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21 May 2019, Edition - 1407, Tuesday

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Coimbatore

RBI plan for NBFC ombudsman welcome

Covai Post Network

EMAIL TO THE EDITOR

Reserve Bank of India Deputy Governor NS Vishwanathan’s comment on Wednesday about the central bank considering an ‘ombudsman’ scheme for redressal of non-banking finance companies (NBFCs) customer grievances is indeed welcome.

There have been many irregularities noted in the functioning of NBFCs.

RBI has rejected the demand of NBFCs to accept public deposits. Their profit as money lenders depending on public sector banks cannot be justified.

It is time foreclosure charges were abolished. RBI itself under an RTI response had said it was in principle against concept of foreclosure charges.

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