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23
August 2017
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. The Total Investment & Insurance Solutions
"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 Total Investment & Insurance Solutions
"The
RBI is also moving in the direction of harmonisation of regulatory frameworks
for different types of NBFCs," he said. The Total Investment & Insurance Solutions
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". The Total Investment & Insurance Solutions
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 Total Investment & Insurance Solutions
"The
NBFCs are an important part of the financial inclusion and the RBI will
continue to support them," Vishwanathan added. The Total Investment & Insurance Solutions
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