Customer Grievance Redressal Policy

Purpose and Scope

This policy establishes a comprehensive framework for handling customer grievances at Asia Capital Limited, ensuring fair, timely, and effective resolution of all customer complaints.

Objectives

• Provide a systematic approach to grievance handling
• Ensure customer satisfaction through prompt resolution
• Maintain transparency in the grievance process
• Continuously improve service quality based on feedback

Definitions

Grievance: Any complaint, concern, or dispute raised by a customer regarding our products or services.

Customer: Any individual or entity who has availed or is seeking to avail our financial services.

Resolution: The final outcome or settlement of a grievance that addresses the customer’s concern.

Grievance Categories

Category A: Service-Related Grievances

• Delays in service delivery
• Poor customer service experience
• Branch or staff-related issues
• Technology platform problems

Category B: Product-Related Grievances

• Interest rate disputes
• Fee and charges issues
• Terms and conditions clarifications
• Documentation problems

Category C: Process-Related Grievances

• Loan processing delays
• Approval/rejection concerns
• Documentation requirements
• Compliance-related issues

Grievance Redressal Process

Step 1: Receipt and Registration

1. Multiple Channels: Customers can lodge grievances through:

   • Phone: +91-22-4711-8300
   • Email: grievance@asiacapital.in
   • Website: Online grievance form
   • Branch: In-person or written complaint
   • Post: Written complaint to registered office

2. Immediate Acknowledgment:

   • Complaint acknowledged within 24 hours
   • Unique grievance reference number assigned
   • Expected resolution timeline communicated

3. Documentation:

   • All grievances recorded in centralized system
   • Customer details and complaint specifics captured
   • Supporting documents collected and filed

Step 2: Initial Assessment

1. Categorization: Grievance classified by type and complexity
2. Priority Assignment: Based on urgency and impact
3. Resource Allocation: Appropriate personnel assigned
4. Timeline Setting: Resolution timeline established

Step 3: Investigation and Analysis

1. Fact Finding:

   • Detailed investigation of the complaint
   • Review of relevant documentation
   • Interview with concerned staff members
   • Analysis of applicable policies and procedures

2. Root Cause Analysis:

   • Identification of underlying issues
   • Assessment of system or process gaps
   • Evaluation of training needs
   • Review of policy adequacy

Step 4: Resolution and Communication

1. Solution Development:

   • Appropriate resolution strategy formulated
   • Compensation assessment, if applicable
   • Preventive measures identified
   • Approval obtained from relevant authority

2. Customer Communication:

   • Resolution communicated clearly
   • Explanation of actions taken
   • Compensation details, if any
   • Appeal process information provided

Timeline Standards

Escalation Matrix

Level 1: Branch Level

• Authority: Branch Manager
• Timeline: 3 working days
• Scope: Service and operational issues

Level 2: Regional Level

• Authority: Regional Manager
• Timeline: 7 working days
• Scope: Complex service and product issues

Level 3: Head Office Level

• Authority: Customer Relations Head
• Timeline: 15 working days
• Scope: Policy-related and high-value grievances

Level 4: Senior Management

• Authority: Chief Executive Officer
• Timeline: 30 working days
• Scope: Escalated and unresolved matters

Customer Rights

Customers have the right to:

1. Fair Treatment: Impartial and respectful handling of grievances
2. Timely Resolution: Resolution within specified timelines
3. Regular Updates: Progress updates on complaint status
4. Appeal: Escalation if unsatisfied with resolution
5. Compensation: Fair compensation for valid grievances

Compensation Framework

Service Failures

• Delayed service delivery: Fee waiver or reduction
• Poor service experience: Goodwill gesture
• System downtime: Extended service hours

Financial Impact

• Incorrect charges: Full refund with interest
• Processing delays: Compensation for additional costs
• Documentation errors: Free rectification

Calculation Methodology

• Direct financial loss: Full reimbursement
• Indirect costs: Case-by-case assessment
• Inconvenience factor: Goodwill compensation

Monitoring and Reporting

Performance Metrics

1. Resolution Efficiency:

   • Average resolution time
   • First-call resolution rate
   • Escalation percentage
   • Customer satisfaction scores

2. Quality Indicators:

   • Repeat grievance rate
   • Resolution acceptance rate
   • Appeal success rate
   • Closure confirmation rate

Monthly Reporting

Regular reports to senior management include:

• Grievance volume and trends
• Resolution performance
• Customer satisfaction scores
• Process improvement recommendations

Training and Development

Staff Training Program

All customer-facing staff receive training on:

• Grievance handling procedures
• Customer communication skills
• Product knowledge updates
• Regulatory compliance requirements

Continuous Learning

• Regular refresher sessions
• Best practice sharing
• Case study discussions
• Customer feedback analysis

External Grievance Redressal

If customers remain unsatisfied with our resolution, they may approach:

Reserve Bank of India (RBI)

• CMS Portal: https://cms.rbi.org.in
• Email: crpc@rbi.org.in
• Address: Consumer Education and Protection Cell Reserve Bank of India Mumbai - 400001

Banking Ombudsman

• Website: https://rbidocs.rbi.org.in
• Helpline: 14448 (toll-free)

Consumer Courts

As per the Consumer Protection Act, 2019

Record Maintenance

Documentation Requirements

• All grievances documented with complete details
• Resolution actions and timelines recorded
• Customer communication maintained
• Compensation details filed

Retention Period

• Grievance records: 5 years from resolution
• Supporting documents: 3 years
• Monthly reports: 7 years
• Annual analysis: Permanent

Technology Support

Grievance Management System

• Centralized complaint tracking
• Automated workflow management
• Real-time status updates
• Analytics and reporting tools

Customer Interface

• Online grievance portal
• Mobile application integration
• SMS and email notifications
• Status tracking facility

Policy Review and Updates

This policy is reviewed annually to ensure:

• Regulatory compliance
• Best practice alignment
• Process efficiency
• Customer satisfaction

Amendment Process

• Annual review by Customer Relations team
• Stakeholder feedback incorporation
• Board approval for material changes
• Staff communication and training

This policy reflects our commitment to customer satisfaction and continuous improvement in service delivery. For any clarifications or suggestions, please contact our Customer Relations team.