Ombudsman For Non-Banking Financial Companies (NBFCs) in India?

Saturday, February 13, 2016

There is no separate Ombudsman for addressing public complaints against Non-Banking Financial Companies (NBFCs) in India. And for all practical purposes, there is no effective regulatory or supervisory authority in India that can properly address public complaints against NBFCs. But on paper at least there are two such public authorities. One - Reserve Bank of India (RBI), and Two - Company Law Board (CLB). I will give the specific information on where complaints against NBFCs in India can be lodged later in this page but before that, something important needs to be mentioned. This is RBI's official advice to the members of public who have a complaint/grievance against an NBFC:

"...Citizens may lodge their complaints/grievances, including complaints pertaining to non-repayment of deposits with the Department of Non-Banking Supervision, in the nearest Regional Office of the Reserve Bank. Depositors can also approach Company Law Board (CLB), or the State Police under the Protection of Interest of Depositor’s Act, if passed by the concerned State Governments or file a complaint with the Consumer Forum or file a civil suit in a Court of law to recover the deposits..."

Now just think where will you go with your complaint. Keep reading...

Where To Complain Against NBFC

Who Regulates and Supervises NBFCs in India

RBI has two specific departments to deal with the matters pertaining to NBFCs. These are: Department of Non-Banking Regulation (DNBR) and Department of Non-Banking Supervision (DNBS). The names of these departments clearly suggest that the legal authority of regulating and supervising NBFCs in India is with RBI. And yes, even according to RBI, an aggrieved depositor or customer of an NBFC may approach the concerned Regional Office of the Department of Non-Banking Supervision for a resolution of the complaint. What RBI will do with such a complaint is another issue to examine. Usually, public complaints received by the regional offices of DNBS are merely forwarded to the concerned NBFCs for their comments. Follow-up is slow and sometimes does not even happen resulting in the complaints remaining pending forever.

And what is RBI's official advice to the public for complaints relating to non-payment of deposits by an NBFC:

"...The Company Law Board has been authorized under the RBI Act 1934 to adjudicate the claims of depositors with specific powers to direct the defaulting companies to make repayments..."

Is this really true - RBI, the regulator and supervisor of NBFCs, does not have any power under RBI Act, 1934 to direct a defaulting NBFC to make repayment of public deposits? We sure live in a strange country.

Where to Lodge A Deposit or Loan Related complaint Against An NBFC

Here are the names, addresses, jurisdictions, and phone numbers of the
Regional Offices of DNBS:

(State of Gujarat,
Union Territories of Diu,
Daman and Dadra)

Ashram Road,
Nagar Haveli Tel: 079-2754 3057/ 5651

(State of Karnataka)

10/3/08, Nrupatunga Road, P.B.No.5470,
Tel: 080-2218 0100/ 1160
Fax:080-2223 2199

(State of Madhya Pradesh & Chattisgarh)

Hoshangabad Road,
P.B. No.32,
Bhopal – 462011.
Tel: 0755-2675300/ 2578298

(State of Orissa)

Pt. Jawaharlal Nehru Marg, P.B. No.16,
Tel: 0674-239 4067/1070
Fax:0674-239 3993

(State of Haryana (excluding the districts of Faridabad, Gurgaon and Sonepat), Himachal Pradesh and Punjab and UT of Chandigarh)

Opp. Telephone Bhavan, Sector 17,
Chandigarh - 160017
Tel: 0172-272 1434/270 2271
Fax:0172-272 2087

(State of Tamil Nadu and Union Territory of Puducherry)

Fort Glacis, 16, Rajaji Salai, P.B. No.40, Chennai-600001
Tel: 044-2536 1490/ 2539 9222
Fax:044 2539 3797

(States of Assam, Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland and Tripura)

Station Road, Panbazar, Guwahati-781001
Tel: 0361 2600206 /254 1860

(States of Andhra Pradesh and Telangana)

6-1-56, Secretariat Road, Saifabad,
Tel: 040 2321 0384/ 2323 7980
Fax:040-2323 2468

(State of Rajasthan)

