BANKING AFFAIRS

Detailed explanation-1: -Q. Under the Ombudsman scheme for NBFC, who is the appellate authority for handling the complaints? Notes: The Deputy Governor-in-Charge of the Department of the Reserve Bank implementing the Scheme will be appellate authority.

Detailed explanation-2: -5. The Executive Director-in charge of Consumer Education and Protection Department of RBI would be the Appellate Authority under the Scheme. 6. Complaints can continue to be filed online on https://cms.rbi.org.in.

Detailed explanation-3: -The NBFC Ombudsman is a senior official appointed by the Reserve Bank of India to redress customer complaints against NBFCs for deficiency in certain services covered under the grounds of complaint specified under Clause 8 of the Scheme.

Detailed explanation-4: -Role and responsibilities of the IO: The IO shall deal only with the complaints that have already been examined by the NBFC but have been partly or wholly rejected by the NBFC. In other words, the IO shall not handle complaints received directly from the customers or members of the public.

Detailed explanation-5: -Any person who has a grievance or complaint against a Reserve Bank of India (RBI) regulated entity, such as a bank, non-banking financial company (NBFC), or payment system participant, can lodge their complaint through a centralised complaint redressal system under the Integrated Ombudsman Scheme, 2021.