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NBFC under RBI & CLB

Junaid Kalsekar (Marketing) (24 Points)

01 November 2010

I would Like to Know how NBFC are controlled By RBI & CLB.

As My experience show they are under no compulsions or regulation regarding commitments to customers.

I have a case where the customer has cleared all dues of the NBFC. for which NBFC has issued written statement, But still the NBFC is not giving an NOC to its customer.

Firstly there is no information available on website of the NBFC, the superior officer passes on responsibilty to customers service agent, the customers service agent does not answer call or meet the client.

Flatly NBFC is refusing to give NOC openly saying you can complain to whomso ever you like .

I would like to request help from this forum for taking right steps to take it up with the rigth authority at RBI & CLB.

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2 Replies

HARDIK (COMPANY SECRETARY NCFM (Corporate Governance )) (664 Points)
Replied 02 November 2010

Complain against such company on MCA.GOV.in also send complaint against such company to the RBI concerned. Now RTI act is in force so you can also demand to RBI to furnish data about such NBFC.

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CA Rajesh Pabari (Chartered Accountant - Advisory & Audit) (247 Points)
Replied 22 July 2011

As per FAQs relating to NBFC

QUES 24. Is there an Ombudsman for hearing complaints against NBFCs?

ANS 24. No, there is no Ombudsman for hearing complaints against NBFCs. However, in respect of credit card operations of an NBFC, if a complainant does not get satisfactory response from the NBFC within a maximum period of thirty (30) days from the date of lodging the complaint, the customer will have the option to approach the Office of the concerned Banking Ombudsman for redressal of his grievance/s.

However, you can try posting your problem to https://www.rbi.org.in/scriptts/helpdesk.aspx

Originally posted by : Junaid Kalsekar
	I would Like to Know how NBFC are controlled By RBI & CLB. As My experience show they are under no compulsions or regulation regarding commitments to customers. I have a case where the customer has cleared all dues of the NBFC. for which NBFC has issued written statement, But still the NBFC is not giving an NOC to its customer. Firstly there is no information available on website of the NBFC, the superior officer passes on responsibilty to customers service agent, the customers service agent does not answer call or meet the client. Flatly NBFC is refusing to give NOC openly saying you can complain to whomso ever you like . I would like to request help from this forum for taking right steps to take it up with the rigth authority at RBI & CLB.