The details of addresses and territorial jurisdiction of the bench officers of CLB/NCLT are available on the website https://nclt.gov.in/about-nclt.

A. The NBFC has been in existence for at least two years. (New NBFCs are not permitted to mobilise public deposits during first two years of existence) The NBFC has a minimum credit rating of A- (CRISIL AND ICRA),BBB(CARE), BBB- (DCR India) if it is an Equipment Leasing/Hire Purchase Company and a minimum rating of A if it is a Loan/Investment Company. The NBFC does not have overdue deposits, except unclaimed deposits, while soliciting fresh deposits. The NBFC is a profit making company. The NBFC has declared that it has complied with the RBI Directions.

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An Official Liquidator is appointed by the court after giving the company reasonable opportunity of being heard in a winding up petition. The liquidator performs the duties of winding up of the company and such duties in reference thereto as the court may impose. Where the court has appointed an official liquidator or provisional liquidator, he becomes custodian of the property of the company and runs day-to-day affairs of the company. He has to draw up a statement of affairs of the company in prescribed form containing particulars of assets of the company, its debts and liabilities, names/residences/occupations of its creditors, the debts due to the company and such other information as may be prescribed. The scheme is drawn up by the liquidator and same is put up to the court for approval. The liquidator realizes the assets of the company and arranges to repay the creditors according to the scheme approved by the court. The liquidator generally inserts advertisement in the newspaper inviting claims from depositors/investors in compliance with court orders. Therefore, the depositors should file the claims within due time as per such notices of the liquidator.

With the enactment of the Insolvency and Bankruptcy Code, 2016, the corporate insolvency resolution process can be initiated by the Reserve Bank subject to the provisions of the Code, provided, the asset size of the NBFC is ₹500 crore or more. Thereafter, the resolution process would be undertaken as per the process prescribed under IBC.

A This information is required to be printed in the Application Form issued by the company soliciting deposits.

The depositor is entitled to approach the relevant authorities as permissible under Law.

Customers aggrieved with the services provided by the banks and a related grievance not resolved to the satisfaction of the customers, or not replied to within a period of 30 days by the bank may approach the RBI Ombudsman under ‘The Reserve Bank - Integrated Ombudsman Scheme, 2021’. Complaints can be filed online on https://cms.rbi.org.in  and also through the dedicated e-mail or sent in physical mode to the ‘Centralised Receipt and Processing Centre’ set up at Reserve Bank of India, 4th Floor, Sector 17, Chandigarh - 160017 with the bank/ postal receipts as proof for necessary action.

A Please note that: The NBFCs are allowed to accept public deposits in any form only for periods ranging between 12 months and 60 months. NBFCs cannot offer interest rates higher than the ceiling rate prescribed by RBI from time to time. The present ceiling is 16 per cent per annum. The interest may be paid or compounded at rests not shorter than monthly rests. NBFCs cannot offer gifts/incentives or any other additional benefit to the depositors.

It is prescribed that the Board of Directors of NBFCs shall lay down the appropriate grievance redressal mechanism within the organisation and such mechanism shall ensure that all disputes arising out of the decisions of the lending institution’s functionaries are heard and disposed of at least at the next higher level.

Further, NBFCs (excluding Housing Finance Companies) which are authorised to accept deposits; or have customer interface and an asset size of ₹100 crore & above as on the date of the last audited balance sheet, are covered under Reserve Bank - Integrated Ombudsman Scheme, 2021 (as amended from time to time). In case of grievances against NBFCs, which are covered under RBI Ombudsman Scheme, are not redressed within a period of one month, the customer may approach the Ombudsman through its CMS portal accessible on the link https://cms.rbi.org.in/cms/indexpage.html#eng.

A It should be noted that higher the interest, the higher is the risk. Particularly, the NBFCs offering interest or incentives (which are not permitted under the regulations) should be viewed with caution.