Grievance Redressal Policy
This policy on Grievance Redressal of Krishna Securities Ltd. (" CREDSET"), is set out as a mechanism available within the organization to enable the customers of KRISHNA to lodge their complaints / grievances or give their feedback / suggestions to CREDSET in relation to their dealings with CREDSET including financial assistance, if any, being considered for them and for addressing the same in a time bound manner, by following the provisions as provided herein (the Grievance Redressal Policy).
The following terms are used in this policy with the meaning specified herein:
2.1 "Board" shall mean the Board of Directors of CREDSET from time to time.
2.2 "Customers", means all type of borrowers or end users who may avail or have availed financial and other facilities from CREDSET, as per the extant policies of CREDSET.
2.3 "Grievances" shall mean complaint, resentment, dispute, disagreement etc. arising out of the practices, procedures and codes, followed by CREDSET in its customer dealings.
2.4 "Loans" means the financial facilities, services or financial assistance provided by CREDSET from time to time to its customers.
2.5. "Working Days" shall mean any day on which banks generally are open in Delhi, for the transaction of normal banking business but does not include Saturdays and Sundays.
3. Scope of Policy:
This guideline applies to all employees working for Krishna Securities Ltd.
Prompt, excellent and efficient Customer services and high level customer satisfaction is the prime objective of CREDSET where customers avail of financing / refinancing or other facilities from CREDSET.
This policy document aims at minimizing instances of customer complaints and grievances through proper service delivery and review mechanism and also to ensure prompt redressal of customer complaints and grievances, if there are any.
4. Basis of Policy:
The Grievance Redressal Mechanism Policy has been made as per chapter VI of Non-Banking Financial Company - Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016("Master Directions") issued by Reserve Bank of India (RBI).
The purpose of the policy is to ensure that:
· All customers are treated fairly and without bias at all times.
· All issues raised by customers are dealt with courtesy, efficiency and swiftly, not exceeding within prescribed time lines.
CREDSET 's employees shall act in good faith and without prejudice to the interests of the customer and within the laid down policies and guidelines of CREDSET.
· Customers are fully informed of avenues to escalate their complaints / grievances within the organization and their rights to alternative remedy if they are not fully satisfied with the response of CREDSET to their complaints.
6. Categories of Customer's Communications with CREDSET:
Query - These may be general inquiries, primarily relating to CREDSET loans, interest rates, repayment terms, eligibility norms, categories of loans, eligibility criteria for enrollment, terms of financing / refinancing etc.
Request –Requests for obtaining any valid services including financing or refinancing support by the customers directly by CREDSET.
Grievance – A communication by prospective / existing Customers of CREDSET that expresses dissatisfaction because of lack of action, inadequate quality of services by CREDSET.
Grave / urgent Grievance – Related to staff misbehavior, cheating / fraud, false commitments, mis-conduct with the customers.
Suggestion / Feedback – related to functions / roles of CREDSET with respect to its operations, policies or practices.
7. Responsibilities of Board
As per clause 31 of the Master Directions, the Board of Directors shall be responsible –
1. To lay down the appropriate grievance redressal mechanism within the organization which ensures that all disputes arising out of the decisions of lending institutions' functionaries are heard and disposed of at least at the next higher level.
2. To provide periodical review of the compliance of the Fair Practices Code and the functioning of the grievances redressal mechanism at various levels of management.
3. Summary of the customer grievance reports along with actions initiated would be reported to the Board at least once in a year.
4. 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
8. Recording and tracking of Complaints
· All the complaints received by NBFC must be recorded and tracked for end-to-end resolution.
Complaint MIS is published to the management on quarterly basis.
9. Responsibility of Complaints
The department heads are responsible jointly and severally for resolution provided by their teams and for closure of customer issues.
10. Time frame for response
The turn-around time for responding to a complaint is as follows:
i. Normal cases (other than the one mentioned below): 15 working days for normal cases;
ii. Fraud cases, Legal cases and cases which need retrieval of documents and exceptionally old records: 21 working days;
iii. EMI related cases: 30 working days;
iv. Cases involving 3rd party (other Banks or financial institutions or dealership or if customer out of country): 30 to 45 working days;
v. For all the complaints received from the regulator, timelines as mandated by respective regulator will be adhered to
If in any case needs additional time, the NBFC will inform the customer/regulator requirement of additional time with expected time lines for resolution of the issue.
