Grievance Redressal Policy
1. Introduction
Rang De’s primary goal is to bridge the socio-economic gap that prevails in the nation. It brings together individuals that are in need of monetary assistance and those that have the financial capability to provide such assistance (“Participants”), through its peer-to-peer lending platform (“Rang De”/ “Platform”). The Platform enables lenders to provide micro credits to rural and other below poverty line communities for their education, business, health and other socio-economic requirements.
2. Objective
The objective of this Grievance Redressal Policy (“Policy”)is to ensure that:
- all genuine issues raised by Participants are dealt with swiftly and efficiently; and
- Participants are made aware of the rights and remedies available to them.
This Policy provides the structure and procedures for receiving and addressing grievances from Participants, in accordance with the guidelines prescribed by the Reserve of Bank of India (“RBI”).
3. Applicability
The Policy is applicable to:
- Individuals who register themselves on the Platform to provide micro-credit to eligible borrowers (“Lender(s)”); and
- Individuals who register themselves on the Platform to avail micro-credit from the Lenders (“Borrower(s)”).
4. Principals Of Grievance Redressal
- The Policy provides the procedures to be undertaken by the Participant and the various redressal forums available to the Participants.
- The Policy indicates the mode of raising complaints/ grievances available to the Participants.
- This Policy provides that the issues raised by the Participants, are treated with utmost respect and are resolved fairly and equitably to ensure that the issues are sorted out and communicated to the Participant in a transparent manner.
- The Policy and the grievances / issued raised by the Participants shall be regularly reviewed at multiple levels to mitigate and reduce Participant grievances and thereby enhance functionality.
5. Grounds For Filing A Complaint
The Lender and/or the Borrower shall be entitled to raise a complaint against Rang De and/or its Outsourcing Partner on any of the below mentioned grounds:
By the Lender:
- non-payment or inordinate delay in the repayment of the loan and/or interest;
- non-adherence to the RBI directives, if any, applicable to rate of interest;
- non-presentation or inordinate delay in the presentation of post-dated cheques, if any, provided by the Participant;
- failure to convey in writing, the amount of loan sanctioned along with terms and conditions including 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 or a language as understood by the Borrower;
- levying of charges without adequate prior notice to the Lender;
- failure to ensure transparency in the loan agreement regarding (i) terms of repayment; (ii) interest rate; or (iii) any other charges;
- non-observance of directions issued by RBI to the non-banking financial companies; and
- non-adherence to the RBI guidelines on Fair Practices Code for non-banking financial companies.
By the Borrower:
- non-payment or inordinate delay in disbursal of the loan amount;
- non-adherence to the RBI directives, if any, applicable to rate of interest;
- non-presentation or inordinate delay in the presentation of post-dated cheques, if any, provided by the Participant;
- failure to convey in writing, the amount of loan sanctioned along with terms and conditions including 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 or a language as understood by the Borrower;
- failure or inordinate delay in issuing a confirmation of closure of the loan to the Borrower on repayment of all dues;
- levying of charges without adequate prior notice to the Borrower;
- failure to ensure transparency in the loan agreement regarding (i) terms of repayment; (ii) interest rate; or (iii) any other charges;
- non-observance of directions issued by RBI to the non-banking financial companies; and
- non-adherence to the RBI guidelines on Fair Practices Code for non-banking financial companies.
6. Escalation matrix- Customer Grievance
Step 1: Registering a Grievance:
A Lender should register their grievance through any one of the following modes:
- Customer care number: +91 80 42756643
- Official Website: www.rangde.in
- E-mail: [email protected]
A borrower should register their grievance through any one of the following modes:
- Customer care number: +91 80 42756643
- E-mail: [email protected]
Step 2: Resolution of Grievance:
Escalation Matrix:
| Level | Designated Officer/Dept | Contact |
|---|---|---|
| 0 | Customer Support | Ph: +91 80 42756643 Email: [email protected] |
| 1 | Grievance Redressal Officer | Ph: +91 80 42756643 Email: [email protected] |
| 2 | Sr Grievance Redressal Officer | Ph: +91 80 42756643 Email: [email protected] |
- a. Grievance Redressal Officer
A registered grievance shall be dealt with by the designated Grievance Redressal Officer of the Grievance Redressal Cell of Rang De.
The Grievance Redressal Officer for Rang De is:
Mr Debadeep Sengupta
Email id: [email protected]
Phone Number: +91 80 42756643
The Grievance Redressal Officer shall be responsible to attend to and resolve the matters raised by the Participant within 10 (ten) days from the date of registering the grievance.
The Grievance Redressal Officer shall:- deal sympathetically and expeditiously with the grievance raised by the Participant;
- correct mistakes promptly; and
- cancel any charge that has been applied wrongly and by mistake.
- b. Senior Grievance Redressal Officer
In the event the grievance of the Participant is not resolved within 10 (ten) days from the date of registering the grievance, the grievance shall be automatically escalated to the Senior Grievance Redressal Officer of the Grievance Redressal Cell, who shall address the grievance within 10 (ten) days from the date of escalation.
The Senior Grievance Redressal Officer of Rang De is:
Mr. Atul Sharma
Email id: [email protected]
Phone Number: +91 80 42756643
- c. Customer Education and Protection Department of RBI
In the event a grievance is not resolved to the satisfaction of the Participant within a period of 30 (thirty) days from the date of registering the grievance, then the Participant shall have the right to appeal to the Customer Education and Protection Department of RBI.
7. Training
Rang De ensures that its employees and members of the Grievance Redressal Cell receives periodic training for handling a Participant’s grievance in an efficient and courteous manner.
8. Review Of Participant Grievance Redressal Mechanism
- The Grievance Redressal Cell of Rang De shall analyse the grievances raised by Participants on a monthly basis and attempt to implement a preventive and permanent measure to avoid recurring grievances.
- The Grievance Redressal Cell of Rang De shall monitor and analyse the timelines for redressal of grievances to ensure prompt and apposite redressal.
- The Grievance Redressal Cell of Rang De shall prepare a quarterly summary report of the grievances received and closed. The summary report shall be placed before the Board of Rang De.
- Rang De may conduct feedback surveys with Participants who have raised a grievance/ complaint to ensure Participants are satisfied with the redressal mechanism of Rang De.
