GRIEVANCE REDRESSAL MECHANISM
1. IntroductionThis Code has been formulated by DEEESHA FIN AND EDU TECHNOLOGIES (“DEEESHA”)pursuant to the Guidelines on Fair Practices Code issued by the Reserve Bank of India (RBI).DEEESHA shall make appropriate modifications to this code from time to time to conform to the standards that may be prescribed by RBI from time to time.
2. Objectives2.1. Follow good, fair and transparent business practices by setting reasonable standards in dealing with customers;
2.2. Encourage market forces,through fair competition,to achieve higher operating standards;
2.3. Relate to the customer in such a manner so as to promote a fair and cordial relationship;
2.4. Recovery and enforcement, where necessary, is conducted following due process of law.
3. Application3.1. To be applicable to all persons offering the products and services of DEEESHA as an employee or otherwise in any manner and/or by any mode.
3.2. The Code is applicable under normal operating environment except in the event of any force majeure.
3.3. The Code is based on ethical principles of integrity and transparency and all actions and dealings shall follow the spirit of the Code.
4. Commitment4.1. DEEESHA shall at all times do its best to act fairly, reasonably and meet the standard practices prevalent in the industry.
4.2. DEEESHA shall abide by all the relevant laws, regulations and meet the ethical principles of integrity and transparency during its interaction with customers.
4.3. While interacting with customers, DEEESHA shall take all steps as may be required to provide clear information either in English or Hindi or the appropriate vernacular language regarding:
i. its various products and services;
ii. the terms and conditions,the interest rates/ service charges;
iii. benefits available to customers and the implications, if any;
iv. contact persons for addressing the queries, if any;
4.4. DEEESHA will provide a copy of this Code,on request, to the customer. The Code will also be made available on our Website and at every branch/ office.
4.5. DEEESHA shall treat the information relating to customers as strictly confidential and shall not share any information, unless required under law or waived or permitted by the customer.
4.6. DEEESHA shall take necessary steps to inform its customers of their right to information regarding their account and the facilities available to them.
4.7. DEEESHA shall inform its customers of all financial information such as rates of interest, charges, method of calculation etc. through brochures, posters or during meeting with the customers etc. prior to entering in to any transaction.
4.8. DEEESHA shall endeavor to keep its customers informed of any change in interest rates/charges etc. through letters or any other form of general or public announcement or displays, from time to time.
4.9. DEEESHA shall disclose, by such mode and in such manner as deemed fit, to ensure transparency, all information affecting the interest of the borrower including but not limited to:
i. fees/charges payable for processing loan application;
ii. annualized rate of interest & method of application thereof
iii. the amount of fee refundable, if any, if the loan amount is not sanctioned;
iv. Pre payment options and charges,if any;
v. Penalty for delayed repayment, in bold, if any;
vi. Conversion charges (Switching loan from fixed to floating rate or vice–versa);
vii. Existence of interest re-set clause,if any;
viii. any other matter which affects the interest of the borrower.
4.10. The disclosure shall be done to ensure that the borrowers are aware of all interest, charges and fees involved in processing and sanctioning of loan.
4.11. DEEESHA shall layout appropriate internal principles and procedures to discuss the final rates with official partner Banks & NBFCs and determine the exact rate in determining interest rates and processing and other charges.
5. Loans5.1. DEEESHA in the normal course of its business shall endeavour at all times to guide its customers about the process and procedure to be followed for availing a loan.
5.2. Each application shall be considered independently on merit, upon scrutiny of all the information, documents required for verifying the title of the property, identity of the person, entity and the security to be offered, including guarantees.
5.3. DEEESHA shall carry out borrower’s due diligence to ascertain the credit worthiness of borrower which will be an important parameter in taking decision of the application before forwarding the case to our official partner Banks / NBFCs and getting the sanction or rejection of any loan application.
5.4. DEEESHA in partnership with its partner Bank / NBFC shall convey in writing to the borrower in English or any other vernacular language as understood by the borrower by means of sanction letter, loanagreement or otherwise, the amount of loan sanctioned along with the terms and conditions including annualized rate of interest and method of application thereof andkeepthe acceptance of these terms and conditions by the borrower on its record.
