Page 52 - Banking Fiannce March 2018

RBI CIRCULAR

India and FPIs to take positions (long or short), without Nodal Officers (NOs) at their Head/Registered/
having to establish existence of underlying exposure, Regional/Zonal Offices and inform all the Offices
upto a single limit of USD 100 million equivalent across of the Ombudsman about the same.
all currency pairs involving INR, put together, and ii. The NOs so appointed shall be responsible for
combined across all exchanges. representing the company and furnishing
4. The onus of complying with the provisions of this circular information to the Ombudsman in respect of
rests with the participant in the ETCD market and in complaints filed against the NBFC.
case of any contravention the participant shall be liable iii. Wherever more than one zone/region of a NBFC
to any action that may be warranted as per the is falling within the jurisdiction of an Ombudsman,
provisions of Foreign Exchange Management Act, 1999 one of the NOs shall be designated as the 'Principal
and the regulations, directions, etc. issued thereunder. Nodal Officer' (PNO) for such zones or regions.
These limits shall also be monitored by the exchanges,
3. The PNO/NO shall be responsible, inter alia, for
and breaches, if any, may be reported to the Reserve
Bank of India. representing the covered NBFC before the Ombudsman
and the Appellate Authority under the Scheme. The
5. All other operational guidelines, terms and conditions PNO/NO appointed at the Head Office of the NBFC shall
shall remain unchanged. be responsible for coordinating and liaising with the
6. This circular has been issued under Sections 10(4) and Customer Education and Protection Department (CEPD),
11(1) of the Foreign Exchange Management Act, 1999 RBI, Central Office. Covered NBFCs are at liberty to
(42 of 1999) and is without prejudice to permissions/ appoint the Grievance Redressal Officer (GRO) identified
approvals, if any, required under any other law. by the respective NBFCs in terms of extant guidelines on
Grievance Redressal Mechanism, applicable to them, as
Yours faithfully, the PNO or NO, provided that the officer concerned is
(T. Rabi Sankar) sufficiently senior in the organisation. Where there is
Chief General Manager more than one Nodal Officer for a zone, the PNO shall
be responsible for representing the company and
Ombudsman Scheme for Non-Banking furnishing information to the Ombudsman in respect of
Financial Companies, 2018 - complaints filed against the NBFC.
4. With a view to strengthening the Grievances Redressal
Appointment of the Nodal Officer/
System and enhancing its effectiveness, the NBFCs shall
Principal Nodal Officer take necessary steps as outlined above. Further, the
name and details of the PNO/NO at the Head Office
RBI/2017-18/133
may be forwarded to the Chief General Manager,
DNBR.PD.CC.No 091/03.10.001/2017-18 Consumer Education and Protection Department,
1. The Reserve Bank of India (RBI) has brought into Reserve Bank of India, Central Office, 1st Floor, Amar
operation today the Ombudsman Scheme for Non- Building, Sir P.M. Road, Mumbai 400 001 (email). The
Banking Financial Companies, 2018 (The Scheme). The names and contact details of PNOs/NOs of the zones
Scheme is available on the RBI website http:// may be forwarded to the RBI Ombudsman of the
www.rbi.org.in. The Non-Banking Financial Companies concerned zone.
(NBFCs) that are covered under the Scheme (covered Display of Information
NBFCs) are advised to ensure that a suitable mechanism
exists for receiving and addressing complaints from their 5. Covered NBFCs shall display prominently, for the benefit
of their customers, at their branches/ places where
customers with specific emphasis on resolving such
business is transacted, the name and contact details
complaints expeditiously and in a fair manner.
(Telephone/ Mobile numbers as also email addresses)
2. In this connection attention is invited to para 15.3 of of the PNOs/NOs/GROs and the name and contact
the Scheme in terms of which details of the Ombudsman, who can be approached by
i. The NBFCs covered by the Scheme shall appoint the customer.

52 | 2018 | MARCH | BANKING FINANCE