The Reserve Bank of India (RBI) is considering an ‘Ombudsman’ scheme for redressal of customer grievances with the non-banking finance companies (NBFCs) even as the central bank is not in favour of the NBFCs taking deposits from public, Deputy Governor N.S. Vishwanathan said on Wednesday.
“We are thinking of an Ombudsman scheme for the NBFCs so that people will feel they have a central bank regulated mechanism (for redressal). This would only strengthen customer confidence in the NBFCs”, Vishwanathan said here while inaugurating an Non-Banking Finance Companies 2017 conference organised by Associated Chambers of Commerce and Industry of India (Assocham).
“The RBI is also moving in the direction of harmonisation of regulatory frameworks for different types of NBFCs,” he said.
Referring to yet another key measure being planned by the RBI, Vishwanathan said: “We are moving in (for) harmonisation of different types of regulations for the NBFCs ….”
He said there are several unfolding models which would keep evolving and “they would keep changing”.
However, the RBI is not in favour of the NBFCs taking deposits from the public, he said.
These financial firms have recorded much higher annualised growth of about 14 per cent in credit against much lower by the banks. Even the asset quality of the NBFCs is far better than those of the banks.
“The NBFCs are an important part of the financial inclusion and the RBI will continue to support them,” Vishwanathan added.