Grievance Redressal Policy

Fair and expeditious resolution of customer complaints as per RBI guidelines for NBFC-ND-SI.

RBI Guidelines

As per extant guidelines Reserve Bank of India (RBI), all NBFCs should ensure that a suitable mechanism exists for receiving and addressing complaints from its customers with specific emphasis on resolving such complaints fairly and expeditiously regardless of the source of the complaints.

This Grievance Redressal Policy has been made as per RBI/DNBR/2016-17/45 Master Direction DNBR.PD.008/03.10.119/2016-17 dated September 1, 2016 as applicable to NBFC-ND-SI issued by Reserve Bank of India (RBI).

This Policy applies to all products offered by the Company and to all Customer interactions.

Brief Description of the Policy

The policy framework lays down requirements related to grievance assessment, registration of complaints, escalation of complaints, redressal, resolution of complaints and periodic review of records.

Objective of the Code

The purpose of the policy is to ensure that:

  • All customers are always treated fairly and without bias
  • All issues raised by customers are dealt with promptly and on time
  • Customers are made completely aware of their rights so that they can opt for alternative remedies if they are not fully satisfied

Principles of Grievance Redressal

  • Customers will be provided with information on how to raise their grievances over phone, on website or through any other means
  • The process to raise a complaint would involve only relevant investigative questions without any kind of hassle
  • Resolutions would follow the simple principle of ensuring an effective resolution consistent with RBI guidelines
  • The Company is committed to remain quick and consistent at all times

Responsibilities of Board

  • To lay down the appropriate grievance redressal mechanism within the organization
  • Periodically review the functioning of the grievance redressal mechanism
  • Review of consolidated report of such periodic reviews

Registration of Complaints

Customers can register complaints through multiple channels:

  • Website: https://friendloan.in/
  • E-mail: grievance@friendloan.in
  • In Person: At Registered/Corporate/Administrative Offices
  • Grievance Redressal Officer: Directly over phone and/or email

Time Frame for Response

  • Normal cases: 10 working days
  • Fraud cases, Legal cases: 15 working days
  • EMI-related cases: 20 working days
  • Cases involving 3rd party: 30 working days

Resolution and Escalation of Complaints

Level 1

Name: Rajesh P

Phone: +91 70102 49180

WhatsApp: +91 70102 49180

Address: #Bascon Futura SV IT Park, 12th Floor, New No 10/2, Old No 56L, Venkeanarayana Road, T.Nagar, Chennai – 600017

Email: grievance@friendloan.in

Between 10:00 am and 06:00 pm, Monday to Saturday except holidays

Level 2

Escalation to the Director at: vijay@friendloan.in
Response within: 15 working days

Level 3

If not resolved within one working month, appeal to:

General Manager, Reserve Bank of India, Department of Non Banking Supervision, Fort Glacis, Rajaji Salai, Chennai — 600 001
Tel: 044 2539 3406
Fax: 044-2539 3797
Email: dnbschennai@rbi.org.in