Section 3 in The Ombudsman Scheme for Non-Banking Financial Companies, 2018
3. Definitions.
(1)`Award' means an award passed by the Ombudsman in accordance with the Scheme, and includes a direction for specific performance by the non-banking financial company concerned and/ or to pay compensation for the loss, if any, suffered by the complainant.(2)`Appellate Authority' means the Deputy Governor-in-Charge of the Department of the Reserve Bank implementing the Scheme.(3)`Authorised Representative' means a person other than an Advocate duly appointed and authorised by a complainant to act on his behalf and represent him in the proceedings under the Scheme before an Ombudsman for consideration of his complaint.(4)`Complaint' means any representation or allegation made in writing or through electronic means, containing a grievance alleging deficiency in service as mentioned in Clause 8 of the Scheme.(5)`Non-Banking Financial Company' (NBFC) means a `non-banking financial company', as defined in Section 45-I(f) of the Reserve Bank of India Act, 1934, and registered with the Reserve Bank under Section 45-IA of the Reserve Bank of India Act, 1934, which (a) is authorised to accept deposits, or (b) has customer interface, with assets size of one billion rupees or above as on the date of the audited balance sheet date of the previous financial year, or of any such asset size as the RBI may prescribe, but, is not a Non-banking Financial Company - Infrastructure Finance Company (NBFC-IFC), Core Investment Company (CIC) , Infrastructure Debt Fund - Non-banking Financial Company (IDF-NBFC) and a company under liquidation.Explanation. - NBFC-IFC, CIC and IDF-NBFC shall have the same meanings as respectively assigned to them under RBI directions.A company under liquidation would mean a company (as defined in the Companies Act, 2013) in respect of which, the tribunal has passed the order of winding up and appointed official liquidator/ provisional liquidator, and, in cases of voluntary winding up/ liquidation, it would be from the date of passing of the resolution by a company to that effect and appointment of liquidator.(6)`Ombudsman' means any person appointed under Clause 4 of the Scheme.(7)`Reserve Bank' means the Reserve Bank of India constituted by Section 3 of the Reserve Bank of India Act, 1934 (2 of 1934).(8)`Secretariat' means the office constituted as per Sub-Clause (1) of Clause 6 of the Scheme.(9)`Settlement' means an agreement reached by the parties, either by conciliation or mediation, under Clause 11 of the Scheme.(10)`Scheme' means the Ombudsman Scheme for Non-Banking Financial Companies, 2018.
