Grievance Settlement Policy
The grievance redressal mechanism set up is there to resolve the disputes arising out of the decisions of the functionaries in relation to the products and services. In case a Company’s staffs are involved in any kind of inappropriate behaviour, disciplinary actions against such staffs are taken immediately. The clients are made aware of the grievance settlement procedure at the time of disbursement of loans and during the group meetings. The monitoring and audit team verifies the awareness of the clients’ in this regard.
- All branches have a suggestion and complaint box in their premises where the clients can make their grievances. All the clients have access to the higher level of staff (i.e. Branch Manager or District Manager) to highlight and discuss their issues/grievances, if any. The senior staff at the field level is empowered to take certain actions/decisions to address the needs/issues of the clients immediately. Our clients’ can also call at our Customer Service Helpline on +91(33)-2357 8508 or also can write to us at the below mentioned address:
ASA International India Microfinance Limited
Victoria Park, 9th Floor, GN – 37/2, Sector – V,
Salt Lake City, Kolkata – 700091
All grievances are addressed within 48 hours to a week’s time on a case-to-case basis.
- In case the complaint is not resolved within the given time or if the client is not satisfied with the solution provided, the client can approach the Complaints Redressal Officer/Nodal Officer. The name and contact detail of the Officer is as follows:
Ms. Madhumita Pramanik, Company Secretary
Contact No. +91-8336936205 [Calls will be taken between 10.00 a.m. to 5.00 p.m. on all working days]
Email Id: email@example.com
- If the complaint/dispute is not addressed within a period of one month, the client can appeal to the Officer-in-charge of the Regional Office of DNBS of RBI:
Department of Non Banking Supervision,
Reserve Bank of India,
Central Vista, Sector – 17,
Chandigarh – 160017
Contact No. 0172-2715282
Email Id: ‘firstname.lastname@example.org’
Mandatory display of the following information prominently, for the benefit of the clients’:
- The names and contact details of Regional Manager, District Manager, Compliance Officer and the Managing Director along with the Customer Service Helpline no. +91(33)-2357 8508 at all the branches and business premises;The Customer Service Helpline no. +91(33)-2357 8508 is mentioned at all clients’ loan card, group resolution book, passbook, etc.The contact number and address of SRO along with the helpline number at all the branches and business premises.
- The address and contact details of the Regional Office of RBI, under whose jurisdiction the Company falls along with the details of local RBI offices at all the branches.
- Copy of this code is displayed and updated regularly at all the branches and business premises and on the website of the ASAI India for the information of the general public.
- The Company does not discriminate loan applications on grounds of gender, caste or religion.
- The Company does not interfere in the affairs of the borrower except for the purposes provided in the terms and conditions of the loan agreement (unless new information, not earlier disclosed by the borrower, has come to the notice of the Company).
- In case of receipt of request from the borrower for transfer of borrowal account, the consent or otherwise i.e. objection of the NBFC, if any, is conveyed within 21 days from the date of receipt of request. Such transfer is as per transparent contractual terms in consonance with law.
- In the matter of recovery of loans, ASAI India is committed not to resort to undue harassment viz. persistently bothering the borrowers at odd hours, use muscle power for recovery of loans etc. The staff will continue to be adequately trained to deal with the customers in an appropriate manner. Any rude behaviour from staff will be dealt with under the disciplinary proceedings of staff rules;
- The Company does not charge foreclosure charges/ pre-payment penalties on all floating rate term loans sanctioned to individual borrowers, with immediate effect;
- As previously stated the Fair Practice Code & all other information, for the benefit of the clients’, is displayed in its all office and branch premises in vernacular language;
- ASAI India is committed to transparency and fair lending practices. Our commitment is displayed in vernacular language in all branches/office Premises and Head Office and in loan cards;
- Field staffs are trained to make necessary enquiries with regard to existing debt of the borrowers. They are also trained to use the credit bureau software to additionally verify the same;
- Trainings to the borrowers are free of cost through group meetings. Field staffs are trained to offer such training and also make the borrowers fully aware of the procedure and systems related to loan/other products;
- The effective rate of interest charged and the grievance redressal system set up by the Company is prominently displayed in all its offices in vernacular language as a catalogue and on its website;
- The Company is accountable for preventing inappropriate staff behaviour and timely grievance redressal. And as previously stated, the same is disclosed in the loan agreement and also in the Fair Practice Code displayed in its office/branch premises;
- The Company ensures compliance to KYC Guidelines of RBI. Proper due diligence is carried out to ensure the repayment capacity of the borrowers;
- All sanctions and disbursement of loans are done only at the respective Branches and as specified in the loan manual all Loan Officers and Managers are involved in this function. In addition, there is close supervision of the disbursement function;
- The existing single page application of loan under the ASA methodology and the disbursement procedure is adequately simple and loan disbursements are done as per pre-determined time structure which needs to be adhered.
The above Fair Practice Code is strictly followed by all departments and staffs. All clients are aware of the Fair Practice and transparencies that the ASAI India follows. The grievance settlement procedure existing in the organization is explained at group meetings to all clients.
- Review of the Compliance of the Fair Practices Code:
The Managing Director of the Company reviews the compliance of the Fair Practice Code and the functioning of the grievance redressal mechanism once in a quarter. Any deviation of compliance is immediately placed to the Managing Director for immediate circular of the same to the Board.
A report on the compliance of the Fair Practice Code and functioning of the grievance redressal mechanism is placed before the Board of Directors of the Company at all Board Meetings.