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    Question

    What is the maximum award that can be imposed by the NBFC Ombudsman in India, as decided by the RBI?

    A Rs 10 lakhs Correct Answer Incorrect Answer
    B Rs 20 lakhs Correct Answer Incorrect Answer
    C Rs 5 lakhs Correct Answer Incorrect Answer
    D Rs 1 lakhs Correct Answer Incorrect Answer
    E Rs 3 lakhs Correct Answer Incorrect Answer

    Solution

    The RBI has recently launched the Ombudsman Scheme for the NBFCs operating in India, under the Section 45L of the RBI Act 1934. The maximum award that can be passed by such an ombudsman will be Rs 10 lakhs whereas an appeal can be filed against the award within 30 days with a deputy governor of the RBI. There is no fee involved in filing a complaint with the NBFC Ombudsman.

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