How to File Complaints Against NBFCs with the RBI

Non-Banking Financial Companies (NBFCs) play a vital role in providing financial services, from loans to insurance. However, when customers face issues such as unfair charges, unauthorized deductions, or harassment, the Reserve Bank of India (RBI) provides a structured process to address these complaints. Here’s a step-by-step guide on how to file a complaint against NBFCs with the RBI.

Step 1: Identify the Nature of the Complaint

Before filing a complaint, clearly identify the issue you are facing. NBFC-related complaints may include:

• Harassment by recovery agents.

• Unauthorized charges or deductions.

• Fraudulent loan practices.

• Delays in loan disbursements or refunds.

• Misleading terms and conditions.

Why It Matters: Knowing the exact problem helps in preparing a detailed complaint that the RBI can address effectively.

Step 2: Contact the NBFC First

The RBI requires you to first approach the NBFC to resolve your issue.

• File a formal complaint through email, phone, or by visiting the NBFC’s branch.

• Obtain a written acknowledgment or reference number for your complaint.

Action Step: Keep all communication records, including emails, receipts, and complaint reference numbers.

Why It Matters: The NBFC is given 30 days to resolve your issue. You can only escalate the matter to the RBI if the NBFC fails to respond or offers an unsatisfactory resolution.

Step 3: Prepare Your Documents

When filing a complaint with the RBI, you’ll need to provide supporting documents. These may include:

• Loan agreements or statements.

• Correspondence with the NBFC.

• Copies of emails, receipts, and acknowledgment letters.

Why It Matters: Proper documentation strengthens your case and speeds up the resolution process.

Step 4: File a Complaint with the RBI Ombudsman

If the NBFC does not resolve your issue within 30 days, or if their response is unsatisfactory, escalate the complaint to the RBI Ombudsman.

How to File:

1. Online Complaint Management System (CMS): Visit cms.rbi.org.in to file your complaint.

2. Offline Submission: Send your complaint in writing to the RBI Ombudsman’s office.

What to Include:

• Your complaint reference number.

• Details of the issue.

• Supporting documents.

Why It Matters: The RBI Ombudsman is an independent authority that ensures fair and unbiased resolutions.

Step 5: Track Your Complaint

After filing the complaint, you can track its status on the CMS portal. Log in using your complaint reference number to check updates.

Why It Matters: Tracking helps you stay informed about the progress and ensures accountability.

Common Issues Addressed by the RBI

The RBI resolves a variety of complaints related to NBFCs, including:

• Fraudulent loan approvals or rejections.

• Miscommunication regarding terms and conditions.

• Unfair recovery practices.

• Excessive or hidden charges.

How RBIComplaint.com Can Help

Filing complaints against NBFCs can be time-consuming and confusing. That’s where RBIComplaint.com steps in. We simplify the process by:

• Drafting detailed and accurate complaints.

• Organizing supporting evidence for submission.

• Guiding you through the RBI’s complaint management process.

With our help, you can ensure your complaint is filed correctly and resolved efficiently.

Addressing grievances with NBFCs is a straightforward process when you follow the right steps. Start by approaching the NBFC directly, gather necessary documentation, and escalate the matter to the RBI if needed. If you’re unsure how to proceed, RBIComplaint.com is here to assist you every step of the way. Protect your financial rights and resolve disputes effectively!