Some facts related to NBFC

• The list of registered NBFCs with RBI can be find on RBI site.
• The interest rates charged to the borrowers by NBFCs are not regulated by RBI. NBFC has the right to choose its own interest rates. However, NBFC should provide complete transparency to its customer about the rate of interest charged in the application form.
• All NBFCs are not entitled to accept public deposits. Only those NBFCs to which the Bank had given a specific authorization can accept public deposits.
• The RBI does not guarantee repayment of deposits by NBFCs even though they may be authorized to collect deposits.
• If an NBFC defaults in repayment of deposit, the depositor can approach Company Law Board or Consumer Forum or file a civil suit in a court of law to recover the deposits.
• There is no Ombudsman for hearing complaints against NBFCs.
• However, in respect of credit card operations of an NBFC, which is a subsidiary of a bank, if a complainant does not get satisfactory response from the NBFC within a maximum period of 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 grievances.