Section 8(1) in The Ombudsman Scheme for Non-Banking Financial Companies, 2018
(1)Any person may file a complaint with the Ombudsman having jurisdiction, on any one of the following grounds alleging deficiency in services :(a)non-payment or inordinate delay in the payment of interest on deposits;(b)non-adherence to the Reserve Bank directives, if any, applicable to rate of interest on deposits;(c)non-repayment or inordinate delay in the repayment of deposits;(d)non-presentation or inordinate delay in the presentation of post-dated cheques provided by the customer;(e)failure to convey in writing, the amount of loan sanctioned along with terms and conditions including annualised rate of interest and method of application thereof;(f)failure or refusal to provide sanction letter/ terms and conditions of sanction in vernacular language or a language as understood by the borrower;(g)failure or refusal to provide adequate notice on proposed changes being made in sanctioned terms and conditions in vernacular language as understood by the borrower;(h)failure or inordinate delay in releasing the securities documents to the borrower on repayment of all dues;(i)levying of charges without adequate prior notice to the borrower/ customer;(j)failure to provide legally enforceable built-in repossession clause in the contract/ loan agreement;(k)failure to ensure transparency in the contract/ loan agreement regarding (i) notice period before taking possession of security; (ii) circumstances under which the notice period can be waived; (iii) the procedure for taking possession of the security; (iv) a provision regarding final chance to be given to the borrower for repayment of loan before the sale/ auction of the security; (v) the procedure for giving repossession to the borrower and (vi) the procedure for sale/ auction of the security;(l)non-observance of directions issued by Reserve Bank to the non-banking financial companies;(m)non-adherence to any of the other provisions of Reserve Bank Guidelines on Fair Practices Code for Non-Banking Financial Companies.
