OMBUDSMAN & GRIEVANCE REDRESSAL MECHANISM

In the present competitive scenario, excellent customer service is an important tool for sustained business growth. Customer complaints are part of the business life in any corporate entity. At ASK Financial Holdings Private Limited (AFHPL), customer service and satisfaction are our prime focus. We believe that providing prompt and efficient service is essential not only to attract new customers, but also to retain existing ones. In order to make ASKFH’s redressal mechanism more meaningful and effective, a structured system has been developed. This system would ensure that the redressal sought is just and fair and is within the given frame- work of rules and regulation

Machinery to handle customer complaints/grievances

Please voice your queries, feedback, or complaints about our products or services through any of the below options.

• Call our Customer Service Helpline: +91-022-66520000 (Customer Care number functions from 10:00 A.M. to 05:30 P.M. from Monday to Friday excluding Public Holidays.)

• Email us at: askfhcosec@askgroup.in

• Write to us at the below mentioned address:

In case the complaint is not resolved within the given time or you are not satisfied with the solution provided through the above channel, you may approach the following:

Level 1 Escalation:

You will receive a response within 5 working days. Please quote the reference of your earlier communication in this regard.

In case the complaint is not resolved within the given time, or you are not satisfied with the solution provided through above channel, you may approach the following:

Level 2 Escalation:

You will receive a response within 3 working days. Please quote the reference of your earlier communication in this regard.

If you are still not satisfied with the resolution provided through various channels as stated above or if the complaint is not redressed within a period of one month, you may appeal to Officer-in-Charge of RBI under whose jurisdiction the Registered Office of the ASK Financial Holdings Pvt Ltd falls.

The details with respect to Officer-in-Charge are as follows:-

Ombudsman Scheme

RBI vide its Notification Ref. CEPD. PRS. No. 4535/13.01.004/2018-19 dated 26th April 2019, decided to extend the Ombudsman Scheme to those non-deposit taking NBFCs having customer interface and asset size of ₹100 crores (₹1 billion). Thus the Company has adopted the Ombudsman Scheme as provided in Annexure A which is given below.

What are the grounds of complaints?

As per Clause 8 of the Scheme, the NBFC Ombudsman can receive and consider any complaint on the following grounds:

• Non-payment or inordinate delay in the payment of interest on deposits;

• Non-adherence to the Reserve Bank directives, if any, applicable to the rate of interest on deposits;

• Non-repayment or inordinate delay in the repayment of deposits;

• Non-presentation or inordinate delay in the presentation of post-dated cheques provided by the customer;

• Failure to convey in writing the amount of loan sanctioned along with terms and conditions, including the annualised rate of interest and method of application thereof;

• Failure or refusal to provide sanction letter/terms and conditions of sanction in vernacular language or a language as understood by the borrower;

• Failure or refusal to provide adequate notice on proposed changes being made in sanctioned terms and conditions in vernacular language as understood by the borrower;

• Failure or inordinate delay in releasing the securities/documents to the borrower on repayment of all dues;

• Levying of charges without adequate prior notice to the borrower/customer;

• Failure to provide a legally enforceable built-in repossession clause in the contract/loan agreement;

• Failure to ensure transparency in the contract/loan agreement regarding:

  • Notice period before taking possession of security;

  • Circumstances under which the notice period can be waived;

  • The procedure for taking possession of the security;

  • Provision of final chance to be given to the borrower for repayment of loan before the sale/auction of the security;

  • The procedure for giving repossession to the borrower and;

  • The procedure for sale/auction of the security;

• Non-observance of directions issued by Reserve Bank to the NBFCs;

• Non-adherence to any of the other provisions of Reserve Bank Guidelines on Fair Practices Code for NBFCs.
  The Ombudsman may also deal with such other matters as may be specified by the Reserve Bank from time to time.

When can one file a complaint?

For redressal of grievance, the complainant must first approach the concerned NBFC. If the NBFC does not reply within a period of one month after receipt of the complaint or the NBFC rejects the complaint or if the complainant is not satisfied with the reply given by the NBFC, the complainant can file the complaint with the NBFC Ombudsman under whose jurisdiction the branch/registered office of the NBFC falls.

What is the procedure for filing the complaint before the NBFC Ombudsman?

One can file a complaint with the NBFC Ombudsman by writing on a plain paper and sending it to the concerned office of the NBFC Ombudsman by post/fax/hand delivery. One can also file it by email to the NBFC Ombudsman. A complaint form along with the scheme is also available on RBI's website though it is not mandatory to use this format.

Where can one lodge his/her complaint?

One may lodge his/her complaint with the office of the NBFC Ombudsman under whose jurisdiction the alleged NBFC branch is situated. The address and area of operation of the NBFC Ombudsman are given below. For complaints relating to types of services with centralized operations, complaints may be filed before the NBFC Ombudsman within whose territorial jurisdiction the billing address of the customer is located.

How does Ombudsman take decision?

Proceedings before Ombudsman are summary in nature
Promotes settlement through conciliation → If not reached, can issue Award/Order

Can a customer appeal if not satisfied with the decision of Ombudsman?

YES. If Ombudsman’s decision is appealable → Appellate Authority is the Deputy Governor, RBI.

Address and Area of Operation of the Ombudsmen for NBFCs

NOTE: This is an Alternate Dispute Resolution mechanism. The customer is at liberty to approach any other court/forum/authority for the redressal at any stage. For further details of the Scheme, please visit www.rbi.org.in. We value your opinions and hope to serve you better.