Draft Guidelines for NBFC Grievance Redressal were framed on May 26, 2006

Q.  When were the draft guidelines for building grievance redressal mechanism within NBFCs (Non-Banking Financial Companies) published?
- Published on 19 Oct 15

a. April 5, 2006
b. May 26, 2006
c. June 29, 2007
d. September 30, 2005

ANSWER: May 26, 2006
 
The Reserve Bank of India (RBI) published the draft guidelines for building grievance redressal mechanism within NBFCs (Non-Banking Financial Companies) on May 26, 2006. The grievance redressal mechanism would be used to resolve disputes arising out of the decisions of the lending institutions' functionaries. Guidelines have also been outlined by the RBI for putting in place the Fair Practices Codes by all NBFCs.

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