- As per this mechanism, the deposit-taking NBFCs with 10 or more branches and non-deposit-taking NBFCs having an assets size of Rs5,000 crore and above should have an Internal Ombudsman (IO).
- For this, the central bank has given 6 months duration to such NBFCs to appoint IO.
- The appointment and implementation of the IO mechanism will be monitored by the internal audit system of NBFC and the regulatory unit of RBI as well.
- The IO will review the partly or wholly rejected complaints by NBFCs. This review activity will be done before the final decision of the NBFC is conveyed to the complainant.
- The IO will not entertain any complainants directly from members of public.
- The appointment criteria for IO are: The person should be a serving or retired officer in the finance sector of any regulatory body or NBFC or bank. The person should have a working experience of a minimum of 7 years. The person should have served the rank of atleast Deputy General Manager.
- Static Part:
- HQ of RBI: Mumbai
- Governor of RBI: Shaktikanta Das
Question:
Q.1 As per RBI, deposit-taking NBFCs with 10 or more branches and non-deposit-taking NBFCs having an assets size of ____ and above should have an Internal Ombudsman (IO)?
a. Rs 1,000 crore
b. Rs 5,000 crore
c. Rs 7,000 crore
d. Rs 3,000 crore
a. Rs 1,000 crore
b. Rs 5,000 crore
c. Rs 7,000 crore
d. Rs 3,000 crore