What changed
RBI issued a directive to all NBFCs after a complaint of discrimination against physically/visually challenged loan applicants. The circular explicitly prohibits any disability-based discrimination in extending loan facilities or other products. NBFCs are also instructed to ensure branches provide full assistance to such persons.
What it means for you
NBFCs must ensure no discrimination against physically/visually challenged persons in extending products and facilities including loans. Branches should render all possible assistance to such persons.
What you must do
- Advise branches to render all possible assistance to physically/visually challenged persons for availing business facilities.
- Ensure no discrimination in extending products and facilities including loans on grounds of disability.
Who it affects
All NBFCs, NBFC branch staff, Physically and visually challenged loan applicants
Does this circular apply to all types of loans offered by NBFCs?
Yes, the directive covers all products and facilities including loan facilities offered by NBFCs. No disability-based discrimination is permitted.
What kind of assistance must NBFCs provide to disabled applicants?
Branches must render all possible assistance to help such persons avail of the various business facilities. The circular does not specify exact forms of assistance.
What happens if an NBFC is found discriminating?
The circular does not specify penalties. However, non-compliance with RBI directives may lead to regulatory action.