Section 4 in The Ombudsman Scheme for Non-Banking Financial Companies, 2018
4. Appointment & Tenure.
(1)The Reserve Bank may appoint one or more of its officers in the rank of not less than General Manager to be known as Ombudsman to carry out the functions entrusted by or under the Scheme.(2)The appointment of Ombudsman under the above Clause may be made for a period not exceeding three years at a time.Provided that the Reserve Bank may reduce the term of appointment or reappoint the Ombudsman, if it considers necessary to do so.
