Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 23 MAY 2019

Expansion Of Ombudsman Scheme

Khaitan & Co.
Khaitan & Co.
Contributor
Khaitan & Co.

Khaitan & Co.

Founded in 1911, Khaitan & Co is a heritage law firm that has been a trusted adviser to leading...

View firm profile
Explore more from Khaitan & Co.

In furtherance of protecting and promoting the interests of the customers in the Non-Banking Finance Companies sector, the RBI has expanded the scope of the Ombudsman Scheme for Non-Banking Finance Companies, 2018.

IndiaFinance and Banking
Akshay Bhargav
Akshay Bhargav
Vidushi Gupta
Vidushi Gupta
Rohan Shrivastava
Rohan Shrivastava
Author LinkedIn connections

In furtherance of protecting and promoting the interests of the customers in the Non-Banking Finance Companies (NBFC) sector, the Reserve Bank of India (RBI) has expanded the scope of the Ombudsman Scheme for Non-Banking Finance Companies, 2018 (Scheme).

Background

In the statement on Developmental and Regulatory Policies dated 7 February 2018 (Statement), the RBI had set out its decision to introduce the Scheme with the objective of providing customers of NBFCs with a grievance redressal mechanism that was expeditious and cost-free. The Statement indicated that the Scheme would be operationalised initially for all deposit taking NBFCs, while it was also intended to cover NBFCs having an asset-size of INR 100 crores and above with customer interface. The Scheme was accordingly issued by the RBI on 23 February 2018 in line with the Statement.

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

See more popular content from

Article

Banking & Finance Updates September 2026

In August 2026, the Reserve Bank of India (RBI) released the draft Reserve Bank of India (Interest Rates on Loans and Advances) Directions, 2026, proposing a comprehensive framework for the way regulated entities determine and apply interest rates on loans. While the Indian banking sector has long operated under a patchwork of institution specific instructions, the draft Directions seek to bring much-needed consistency to interest rate regulation across banks, cooperative banks, regional rural banks (RRBs), all-India financial institutions and NBFCs. If finalised in their present form, the Directions will come into effect from 1 April 2027.
IndiaFinance and Banking
King, Stubb & Kasiva
King, Stubb & Kasiva
Article

A Guide To Insider Trading Laws In India!

In the world of finance, the term insider trading often evokes images of shady deals and hidden agendas. But what exactly is insider trading? Why is it illegal, and how do laws in India seek to prevent it? Let's dive into this intriguing subject, simplifying the complexities surrounding insider trading laws in India, while exploring the impact of these laws on the financial markets and their role in maintaining fairness.
IndiaFinance and Banking
MZM Legal, Advocates & Legal Consultants
MZM Legal, Advocates & Legal Consultants
Article

Can A Legal Heir Claim An FD Without Being Named As A Nominee? Here's A Guide

When a fixed deposit (FD) holder dies without naming a nominee, families often assume the money is stuck or lost in legal complexity. Indian banking rules allow legal heirs to claim such deposits, provided they submit the right documents and follow the due process. Understanding this distinction is crucial, especially as a large number of deposits remain unclaimed each year due to a lack of awareness.
IndiaFinance and Banking
Foresight Law Offices
Foresight Law Offices
Article

Supreme Court Clarifies Applicability Of SARFAESI Remedies For A Secured Creditor Who Acquires An NPA From A Non-notified NBFC

In Kotak Mahindra Bank Limited v Trupti Sanjay Mehta and Others, 2026 INSC 943 (Kotak Mahindra), the Hon’ble Supreme Court of India considered whether a bank as defined under Section 2(1)(c) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) could invoke the provisions of the SARFAESI Act to recover a secured debt acquired from an entity which was not covered under the ambit of the SARFAESI Act at the time of disbursement of the loan.
IndiaFinance and Banking
Khaitan & Co.
Khaitan & Co.
Article

Maharashtra Introduces A Dedicated Stamp Duty Regime For Bank And Financial Guarantees

The Maharashtra Stamp (Fourth Amendment) Act, 2026 introduces a new dedicated stamp duty framework for financial and bank guarantees in Schedule I of the Maharashtra Stamp Act, 1958. This amendment establishes differentiated duty rates based on guarantee value and type, addressing long-standing ambiguities in how such instruments were previously taxed under generic security bond provisions. The reform has significant implications for banks, NBFCs, and entities dealing with government contracts, though quest
IndiaFinance and Banking
Acuity Law
Acuity Law
Article

Received A DRT / Sarfaesi Notice? A Borrower’s And Guarantor’s Guide To Response Timelines And Defences

The Debts Recovery Tribunal, also known as DRT, follows certain rules which relate to the time limits mentioned in the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act or the Act). These limits are not merely procedural requirements and instead are factors which influence the right of the borrower or guarantor depending on the stage of recovery proceedings in question.
IndiaFinance and Banking
Maheshwari & Co. Advocates & Legal Consultants
Maheshwari & Co. Advocates & Legal Consultants
Article

Ministry Of Labour And Employment Operationalises The Provisions On Payment Of Statutory Bonus

On 25 August 2026, the Ministry of Labour and Employment issued two notifications (Notifications) under the Code on Wages, 2019 (Wage Code), thereby operationalising specified provisions relating to payment of statutory bonus for establishments for which the appropriate government is the Central Government. The Wage Code consolidates the legislative framework governing wages and related employee entitlements, including the regime previously governed by the Payment of Bonus Act, 1965.
IndiaEmployment and HR
Khaitan & Co.
Khaitan & Co.
Article

Punjab And Haryana High Court Strikes Down JAO - FAO Retrospective Amendment As Unconstitutional

The Hon’ble Punjab and Haryana High Court (HC) in Jyoti Sareen vs. UOI & Others (CWP No. 15791-2024 (O&M)) (Order) held the retrospective amendments carried out vide the Finance Act, 2026, with respect to the powers of the Jurisdictional Assessing Officer (JAO) to issue a reopening notice under section 148 (Reopening Notice) of the Income-tax Act, 1961 (IT Act), as unconstitutional, being violative of the ‘doctrine of separation of powers’ and thus violative of Article 14 of the Constitution of India.
IndiaGovernment, Public Sector
Khaitan & Co.
Khaitan & Co.
Article

Supreme Court Clarifies Applicability Of SARFAESI Remedies For A Secured Creditor Who Acquires An NPA From A Non-notified NBFC

In Kotak Mahindra Bank Limited v Trupti Sanjay Mehta and Others, 2026 INSC 943 (Kotak Mahindra), the Hon’ble Supreme Court of India considered whether a bank as defined under Section 2(1)(c) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) could invoke the provisions of the SARFAESI Act to recover a secured debt acquired from an entity which was not covered under the ambit of the SARFAESI Act at the time of disbursement of the loan.
IndiaFinance and Banking
Khaitan & Co.
Khaitan & Co.
Article

DOT Notifies Telecom Network Authorisation Rules, 2026: What Has Changed?

On 20 July 2026, the Department of Telecommunications (DoT) notified the Telecommunications (Authorisation for Telecommunication Network) Rules, 2026 (Rules). The Rules operationalise Section 3(1)(b) of the Telecommunications Act, 2023 and establish a framework for six categories of telecommunication network authorisations: infrastructure provider (IP) (formerly, IP-I), digital connectivity infrastructure provider (DCIP), internet exchange point (IXP) provider, satellite earth station gateway (SESG) provider, cloud-hosted telecommunication network (CTN) provider and mobile number portability (MNP) provider.
IndiaMedia, Telecoms, IT, Entertainment
Khaitan & Co.
Khaitan & Co.