The Board of directors of AGARWAL ASSIGNMENTS PRIVATE LIMITED (“the Company”) has designed
and
implemented he 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.
The grievance redressal policy is designed to address the issues, concerns, complaints, or
grievances
(“Grievances” or “Complaints”) of the borrowers (“Customers”) on the Agarwal Assignments
website
(www.agarwalassignments.com) and all associated mobile applications, if any (“Platform”).
Agarwal
Assignments has established a structured grievance redressal framework to ensure that the
redressal
of grievances is fair, just, and within the given framework of rules and regulations.
The Board of directors shall also provide for periodical review of the compliance of the
Fair
Practices Code and the functioning of the grievance’s redressal mechanism at various levels
of
management and a consolidated report of such reviews will be submitted to the Board at
regular
intervals, as may be prescribed by it.
2. GRIEVANCE REDRESSAL OFFICER
The Board of Directors of the Company have appointed a Grievance Redressal Officer (GRO), who
shall
be responsible for overall functioning of the Grievance Redressal Mechanism of the Company.
The
Grievance Redressal Officer shall also be responsible to address grievances escalated to him
/ her
and for ensuring prompt and efficient functioning of grievances redressal mechanism.
3. GRIEVANCE REDRESSAL MECHANISM
Any Customer having a grievance/complaint/feedback with respect to the product and service
offered by
Agarwal Assignments may write to the Company’s Customer Service Department in the following
manner:
Filing a Complaint through following channels:
Email - Customers can send their grievance through email at
grievance@agarwalassignments.com
b. Letters- Customers can write to Customer Service, Agarwal Assignments Private
Limited Unit No-
G32, 6 at Ground Floor Devika Tower Nehru Place New Delhi-110019
Customer Care Number - The Customers can directly approach Customer Grievance Cell,
where the
Company has a dedicated Toll Free Number 9266305045 and a dedicated
team that
complies, addresses, and escalates customer’s calls every day.
Customer Care Number: 73039 61350 (Between 10:00 am and 6:00 pm, Monday
to
Saturday, except business holidays). Anonymous complaints will not be
addressed.
3.2 Resolution Process
a. On receipt of complaint, the dedicated CGRM team shall, within reasonable time, send
an
acknowledgement of the same to the complainant. All the complaints received shall be
recorded.
b. The Customer Service Officer shall ensure that all complaints are resolved in a
timely and
effective manners, and status of resolution / closure of complaints in records is
updated.
c. The Customer Service Officer shall monitor the complaints status to ensure that the
complaints
are resolved within 3 working days of receipt of complaint.
d. If in any case, the CGRM team needs additional time, the CGRM team will inform the
customer the
reasons of delay in resolution within the timelines specified above and provide expected
time lines
for resolution of the complaint.
e. Complaints registered through the above means are addressed within 5 (five) business
days.
f. Grievances should be sent through the email registered with AGARWAL ASSIGNMENTS.
TAT (Turn Around Time for Resolution of Complaints)
Complaint
TAT
CGRM team
1-14 Days
GRO & PNO
15-21 Days
Internal Ombudsman
22-30 Days
5. ROLE AND RESPONSIBILITIES OF INTERNAL OMBUDSMAN
i. The Internal Ombudsman shall not handle complaints received directly from the
complainants or
members of the public but deal with the complaints that have already been examined by
the regulated entity but have been partly or wholly rejected by the regulated entity.
ii. The following types of complaints shall be outside the purview of these Directions
and shall not
be handled by the Internal Ombudsman:
a. Complaints related to corporate fraud, misappropriation etc., except those
resulting
from
deficiency in service, if any, on the part of the regulated entity.
b. References in the nature of suggestions and commercial decisions of
regulated entity. However,
service deficiencies in cases falling under ‘commercial decisions’ will be valid
complaints for the
Internal Ombudsman.
c. Complaints / references relating to internal administration, human resources,
or pay and
emoluments of staff in the regulated entity.
d. Complaints which have been decided by or are already pending in other fora
such as the Consumer
Disputes Redressal Commission, courts, etc.
e. Disputes for which remedy has been provided under Section 18 of the Credit
Information Companies
(Regulation) Act, 2005.
