RBI directs specified NBFCs to appoint an Internal Ombudsman

The RBI has directed for appointment of Internal Ombudsman (IO) by deposit taking NBFCs (NBFC-D) which has accepted deposit and has 10 or more branches. Non-Deposit taking NBFCs (NBFC-ND) with asset size of Rs.5,000 crore and above and having public customer interface shall also be required to have an internal ombudsman. Any NBFC which is covered by this direction shall continue to have an IO for a period of three years after the company falls below the thresholds.The RBI has directed for appointment of Internal Ombudsman (IO) by deposit taking NBFCs (NBFC-D) which has accepted deposit and has 10 or more branches. Non-Deposit taking NBFCs (NBFC-ND) with asset size of Rs.5,000 crore and above and having public customer interface shall also be required to have an internal ombudsman. Any NBFC which is covered by this direction shall continue to have an IO for a period of three years after the company falls below the thresholds.taxmann.com Latest Statutory HappeningsRead More

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