Grievance Redressal Policy

Preamble

Delivering excellent customer service through the quick and effective resolution of complaints, alongside proactive corrective and preventive measures, is integral to our operations. In line with RBI guidelines, this Grievance Redressal Policy of P.S.N. Finance Private Limited has been formulated, suitably revised, and presented for approval by the Board.

The policy ensures a robust mechanism for receiving and addressing customer complaints fairly, transparently, and promptly, regardless of the complaint’s source.

Policy Objectives

• Customer Awareness: Customers shall be made aware—through displays at branches and digital platforms—of various channels for grievance redressal, including the Grievance Redressal Officer's contact details.
• Complaint Logging and Tracking: All complaints shall be logged centrally and tracked to ensure resolution and proper escalation.
• Coverage of Outsourced Services: Complaints involving outsourced service providers shall be addressed under the same mechanism, with partners sensitized accordingly.
• Centralized Handling: Complaints from the Reserve Bank of India and Government of India shall be handled centrally by a Compliance Department resource.

Grievance Handling Framework

Complaint Resolution Levels

1. First Level – Branch Manager / Branch In-charge
2. Second Level – Grievance Redressal Officer (GRO)

Customers dissatisfied with the branch-level resolution may escalate their concerns to the Grievance Redressal Cell via email or written communication.

Timely Response

All complaints shall be resolved efficiently and in a time-bound manner. Interim acknowledgments shall be issued if delays occur.

Email Complaints

Complaints received via email shall be replied to via email by the E-mail Management Unit with final resolutions.

Governance and Reporting

A consolidated report on complaint status shall be presented to the Board at least once every six months or more frequently as needed.

Role of the Board of Directors

• Establish and review the grievance redressal mechanism periodically.
• Ensure that disputes are addressed at a higher management level.
• Review compliance with the Fair Practices Code.
• Receive and assess grievance redressal reports.

Grievance Redressal Officer Details

If unresolved within one month, customers may escalate to the RBI:

Grounds for Grievance

Complaints may be raised with the NBFC Ombudsman on the following grounds:

• Delay or failure in presenting post-dated cheques.
• Failure to communicate loan terms in writing, including interest rate.
• Non-issuance of documents in a language understood by the borrower.
• Changes in terms not properly notified in vernacular language.
• Delay in releasing security documents post loan repayment.
• Unnotified charges levied on the customer.
• Absence of a repossession clause in agreements.
• Lack of transparency in repossession and sale procedures including:
  • Notice period prior to possession
  • Conditions for waiving notice
  • Possession procedure
  • Final repayment chance before auction
  • Repossession return process
  • Sale/auction procedure
• Non-compliance with RBI directions.
• Violation of the Fair Practices Code.

Policy Review and Compliance

The policy shall be reviewed annually or earlier if required. Changes approved by the Board shall be effective from the date of approval.

In the event of regulatory updates by RBI or Government, the policy shall be deemed modified from the notified date, without needing further Board approval.

Updated policies will be circulated to all branches and published on the Company's website.