5. Grievance Redressal
The Board of Directors shall from time to time lay down the appropriate grievance redressal mechanism within the organization to resolve disputes arising in this regard. The Board of Directors should also provide for periodical review of the compliance of the Fair Practices Code and the functioning of the grievances redressal mechanism at various levels of management. A consolidated report of such reviews may be submitted to the Board at regular intervals, as may be prescribed by it.
At the operational level, all NBFCs have to display the following information prominently, for the benefit of their customers, at their branches / places where business is transacted:
- the name and contact details of Mr. Raman G. Pattabi (Grievance Redressal Officer) who can be approached by the public for resolution of complaints against the Company is as follows:
Contact number : (044) 66881107
Email id : Escalation-3rd Level
- If the complaint / dispute is not redressed within a period of one month, the customer may appeal to the General Manager ( DNBS ), RBI, Kolkata Regional Office, 15, Netaji Subhas Road, Kolkata-700001 ,( Tel no. (033) 22302441) under whose jurisdiction the registered office of the Company falls.
6. Display of Fair Practice Code
The Fair Practice Code shall be put up on the Company’s web-site, for information of the various stakeholders.
7. Determination of the Rate of Interest, Processing & Other Charges
(a) The Board of Directors shall adopt an interest rate model taking into account relevant factors such as, cost of funds, margin and risk premium, etc and determine the rate of interest to be charged for loans and advances. The rate of interest and the approach for gradations of risk and rationale for charging different rate of interest to different categories of borrowers shall be disclosed to the borrower or customer in the application form and .
(b) The rates of interest and the approach for gradation of risks shall also be made available on the web-site of the companies or published in the relevant newspapers. The information published in the website or otherwise published should be updated whenever there is a change in the rates of interest.
(c) The rate of interest should be annualised rates so that the borrower is aware of the exact rates that would be charged to the account.
(d) The Company shall lay out appropriate internal principles and procedures for determing Procesing and Other charges.
8. Repossession of vehicles financed
The Company shall have a built in re-possession clause in the contract/loan agreement with the borrower which must be legally enforceable. To ensure transparency, the terms and conditions of the contract/loan agreement shall also contain provisions regarding: (a) notice period before taking possession; (b) circumstances under which the notice period can be waived; (c) the procedure for taking possession of the security; (d) a provision regarding final chance to be given to the borrower for repayment of loan before the sale / auction of the property; (e) the procedure for giving repossession to the borrower and (f) the procedure for sale / auction of the property.