Section 11 in The Ombudsman Scheme for Non-Banking Financial Companies, 2018
11. Settlement of Complaint by Agreement.
(1)As soon as it may be practicable to do, the Ombudsman shall send a copy of the complaint to the branch or registered office of the NBFC named in the complaint, under advice to the designated Nodal Officer (NO) referred to in Sub-Clause (3) of Clause 15, and endeavour to promote a settlement of the complaint by agreement between the complainant and the NBFC through conciliation or mediation.(2)For the purpose of promoting a settlement of the complaint, the Ombudsman may follow such procedure as he may consider just and proper. Ombudsman would provide opportunity to the complainant to furnish his/ her submissions within a time limit on written submissions made by the NBFC. Wherever, the Ombudsman is of the opinion that the documentary evidence furnished and written submissions by both the parties are not conclusive enough to arrive at a decision, he/ she may convene a meeting of NBFC and the complainant together to promote an amicable resolution. Further, for purpose of such a settlement, the Ombudsman shall not be bound by any rules of evidence.(3)Wherever a conciliation meeting is held and mutually acceptable agreement arrived at, the proceedings of the meeting shall be documented and signed by both the parties specifically stating that both are agreeable to the resolution.(4)The Ombudsman may deem the complaint as resolved, in any of the following circumstances:-(a)Where the grievance raised by the complainant has been resolved by the NBFC with the intervention of the Ombudsman; or(b)The complainant agrees, whether in writing or otherwise, to the manner and extent of resolution of the grievance by the Ombudsman based on the conciliation and mediation efforts;(c)In the opinion of the Ombudsman, the NBFC has adhered to the extant norms and practices in vogue and the complainant has been informed to this effect through appropriate means and complainant's objections, if any, to the same are not received by Ombudsman within the time frame provided.(5)The proceedings before the Ombudsman shall be summary in nature.
