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RBI mulling over Ombudsman for NBFCs: RBI Dy Guv

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New Delhi, Aug 23 (IANS) The Reserve Bank of India (RBI) is considering an ‘Ombudsman’ scheme for redressal of customer grievances with the non-banking finance companies (NBFCs) even as the central bank is not in favour of the NBFCs taking deposits from public, Deputy Governor N.S. Vishwanathan said on Wednesday.

“We are thinking of an Ombudsman scheme for the NBFCs so that people will feel they have a central bank regulated mechanism (for redressal). This would only strengthen customer confidence in the NBFCs”, Vishwanathan said here while inaugurating an Non-Banking Finance Companies 2017 conference organised by Associated Chambers of Commerce and Industry of India (Assocham).

“The RBI is also moving in the direction of harmonisation of regulatory frameworks for different types of NBFCs,” he said.

Referring to yet another key measure being planned by the RBI, Vishwanathan said: “We are moving in (for) harmonisation of different types of regulations for the NBFCs ….”

He said there are several unfolding models which would keep evolving and “they would keep changing”.

However, the RBI is not in favour of the NBFCs taking deposits from the public, he said.

These financial firms have recorded much higher annualised growth of about 14 per cent in credit against much lower by the banks. Even the asset quality of the NBFCs is far better than those of the banks.

“The NBFCs are an important part of the financial inclusion and the RBI will continue to support them,” Vishwanathan added.

–IANS
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Foodman Vishal Singh Honored for Hunger Free World Mission in Bangkok

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Lucknow: Vishal Singh, a renowned social worker from Lucknow, also known as Foodman, has once again made India proud. He was honored by the Happy Hands Gloves Cooperative Limited Company in Korathai, Thailand, for his work with the Hunger Free World Mission.

The Hunger Free World Mission’s meeting was held in Korathai, Thailand, under Vishal Singh’s leadership. Representatives from several countries, including Mr. Raja Dwivedi (Managing Director of Happy Hands Gloves Limited), Thailand Coordinator Mr. Raja Mishra, and member Mr. Varun Singh, attended the event.

Under Vishal Singh’s leadership, the attendees took a pledge to work together toward creating a hunger-free world.

Speaking on the occasion, Vishal Singh explained that the main goal of the Hunger Free World Mission is social participation. He said the mission is not just about feeding people but also about meeting other basic needs of those who are struggling. The mission focuses on helping families of terminally ill patients in hospitals by providing food and shelter. It also works to fulfill essential needs like education, jobs, and care for the elderly.

For the last 16 years, the Vijay Sri Foundation has been providing free services, benefiting thousands of people. Vishal Singh highlighted that the mission aims to gain global recognition like other organizations such as WHO, WWF, and Red Cross, which work for social causes.

During this meeting, Vishal Singh was appointed as the Chairman of the Hunger Free World Mission by representatives from various countries. They also discussed holding regular meetings in different countries to push the mission forward.

Business tycoon Dr. Abhishek Verma has also supported this humanitarian mission, vowing to promote the idea of “Seva Parmo Dharma” (Service is the highest duty) worldwide. Vishal Singh praised him, stating that people like Dr .Abhishek Verma inspire others to work for the betterment of society.

Recently, Romania’s Ambassador, Mr . Daniela Sezonov Ţane, invited Vishal Singh to the Romanian Embassy in Delhi, where they discussed the mission in detail. Impressed by his humanitarian work, she honored Vishal Singh and invited him to Romania to take the mission forward .

Food man Vishal Singh has been serving the people of India for the past 16 years. Through the Vijay Sri Foundation, he provides free meals to cancer patients & their families ,shelter, and education for women & children along with running free old-age homes in Lucknow.

In addition to his humanitarian work, Vishal Singh also addresses issues like crime and corruption through his role as Chairman of Seva Path Media and Managing Director of Vijay Sri Foundation.

During the COVID-19 pandemic, Vishal Singh and his team worked tirelessly to provide food and help to the needy, including starving children, elderly citizens, and pregnant women. Despite contracting the virus himself, he continued to assist others after his recovery. He even created a life-saving oxygen regulator using household items, which was praised by doctors both in India and abroad.

In his address at the meeting, Vishal Singh spoke about his mission to create a hunger-free world. He pointed out that India’s large population, along with issues like unemployment and poverty, has caused the country to fall on the Hunger Index. He urged people to contribute just one handful of grains daily to help create a hunger-free world.

He concluded by saying that through social participation, we can empower the people around us, meet their basic needs, and work together to build a stronger, more prosperous, and developed society.

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