Grievance Address Mechanism
CONTENTS: AREA OF APPLICATION BASIS INTRODUCTION DEFINITIONS GRIEVANCE REDRESSAL MECHANISM Time Frame for Response Mechanism to handle customer complaint/ grievances Escalation Matrix REPORTING TO BOARD OF DIRECTORS AREA OF APPLICATION This guideline applies to all the employees working for Lord Krishna Financial Services Limited (“Company”) known by its brand name “PRESTLOANS”. BASIS The Grievance Redressal Mechanism Policy has been drafted as per Directions issued by Reserve Bank of India (RBI) on Fair Practices Code for Non-Banking Financial Companies (NBFCs) INTRODUCTION Customer service is extremely important for sustained business growth and as an organisation we strive to ensure that our customers receive exemplary service across different touch points. Customer complaints constitute an important voice of customer, and this policy details complaint handling through a structured grievance redressal framework. Complaint redressal is supported by a review mechanism, to minimize the recurrence of similar issues in future. The Grievance Redressal policy follows the following principles: Customers are treated fairly at all times Complaints raised by customers are dealt with courtesy and in a timely manner Customers are informed of avenues to escalate their complaints within the organization, and their rights if they are not satisfied with the resolution of their complaints. The employees work in good faith and without prejudice, towards the interests of the customers. DEFINITIONS The following terms are used in this policy with the meaning specified herein: “Prestloans” shall mean the Company. “Board” shall mean the Board of Directors of the Company from time to time. “Customers”, means all Business entities, Body Corporate, Individuals and other financial intermediaries, who may avail financial and other facilities from the Company, as per the policies of the Company. “Grievances” shall mean complaint, resentment, dispute, disagreement etc. arising out of the practices, procedures and codes, followed by the Company in its customer dealings. GRIEVANCE REDRESSAL MECHANISM At Prestloans customer Delight is our priority and we are committed to provide our customers best in class Experience. Whilst all efforts are taken to give customers the best services to avoid any grievances the customers are intimated that they can record their grievances; if any; in person, writing or verbally. TIME FRAME FOR RESPONSE: The turn-around time for responding to a complaint is as follows: Fraud, Legal and cases pertaining to business practices, lending decisions, credit management and recovery and the same which need retrieval of documents and exceptionally old records: Two Weeks. For all the complaints received from the regulator, timelines as mandated by respective regulator will be adhered to. If any case needs additional time is required, the NBFC will inform the customer/regulator, requirement of additional time with expected time lines for resolution of the issue. MECHANISM TO HANDLE CUSTOMER COMPLAINT/ GRIEVANCES LEVEL 1: SERVICE TOUCH POINTS ARE AS INDICATED BELOW –: Customers who wish to provide feedback or send in their complaint may use the following channels between 10:00 a.m. to 18:30 p.m. (Monday to Friday) and 10:00 a.mm to 17:00 p.m. on Saturdays, except public holidays. Call our Customer Service Helpline on +91-011-4524 1131 Email us at Compliance@prestloans.com The customer can approach any of our service touch points given below in person/ through letter to register a complaint and expect a response within defined time period from complaint registration. Customers can also visit our branches and handover a complaint letter to the Branch Manager or any other branch personnel. The customer is advised to take an acknowledgement of receipt with date from the branch personnel he/she is handing over the complaint letter. Branch Office Address: Lord Krishna Financial Services Limited Plot No. K-7/2, New Mahavir Nagar, Main Najafgarh Road, New Delhi- 110018 Lord Krishna Financial Service Limited 2nd Floor, F-26, Gautam Marg, Vaishali Nagar, Jaipur. In case of complaints received at the Branch Offices of the Company, the Branch personnel would report the matter with full details within 2 days from date of receipt, to the Primary Officer, details of which is mentioned below. The Company for this purpose, has framed different levels for addressing and solving the Customer’s grievance/ queries by appointing primary officer/ Compliance officer/ Nodal Officer, the details of which is indicated below: Primary Officer Mr. Rahul Sharma Lord Krishna Financial Services Ltd (Prest Loans) M 5 – M 6, Essel House,10 Asaf Ali Road, New Delhi – 110 002 (India) Email: email@example.com Phone: +91 11 45241123 The Primary Officer, so appointed by the Company shall take all necessary steps to redress and resolve the grievance and to send a response as soon as possible and, in any case, not later than a maximum period of two weeks. ESCALATION MATRIX In case the complaint is not resolved within the given time or if the customer is dissatisfied with the response received from the Company, the customer may escalate the complaint to the next level as indicated below – Primary Level I If the customer is not satisfied with the resolution received from above channels, or if the customer does not hear from us within two weeks of the Compliant raised days, the customer can contact the following channel: Compliance Officer Mrs. Neha Gupta Lord Krishna Financial Services Ltd (Prest Loans) M 5 – M 6, Essel House,10 Asaf Ali Road, New Delhi – 110 002 (India) Email: firstname.lastname@example.org Phone: +91 11 45241123 Primary Level II If the customer is still not satisfied with the resolution received from the Compliance department, or if the customer does not hear from us within three weeks of the Compliant raised days, the customer can contact the following channel: Nodal Officer Mr. Sandeep Saini Lord Krishna Financial Services Ltd (Prest Loans) M 5 – M 6, Essel House,10 Asaf Ali Road, New Delhi – 110 002 (India) Email: email@example.com Phone: +91 11 45241123 An assurance is given to the customer that he would receive a response within 7 business days and due efforts will be taken to resolve the complaint well before that. Secondary Level If the customer is not satisfied with the resolution received or if the customer does not hear from us in 30 days, then he may escalate his grievance to the regulator at the below address: Department of Non-Banking Supervision New Delhi, Regional Office Reserve Bank of India, 6, Sansad Marg, New Delhi, Delhi 110001 REPORTING TO BOARD OF DIRECTORS The Summary of the customer grievance report along with its Status Report indicating the actions taken for resolution of the complaints, shall be placed before the Board of Directors for their review on annual basis by the Company Secretary / Compliance Officer of the Company. The report shall contain information like, the total no. of complaints received, disposed off and pending, with reasons thereof, which will be placed before the Board for information / guidance.