All Days Except National Holidays(08:00 AM To 08:00 PM)
Non-Banking Financial Company offers
financial assistance to consumers. It is a Company registered under the
Companies Act, 1956.
· NBFCs
cannot accept demand deposits
· NBFCs
cannot issue cheques to its customers as they do not form a part of the payment
and settlement system.
· They
cannot issue demand drafts
No. Few categories of NBFCs which are regulated by other
regulators are exempted from the
requirement of registration with RBI.
·
Stock
broking companies registered with SEBI
·
Insurance
Company holding a valid Certificate of Registration issued by IRDAI
· Chit
Fund companies as defined in clause (b)
of Section 2 of the Chit Funds Act, 1982, and regulated by
Respective State
· Venture Capital Fund – Securities
Exchange Board of India
· Housing
Finance Companies regulated by National Housing Bank.
NBFCs are
categorized in terms of:-
· the type of liabilities into Deposit and
Non-Deposit accepting NBFCs
· non-deposit taking NBFCs by their size
into systemically important and other non-deposit holding companies (NBFC-NDSI
and NBFC-ND) and
· by the kind of activity they conduct.
Within this broad categorization the different types of NBFCs are as follows
a) Asset Finance Company (AFC): An AFC is
a company which is a financial institution
for doing its principal business like financing of physical assets supporting productive/economic activity, such
as automobiles, tractors and consumer
products.
b) Investment Company (IC): IC means any
company which is a financial institution
carrying on as its principal business the attainment of securities,
c) Loan Company (LC): LC means any company
which is a financial institution carrying
on as its principal business the providing of finance whether by making loans or advances or otherwise for
any activity other than its own but does not include
an Asset Finance Company.
d) Infrastructure
Finance Company (IFC): IFC is a non-banking finance company a) which deploys at
least 75 percent of its total assets in infrastructure loans, b) has a minimum
Net Owned Funds of 300 Crore,) has a minimum credit rating of ‘A ‘or equivalent
d) and a CRAR of 15%.
Tier-1.
Consumers
can send their written grievance to the company Head office or lodge online grievance
on company portal.
Tier-2.
If
consumer does not receive any response after 30 days of registering the
grievance or not satisfied with company response. Consumers can lodge grievance
on the online grievance handling portal of RBI.
https://cms.rbi.org.in/cms/IndexPage.aspx?aspxerrorpath=/cms/cms/indexpage.aspx
Tier-3.
Consumers
if not satisfied with company response or expecting compensation can approach Consumer Commission
following the procedure prescribed by them.
Tier-1.
Consumers
can send their written grievance to the company Head office or lodge online
grievance on company portal.
Tier-2.
If
consumer does not receive any response after 30 days of registering the grievance
or not satisfied with company response. Consumers can lodge grievance on the online grievance
handling portal of NHB.
Tier-3.
Consumers
if not satisfied with company response or expecting compensation (Not for
Subsidy grievances) can approach Consumer Commission following the procedure
prescribed by them.
Tier-1.
Complainants can send written
grievance to the company Head office or lodge online grievance on company portal.
Tier-2.
If
consumer does not receive any response after 30 days of registering the
grievance or not satisfied with company response. Consumers can lodge grievance
on the online grievance handling portal of SEBI on the portal:-
https://scores.gov.in/scores/Welcome.html
Company Law board offices are available on the
following link of RBI.
Yes,
there is a NBFC Ombudsman. 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.
Four NBFC Ombudsman have been appointed with their offices located at Chennai,
Kolkata, New Delhi and Mumbai
Consumer can file a complaint with the NBFC Ombudsman by writing
on a plain paper and sending it to the concerned office of the NBFC Ombudsman
by post/fax/hand delivery or sending by email to the NBFC Ombudsman.
A complaint form along
with the scheme is also available on RBI's website, though, it is not mandatory
to use this format. For more information please visit https://www.rbi.org.in/Scripts/bs_viewcontent.aspx?Id=3468
Yes, the Scheme provides the appellate mechanism for the complainant as well as the NBFC.
One can file appeal against the award or the decision of the NBFC
Ombudsman rejecting the complaint, within 30 days of the date of receipt of
communication of Award or rejection of the complaint. The Appellate Authority
may, if he/ she is satisfied that the applicant had sufficient cause for not
making an application for appeal within time, also allow a further period not
exceeding 30 days.