHAPTER III | ||||||||||||||||||||||
POWERS AND FUNCTIONS OF OMBUDSMAN | ||||||||||||||||||||||
8. POWER AND FUNCTIONS (1) The Ombudsman/Deputy Ombudsman shall consider the complaints of customers of Regulated Entities relating to deficiency in service. | ||||||||||||||||||||||
CHAPTER IV | ||||||||||||||||||||||
PROCEDURE FOR REDRESSAL OF GRIEVANCE UNDER THE SCHEME | ||||||||||||||||||||||
9. GROUNDS OF COMPLAINT Any customer aggrieved by an act or omission of a Regulated Entity resulting in deficiency in service may file a complaint under the Scheme personally or through an authorised representative as defined under clause 3(1)(c). 10. GROUNDS FOR NON-MAINTAINABILITY OF A COMPLAINT (1) No complaint for deficiency in service shall lie under the Scheme in matters involving: 11. PROCEDURE FOR FILING A COMPLAINT (1) The complaint may be lodged online through the portal designed for the purpose (https://cms.rbi.org.in). 12. INITIAL SCRUTINY OF COMPLAINTS (1) Complaints which are in the nature of offering suggestions or seeking guidance or explanation shall not be treated as valid complaints under the Scheme and shall be closed accordingly with a suitable communication to the complainant. THE OMBUDSMAN SCHEME FOR NBFCs, 2018 9 13. POWER TO CALL FOR INFORMATION (1) The Ombudsman may, for the purpose of carrying out duties under this Scheme, require the Regulated Entity against whom the complaint has been made or any other Regulated Entity which is a party to the dispute to provide any information or furnish certified copies of any document relating to the complaint which are or is alleged to be in its possession. 14. RESOLUTION OF COMPLAINTS (1) The Ombudsman/Deputy Ombudsman shall endeavour to promote settlement of a complaint by agreement between the complainant and the Regulated Entity through facilitation or conciliation or mediation. 15. AWARD BY THE OMBUDSMAN (1) Unless the complaint is rejected under clause 16, the Ombudsman shall pass an Award in the event of: (4) Notwithstanding anything contained in sub-clause (3), the Ombudsman shall not have the power to pass an Award directing payment by way of compensation, an amount which is more than the consequential loss suffered by the complainant or Rupees 20 lakh whichever is lower. The compensation that can be awarded by the Ombudsman shall be exclusive of the amount involved in the dispute. 16. REJECTION OF A COMPLAINT (1) The Deputy Ombudsman or the Ombudsman may reject a complaint at any stage if it appears that the complaint made: (f) in the opinion of the Ombudsman there is no financial loss or damage, or inconvenience caused to the complainant. 17. APPEAL BEFORE THE APPELLATE AUTHORITY (1) There shall not be any right of appeal to a Regulated Entity for an Award issued for non-furnishing of documents/information under clause 15(1)(a). (c) remand the matter to the Ombudsman for fresh disposal in accordance with such directions as the Appellate Authority may consider necessary or proper; or 18. REGULATED ENTITY TO DISPLAY SALIENT FEATURES OF THE SCHEME FOR KNOWLEDGE OF THE PUBLIC (1) The Regulated Entity to which the Scheme is applicable shall facilitate the smooth conduct of the Scheme by ensuring meticulous adherence to the requirements under the Scheme, failing which, the Reserve Bank may take such action as it may deem fit. (6) The salient features of the Scheme along with the copy of the Scheme and the contact details of the Principal Nodal Officer shall be displayed and updated on the website of the Regulated Entity. | ||||||||||||||||||||||
CHAPTER V | ||||||||||||||||||||||
MISCELLANEOUS | ||||||||||||||||||||||
19. REMOVAL OF DIFFICULTIES If any difficulty arises in giving effect to the provisions of the Scheme, the Reserve Bank may make such provisions not inconsistent with the Reserve Bank of India Act, 1934, or the Banking Regulation Act, 1949, or the Payment and Settlement Systems Act, 2007, or the Credit Information Companies (Regulation) Act, 200510 or the Scheme, as it may consider necessary or expedient for removing any difficulty. 20. REPEAL OF THE EXISTING SCHEMES AND APPLICATION TO PENDING PROCEEDINGS (1) The Banking Ombudsman Scheme, 2006, the Ombudsman Scheme for Non-Banking Financial Companies, 2018, and the Ombudsman Scheme for Digital Transactions, 2019, hereby stand repealed. | ||||||||||||||||||||||
Annex I | ||||||||||||||||||||||
Address and Area of Operation of NBFC Ombudsman | ||||||||||||||||||||||
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THE OMBUDSMAN SCHEME FOR NBFCs, 2021 | ||||||||||||||||||||||
Annex II– COMPLAINT FORM | ||||||||||||||||||||||
COMPLAINT FORM |
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