GRIEVANCE REDRESSAL POLICY

Division
In-Charge
Policy Contact

 

Policy Version Control:

Sr. No.	Version Number	Version Date
1	Version 1.0
2

 

Policy Governance:

Frequency of Review	Annual
Last Reviewed On
Approval Path

 

Table of Contents

1. Introduction. 4
2. Key Principles of the Policy. 4
3. Mechanism for complaints/grievances resolution. 6
4. Display on the website/offices. 7
5. Resolution of Complaints/Grievances. 8
6. Training staff for better handling of complaints. 10
7. Review of Policy. 10
8. Ombudsman Scheme. 11
9. Miscellaneous. 11

Introduction

Bharatiya Fincom Pvt. Ltd ( “Company”), is a private limited company incorporated under the provisions of the Companies Act, 2013. The Company strives to ensure that its customers receive prompt, excellent and efficient customer services. The Company strongly believes that a satisfied customer is the most important factor for the sustained growth of an organization and accordingly it adopts a holistic approach targeting consistent improvement in customer experience and quality of operations.

Reserve Bank of India (RBI) vide Master Direction – Reserve Bank of India (Non-Banking Financial Company – Scale Based Regulation) Directions 2023 (as amended from time to time) has prescribed that NBFCs must lay down appropriate grievance redressal mechanism within the organization which is well-documented and duly approved by their Board of directors (the “Board”). Keeping in view of RBI guidelines, COMPANY has framed the Customer Grievance Redressal Policy (the “Policy”).

Customer complaints constitute an important voice of the customers, and hence the Company has framed the Customer Grievance Redressal Policy (the “Policy”) which details the structured grievance redressal framework of the Company for addressing the customers’ complaints and the review mechanism adopted by it, to minimize the recurrence of similar issues in future.

In view of the above, the Policy shall comply with the Fair Practice Code (including the NBFC Master Directions issued by the RBI) and the Fair Practice Code adopted by the Company which, inter alia, sets out the broad parameters for dealing with customers.

Key Principles of the Policy

The policy aims at minimising instances of customer complaints and grievances through proper service delivery and review mechanism.

Further, it aims at prompt redressal of customer complaints and grievances based on the following principles:

• All customers are treated in a fair, ethical, professional, dignified and unbiased manner at all times;
• Customers are fully informed of avenues to register or escalate their complaints/ grievances within the Company (which shall include online and offline modes of communicating their queries/ complaints) and their rights to alternative remedy if they are not fully satisfied with the response of the Company to their complaints;
• Complaints raised by customers are dealt with courtesy and without undue delays. The Company shall endeavour to resolve complaints raised by the customers on time and the estimated time for resolution should be communicated to customers;
• The Company’s employees and outsourced agencies shall act in good faith and without prejudice to the interests of the customer and within the laid down policies and guidelines of the Company;
• The Grievance Redressal Mechanism as provided in this Policy will also deal with the issues relating to services provided by the outsourced agencies, if any.
• The framework laid down shall ensure that all disputes arising out of the decisions of Company’s functionaries are heard and disposed of at least at the next higher level;
• A summary of the customer grievance reports along with the actions initiated would be reported to the Board, or any Committee formulated for this purpose thereof. The report shall contain information such as the total number of complaints received, disposed of and pending, with reasons thereof, which will be placed before the Board/ Committee for their information/ guidance.

Mechanism for complaints/grievances resolution

To effectively understand and address customer grievances, the Company shall provide multiple channels of communication.

These channels are:

Complaint in Person

A customer can lodge a complaint in person at the corporate office, registered office or any other offices/branches of the company with the customer service team.

Complaint forms will be provided at all branches & offices and will also be available on the Company’s website.

The complaint shall be lodged during the working hours i.e. from 11 A.M. to 5 P.M. from Monday to Friday (except Public holidays), by submitting complaint form and obtaining an acknowledgement for the same from our customer service team.

A customer can also lodge a complaint in the complaint register maintained at the corporate offices of the Company or at any company outlets during the working hours mentioned above. Customers may intimate the Company of their queries/ complaints in the complaint register, along with their registered e-mail address/ mobile number.

COMPANY shall endeavour to send an acknowledgment to the customer of the complaint within a period of three working days from the date on which the complaint was registered.

Complaints through the Customer Care Number

The Company has Customer care help line number +91 8655463220. where the customers can lodge their complaints with the customer service teams. Customers will be identified by their registered e-mail address or mobile number.

Whenever a complaint is lodged via the Customer Care Number, the customer shall receive a confirmation on the registered e-mail or mobile number confirming acknowledgement of his/ her complaint.

Complaint through email/ post

The Company has a dedicated e-mail address customercare@bharatiyafincom.net and the same would be displayed on the Company’s website, for receiving customer complaints/ queries. Complaints received by e-mail shall be acknowledged by a confirmation to the customer’s registered e-mail/ mobile number.