Rambagh Circle,
Tonk Road, P.B. No.12, Jaipur-302052
Tel: 0141 256 5157/ 4062
Fax:0141 256 2158

(Jammu and Kashmir & Ladakh Divisions)

Rail Head Complex,
Tel: 0191-247 0188/ 2451
Fax:0141 256 2158

(State of Uttar Pradesh (excluding Noida in Ghaziabad dist.) and Uttarakhand)

M.G. Road, P.B.No.82, Kanpur-208001
Tel: 0512-230 5972/3831
Fax:0512-230 6246

(State of Sikkim and West Bengal and Union Territory of Andaman and Nicobar Islands)

15, Nataji Subhas Road, Kolkata- 700001
Tel: 033-2230 7850/ 8331
Fax:033 2231 3185

(State of Maharashtra and State of Goa)

3rd Floor, RBI Building,
Opp. Mumbai Central Railway Station,
Near Maratha Mandir,
Byculla, Mumbai – 400 008
Tel: 022-2308 4121/2302 8436
Fax:022-2302 2011

New Delhi
(State of Delhi, the districts of Faridabad, Gurgaon and Sonepat of State of Haryana and Noida in Ghaziabad district of Uttar Pradesh)

6, Sansad Marg,
New Delhi-110001
Tel: 011-2371 4456/ 0538
Fax:011-2375 2188

(State of Bihar & Jharkhand)

South Gandhi Maidan,
P.B. No. 162,
Tel: 0612-232 0815/0834
Fax:0612 2321290

(State of Kerala and Union Territory of Lakshadweep)

Bakery Junction,
P.B. No. 6507, Thiruvananthapuram-695033
Tel: 0471-232 9040/9676

Offices of Company Law Board Where Complaints of Non-Repayment of Public Deposits Can Be Made:

1. Bench Officer,
Company Law Board,
Northern Region Bench,
Shastri Bhavan, ‘A’ Wing, 5th Floor,
Dr. Rajendra Prasad Road,
New Delhi 110 001


Uttar Pradesh, Jammu & Kashmir, Punjab, Himachal Pradesh, Rajasthan, Haryana and Union Territories of Chandigarh and Delhi

2. Bench Officer,
Company Law Board,
Southern Region Bench,
Shastri Bhavan, ‘A’ Wing, 5th Floor,
Block 8, No 26, Haddows Road,
Chennai 600 006


Tamil Nadu, Andhra Pradesh, Kerala, Karnataka, Union Territories of Amindivi, Minicoy and Lakshadweep Islands and Pondicherry

3. Bench Officer,
Company Law Board,
Western Region Bench,
2nd Floor, N.T.C. House,
15, Narottam Morarjee Marg,
Ballard Estate, Mumbai-400 038


Maharashtra, Gujarat, Madhya Pradesh, Goa and Union Territories of Dadra & Nagar Haveli, Daman and Diu.

4. Bench Officer,
Company Law Board,
Eastern Region Bench,
9, Old Post Office Street,
6th Floor, Kolkata 700 001


West Bengal, Orissa, Bihar, Assam, Tripura, Manipur, Nagaland, Meghalaya, Arunachal Pradesh, Mizoram, Union Territories of Andaman and Nicobar Islands.

5. Bench Officer,
Company Law Board,
Principal Bench at New Delhi, Shastri Bhavan,
‘A’ Wing, 5th Floor, Dr. Rajendra Prasad Road,
New Delhi- 110 001


All Principal Bench matters all over India
Posted by Narinder Singh

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Reserve Bank of India spends thousands of crores of public money every year on its operations. Still, this public institution is not subjected to any kind of meaningful audit. The annual statutory auditors appointed by the GOI only check RBI's compliance with accounting principles. No one goes into the merits of RBI's expenditure. Why RBI should not be subjected to a regular CAG audit? #AuditRBI


I left my day job in October 2013 and became a full time blogger. I love travel and hence a travel blog was the obvious place to start from. The result was RupeeClues is my second blog. I currently live in Bengaluru, India. - Narinder Singh.