The regulated entity shall forward all rejected / partially rejected complaints under
the categories
(a) and (b) above to the Internal Ombudsman/s. The Internal Ombudsman shall look for
inherent
deficiency in service in such cases and take a view whether any of these complaints can
be exempted
under (a) and / or (b) above as decided by the regulated entity.
iii. Complaints that are outside the purview of these Directions should be immediately
referred to
the regulated entity by the Internal Ombudsman.
iv. The Internal Ombudsman shall analyze the pattern of complaints such as product /
category wise,
consumer group wise, geographical location wise, etc., and suggest means for taking
actions to
address the root cause of complaints of similar / repeat nature and those that require
policy level
changes in the regulated entity.
v. The Internal Ombudsman shall examine the complaints based on records available with
the regulated
entity, including any documents submitted by the complainant and comments or
clarifications
furnished by the regulated entity to the specific queries of the Internal Ombudsman. The
Internal
Ombudsman may seek additional information and documents from the complainant, through
the regulated
entity.
vi. The Internal Ombudsman shall, on a quarterly basis, analyse the pattern of all
complaints
received against the regulated entity, such as entity-wise (for CICs), product-wise,
category-wise,
consumer group-wise, geographical location-wise, etc., and may provide inputs to the
regulated
entity for policy intervention, if so warranted.
vii. Any other roles & responsibilities as specified in terms of the Master Direction.
6. AMENDMENT AND REVIEW OF THE POLICY
This policy shall be reviewed by the Board/Stakeholders Relationship & Customer Service
Committee at
annual intervals. Further, the policy shall also be amended whenever required due to changes
in
relevant regulatory guidelines or for any reason and the same shall be notified to the
Board/
Stakeholders Relationship & Customer Service Committee promptly for their
recommendation/approval.
The policy would be available on the company’s website and at all branches (on request). All
employees of the company will be made aware of this policy.
Standard operating procedure (SOP) for Customer Grievance Redressal Mechanism / Escalation
Process
is marked as Annexure-A
Annexure-A
Standard Operating Procedure (SOP) of Customer Grievance Redressal Mechanism / Escalation
Process
This document has been prepared in terms of the provision of Master Direction - Reserve Bank
of
India (Internal Ombudsman for Regulated Entities) Directions, 2023 which explains the
standard
operating procedure for Customer Grievance Redressal Mechanism and the escalation process
for the
grievances received by the organisation. Agarwal Assignments has designed robust mechanism
where
customers can register their complaints and get the resolution in the duration of 30 days.
Below are
the indicative list of complaints/services requests/queries that can be addressed through
the
available channels:
Nature of Complaint
Category of Complaint
Sub-categories of Complaints
Critical Complaints
Fraud Conducted by staff
Commission demanded for loan sanctioning by field staff
Any extra charges collected from customer over and above the limit prescribed by
company
Misuse of customer’s KYC and customer’s information by the field staff
Repayment Issues
Collection of installments without acknowledgement (in case of cash collection
if any)
Rude/ unprofessional behavior towards customers
Seized household items of clients for not paying loan installment / Coercing
recovery practice
Visit made without consent. Meeting time/place
decided/changed against customer’s consent
Mis-selling or forced selling of third-party products
Forced selling/ Product bundling
Mis-Selling
Normal
Fraud conducted by external agencies or any member of the
center
Customer has been duped by an external agency using the name of the Company
Any charges have been taken by any of the employee of the Company
Loan pipelining
Interest rates
Incomplete disclosure by staff about rate of interest.
Excessive ROI being charged by organization over and above the limit.
Wrong calculation of interest rate
Digital Transaction
Loan sanctioned but money is not transferred to the client account on same day
Issues of digital transaction by Staff/ Recovery Agents/ Others
Loan amount credited to the wrong account number or NEFT bounce
During cashless process, installment amount deducted twice or more.
Updating of repayment records
Loan related documents such as sanction letter, and loan agreement not provided
to the customer
Loan closed but didn’t get the NOC
Less amount of loan credited in account
Loan installment/ settlement issues.
Updating/dispute on data in Credit Information Report (CIR)
Customer data not updated or wrongly updated with credit information bureau by
the NBFC
Clients’ last installment not updated to CICs
Service Requests
Service Request Description
Requests to update/provide the KYCs and loan related documents
Applied for loan but not received
Seeking time for delayed payments due to exigencies
Request for refund excess paid amount
Foreclosure request
Request to cancel loan application
General Queries
News Leads
Inquiries related to settlement process or Foreclosure
Inquiries related to staff Information name and contact number
Loan status or about remaining balance / giving installment amount
Reporting to the Committee & RBI
Internal Ombudsman will submit reports on cases referred to him/her and his/her analysis on
the
overall
complaints received by the company to the Committee of the Board preferably on quarterly
basis, but
not
less than half yearly intervals
i. Internal Ombudsman will also submit reports to the RBI as per the prescribed format
in the intervals
defined by the RBI.
ii. Internal Ombudsman will also submit reports to the RBI as per the prescribed format
in the intervals
defined by the RBI.
TAT (Turn Around Time for Resolution of Complaints)
