RBI keeps policy rate unchanged for 8th time in a row; maintains a liberal stance
RBI’s Monetary Policy Committee (MPC) decided to keep key rates unchanged, Governor Shaktikanta Das announced the outcome of a three-day bi-monthly review on Friday. Das said the MPC voted to keep the repo rate unchanged at 4% and maintained a lenient stance to support growth. The reverse repo rate is also unchanged at 3.35%.
IOS will be on the lines of similar system adopted in banks and will redress grievances related to deficiency in service, Governor Shaktikanta Das Announcing the new measure in the statement on regulatory policies with the bi-monthly review of monetary policy.
“The growing importance, strength and reach of NBFCs across the country has fueled the need for better customer experience including grievance redressal practices,” he added.
Das said over the years, reserve Bank of India The NBFC has taken several measures to improve consumer protection in NBFCs, including asking such lenders to appoint nodal officers for redressal of grievances in 2013 and introducing the Ombudsman Scheme for NBFCs in 2018.
“In order to further strengthen the internal grievance redressal mechanism of NBFCs, it has been decided to introduce Internal Ombudsman Scheme (IOS) for certain categories of NBFCs which have high customer interface,” he said.
At the helm of the NBFC’s internal grievance redressal mechanism will be an internal Ombudsman who will inquire into customer complaints which are in the nature of deficiency in service and have been partially or fully rejected by the NBFC, he said, adding detailed instructions on the same. to be issued separately.
Meanwhile, Das also announced a six-month extension in the facility, which allows banks to lend through NBFCs and priority sector lending till March 2022.
He reminded that registered NBFCs (other than micro lenders) for agriculture (investment credit), micro and small enterprises and housing (with increased limits) were allowed to classify bank credit as priority sector . border in august 2019
Das said an increase has been seen in lending to the underprivileged/unserved sectors of the economy through the scheme, which was last extended in April till September 30.