Question: Recently, in the initial phase by the RBI, of minimum how much amount asset holder NBFCs has been announced for the appointment of Lokpal?
(a) 10 lakh rupees
(b) 5 lakh rupees
(c) 3 lakh rupees
(d) 1 lakh rupees
- In the first week of February, a significant development by the RBI was announced to bring NBFCs under the purview of the Ombudsman.
- This Ombudsman will cover (NBFCs) whose asset size is minimum 10 lakh or more.
- Further, those NBFCs will also be brought under its scope, whose asset is 100 crore rupees or more and the customer interface is also available.
- This scheme will be implemented in the end of February, 2018.
- Under the scheme, if there is any complaint from the borrowers of financial companies (NBFCs), they will be able to contact their Ombudsman directly.
- In this way their grievances will be settled soon.
- Initially this scheme will be applicable to all deposit-taking NBFCs.
- RBI’s intent is to further strengthen the rules around these companies (NBFCs).
- It is noteworthy that so far, for the consumer complaints, the RBI had made mandatory to have obligatory Grievance Redressal Officer for all NBFCs.
- Whose names and addresses were present in the workspaces of NBFCs.
- It is important that NBFCs works under the requirement of low capital and do the risk holding business in comparison to the banks.
- Thus, the recent step of RBI is an important step in this direction.