5.5. DEEESHA shall ensure that a copy of the loan agreement as understood by the borrower along with a copy each of all enclosures quoted in the loan agreement to all the borrowers at the timeof sanction /disbursement of loans by its partner Bank/NBFC
6. General6.1. DEEESHA shall refrain from interference in the affairs of the borrower except for the purposes provided in the terms and conditions of the disclosure agreement (unless information, not earlier disclosed by the borrower, has been noticed).
7. Complaints and Grievances7.1. DEEESHA shall lay down the appropriate grievance redressal mechanism within the organization.
7.2. DEEESHA shall endeavor to address/respond to all complaints and grievances within a reasonable time and keep the customers informed about the status of their complaints.
7.3. DEEESHA shall make available facilities at each of its branches and offices for the customers to lodge and/or submit their complaints or grievances, ifany.
7.4. DEEESHA will ensure that its grievance redressal procedure is made available on its website.
7.5. DEEESHA shall not discriminate in extending products and facilities including loan facilities to physically/visually challenged applicants on grounds of disability. Further,DEEESHA shall ensure redressal of grievances of persons with disabilities under the existing Grievance Redressal Mechanism provided herein .
8. Grievance Redressal Mechanism8.1. Escalation Matrix
Telephone: The customer can call us and log his grievances at +91 85914 90340
Email: Customer can write at the given email id: firstname.lastname@example.org
Alternatively, customer can also write us at: 55/2547, Gokul, Gandhinagar, Opposite MIG Cricket Club Ground, Bandra East. Mumbai 400051, Maharashtra, India
If the resolution you receive does not meet your expectations, please call and login your escalation to our Complaints Management Cell, Akshay Gurav (Senior Manager – Customer Complaints Cell) +91 9082658097
*Please quote your Reference ID in your communication, which is indicated in the subject line of the resolution in Step 1. You will receive a response within 7 business days of our receiving your communication
If you are not satisfied with the resolution you have received, you may write to our Grievance Redressal Officer / head of Customer Service, ShubhWasan at email@example.com
*Please quote your Reference ID in your email, which is indicated in the subject line of the resolution received. You will receive a response within 48 business hours of our receiving your communication
8.2. Logging of compliant
10.1.1 All grievances made by the customers or associates will be electronically recorded and maintained by the Company.
10.1.2 Customers shall ensure that they quote their application number/sanction number/loan account number in all their correspondence with the Company.Anonymous complaints will not be addressed under this mechanism.
10.1.3 Certain types of cases might need additional time due to the nature of the activities involved; e.g. retrieval of documents. DEEESHA will inform the customers of such delay and provide expected timelines for resolution of the complaint.
8.3. Grievance Redressal Officer (GRO)
10.2.1. DEEESHA shall nominate an employee of DEEESHA as the Grievance Redressal Officer (‘GRO’) of DEEESHA who will be entrusted with the job of redressingthe grievances raised by the customers.
10.2.2. The GRO will be available during office hours to receive the grievance of all borrowers.
8.4. Display of resolution process and time frame
DEEESHA shall put on display,the following details–
10.3.1. The contact details of the customer service centre (mobile number as well asemail channel shall be provided) that can be approached by the customers for first time resolution of complaints against the Company.
10.3.2. The name and contact details of the GRO who can be approached by the customers for resolution of complaints against the Company, in case the same has not been settled by the customer service centre within 7(seven) working days.
10.3.3. In case the complaint/ dispute is not redressed within a period of 1 (one) month,the customer may appeal to the Officer-in-Charge under whose jurisdiction the registered office of DEEESHA falls.
9. Review of the Code DEEESHA shall conduct periodical review of the compliance of the Fair Practices Code and the functioning of the grievances redressal mechanism at various levels of management. The GRO shall periodically review the compliance of this Code and a consolidated report of such review may be submitted to DEEESHA Management team.