Customers can submit their complaints by post at the following address:

Bharatiya Fincom Private Limited,

On receipt of the complaint, the company shall issue an acknowledgement with reference number on the registered e-mail and the mobile number of the customer.

Complaint through website

Customers will be able to register their complaints/ queries through the Company’s website by providing the full details of the complaints.

On registering the complaint, the customer shall receive an immediate acknowledgement on the screen, followed by an acknowledgement with reference number by way of text or an e-mail on the registered mobile number/ e-mail address.

Anonymous complaints will not be addressed in terms of this Policy.

Display on the website/offices

This Policy along with the information about modes of and procedure of registering complaints shall be displayed at the Company’s registered office, corporate office, website, and the branches of the Company. Names and contact details of Grievance Redressal Officer and Chief Grievance Redressal Officer as detailed subsequently shall also be displayed. Such display shall also include the time frame along with the escalation matrix prescribed later in the policy. All the employees of the Company will be made aware of the policy

Resolution of Complaints/Grievances

The complaints received across the multiple channels stated above, shall be collated and registered in the Customer Grievance Register (CGR) maintained electronically which would enable the customer support team to track the status of the complaints. The CGR shall include full details of the complainant (name, address, contact details), date of receipt, fact of the complaint, category of complaint, etc. The appointed customer support team shall be responsible to resolve, monitor and update the status of the complaint and also provide an update to the customers in case of follow up calls.

The appointed customer support team shall send action taken report on complaints received to the head office of the Company at the end of every month.

In case the customer is not satisfied with the response/ resolution received from the customer service team of the company, he/ she may escalate the matter to the “Service Representative” of the Company at. Depending on the query/ dispute/ grievance, a written reply/ resolution will be sent to the customer within the timelines prescribed below, at the customer’s registered e-mail address and/ or mobile number.

In the event the customer is not satisfied with the response from Service Representative or does not receive any response from the Service Representative within 8 (eight) working days, the customer may escalate the matter to the “Grievance Redressal Officer” at . Depending on the query/ dispute/ grievance, a written reply/ resolution will be sent to customer within the timelines prescribed below, at the customer’s registered e-mail address and/ or mobile number.

In case the customer is not satisfied with the response from the Grievance Redressal Officer or does not receive any response from the Grievance Redressal Officer within 12 (twelve) working days, then the customer may escalate the matter to the “Chief Grievance Redressal Officer” at. Depending on the query/ dispute/ grievance, a written reply/ resolution will be sent to the customer within the timelines prescribed below at the customer’s registered e-mail address and/ or mobile number.

A grievance redressal mechanism is demonstrated in flow chart in the Annexure 1 hereto.

Time frame with the escalation matrix for various natures of complaints is given below:

Level of Escalation	Official to be approached	Turnaround time for resolution from the date of receipt of the first complaint from the customer
First	Service Representative Officer	8 (eight) working days
Second	Grievance Redressal Officer	12 (twelve) working days
Third	Chief Grievance Redressal Officer	30(thirty) days

 

Notwithstanding the above, all complaints shall be resolved within 30 (thirty) days from the date of receipt of the complaint/ query from the customer in the first instance. If a case requires additional time, the Company or the concerned grievance redressal representative will inform the customer the reasons of delay in resolution within the timelines specified above and provide regular updates on the progress of the resolution and the expected timelines for the resolution of the complaint.

If the customer’s complaint/ dispute is not redressed within a period of 30 (thirty) days from date of receipt of complaint by the aforementioned officers, the customer may file an appeal with the Officer-in-Charge of the Regional Office of Department of Non-Banking and Supervision of RBI, whose contact details are provided hereunder:

Reserve Bank of India

RBI Byculla Office Building

Opp. Mumbai Central Railway Station Byculla, Mumbai 400 008

Contact Number: 022 2300 1280

E-mail address: dnbsmro@rbi.org.in or cms.nbfccomumbai@rbi.org.in

Training staff for better handling of complaints

The Company understands the importance of providing adequate training for their staff to handle complaints/ grievances with courtesy, empathy and promptness. In order to achieve the same, the Company shall conduct training programmes regularly for staff on customer service and efficient handling of grievances.

Review of Policy

A consolidated report of periodical review of functioning of the Policy at various levels of management shall be submitted to the Board at periodic intervals.

The review shall consider the following:

• The overall performance of the Policy;
• Summary of the customer grievance reports along with information such as the total number of complaints received, disposed-off and pending, with reasons thereof.

Ombudsman Scheme

The Company shall adopt the “Ombudsman Scheme for Non-Banking Financial Companies, 2018” (as amended from time to time) including any other Regulations issued by the RBI in this regard, where applicable. Once adopted, the Ombudsman Scheme shall be separately set out in the Company’s “Grievance Redressal Policy”.

Miscellaneous

• This Grievance Redressal Policy has been approved by the Board of directors of the company
• This Policy will be displayed on the Company’s website for information of various stakeholders.