11. Mechanism to handle customer complaints/grievance
Customers who wish to provide feedback or send in their complaint may use the following channels between 10:00 am and 6:00 pm, from Monday to Saturday (except on public holidays):
A customer can lodge a complaint in person during working hours at Customer Service Cell (CSC) of CREDSET, established in its Registered office, by submitting a written letter and giving full details, to CSC and obtain an acknowledgement for the same.
· Call the Customer Service Helpline on +91-011-40355553
Email at firstname.lastname@example.org
· Write to the Company at the below mentioned address:
Krishna Securities Ltd.
59/17, Ground floor,
New Rohtak Road,
The telephone numbers, complete address and email address etc. will be prominently displayed on the CREDSET website for ease of contact by the customers of CREDSET.
12. Resolution of grievances / complaints
Any complaint through e-mail / letters / person shall be acknowledged promptly after receipt, at the CREDSET Corporate office as and when set up.
The Complaints should be registered in the Customer Grievance Register (CGR) maintained electronically and / or physically, and shall include full details of the complainant (name, address and contact details), date of receipt, fact of the complaint, category of complaint etc.
The Grievance Redressal Officer (GRO) of CREDSET will take steps to redress the grievances with care and diligence, normally within the period of 21 working days from the date of receipt of the complaints.
If the complainant is not satisfied with the reply / action / resolution given by Grievance Redressal Officer (GRO), he / she may directly approach the Chief Grievance Redressal Officer (CGRO), CREDSET for further action on the same.
Anonymous complaints will not be entertained.
Grievance Redressal Escalation Level is also given here below:
Level 2 Escalation:
Mr. Dheeraj Gupta
Grievance Redressal Officer
(Between 10:00 am and 06:00 pm, from Monday to Saturday except on public holidays)
Response will be provided within 21 working days.
In case the complaint is not resolved within the given time or if the customer is not satisfied with the solution provided through above channel, the customer may approach the following escalation channel with the reference of earlier communication.
Level 3 Escalation:
Mr. Gaurav Biharilal Khadaria
Chief Grievance Redressal Officer
(Between 10:00 am and 06:00 pm, from Monday to Saturday except on public holidays)
Response will be provided within 7 working days.
In case the complaint is not resolved within the given time or if the customer is not satisfied with the solution provided through above channel, the customer may approach the following escalation channel with the reference of earlier communication:
Level 4 Escalation:
Mr. Aman Kedia
Director & Chief Executive Officer
Response will be provided within 5 working days.
If a customer is not satisfied with the resolution provided through various channels or if the complaint/dispute is not redressed within a period of one month, the customer may appeal to Officer-in-Charge of the Regional Office of Department of Non-Banking Supervision of RBI under whose jurisdiction the Registered Office of the Krishna Securities Ltd. falls. The detail of DNBS is as given below:
The Reserve Bank of India,
Department of Non-Banking Supervision,
New Delhi Regional Office,
6, Sansad Marg, New Delhi-110001
Phone : 011-2371 4456/ 0538
Fax : 011-2375 2188
Email id: email@example.com
The details of various contact points for grievance redressal mechanism shall be published on the website for the benefit of the customers.
The customer complaints register along with ageing analysis and complaints received from the Reserve Bank of India shall be placed before the Board of Directors on quarterly basis for its review.
14. Interaction with customers
CREDSET recognizes that customer's expectations / requirements / grievances can be better appreciated through personal interaction with customers and publicity of grievance redressal machinery by placing them on its website / its offices at the regional level / corporate office.
15. Sensitizing operating staff for improvement in service & handling complaints
CREDSET deals with customers from different segments, which may give rise to difference of opinion and areas of friction. CREDSET understands the importance of sensitizing staff to handle customer complaints / grievances with courtesy, empathy and promptness. CREDSET shall also conduct training programmes regularly for staff on customer services and minimizing grievances. Imparting soft skills required for handling customers, would be an integral part of the training programmes.
16. Review of the policy
The Board shall review the policy at least annually and otherwise as it deems appropriate.