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Grievance Redressal Policy

Introduction

For a service organization, excellence in customer service is the most important tool for sustained business growth. In fact, it is only the positive service differentiators that keep the Company ahead of other players in the market. While products can be easily copied, service-related processes cannot be so easily copied.

For any lending institution, customer complaints are a part and parcel of its operations, more so in the case of Banks, Financial Institutions, and NBFCs as these are service organizations in which customer service and satisfaction are of prime focus. We believe that providing prompt and efficient service is essential not only to attract new customers, but also to retain existing ones.

With this thought, our Company has come up with a Grievance Redressal Mechanism with the primary objective to serve the customers. The Company’s policy on grievance redressal has been formulated considering the following:

  • Customers are always treated fairly,
  • Complaints raised by customers are dealt with courtesy and on time,
  • All complaints are dealt with efficiently and fairly and within the time frame,
  • The company’s employees work in good faith and without prejudice to the interests of the customer.

To make the Company’s redressal mechanism more meaningful and effective, a proper structure has been implemented. The customer has every right to register a complaint if not satisfied with services provided by the company or any other agencies associated with it. Customers can complain in writing, over the phone, or through email. If unresolved within the given time, they may pursue legal avenues.

Customer Friendly Services Towards Customers

  1. Customer will be treated with all fairness and respect.
  2. Dealings with customers will be in a transparent and ethical manner.
  3. Sales Executive will explain Company philosophy, Loan process, interest rates, loan charges, etc., using a flowchart.
  4. Processing fee is deducted upfront; not handled in cash or cheque.
  5. Loan application form shall be free of cost.
  6. No commission is to be paid by the customer to staff or others for availing loan.
  7. Company will provide a welcome letter with details such as:
    • Interest
    • Processing fee
    • Insurance premium
    • Credit shield
    • Re-payment Schedule
    • All other loan terms & conditions
  8. No coercive practices will be used for collections.
  9. Receipts will be provided for all cash payments.
  10. In unforeseen or exceptional situations, the Company will be compassionate.
  11. Customers can approach the Manager in difficult circumstances for help.
  12. Customer information will be treated as private and confidential.

Grievance Redressal Framework

BPS has implemented an efficient grievance redressal mechanism to enhance customer experience. A structured system has been built to ensure just and fair redressal within the framework of company rules and regulations.

Complaint Registration Channels

Customers can use the following channels to register complaints:

Available Monday to Friday, 9:00 AM to 5:00 PM (excluding national holidays).

  • Call: 9205053697
  • Write to:
    Customer Care,
    B P Securities (India) Private Limited,
    C 2, 3rd Floor, Sector 2, Noida,
    Gautam Buddha Nagar, Noida, Uttar Pradesh, India, 201301

Escalation Process

If not satisfied with the response within 7 days, the customer may contact the Grievance Redressal Officer (GRO) and Nodal Officer via their provided email IDs. If the issue remains unresolved within one month, the customer may appeal to the Officer-in-Charge at the Regional Office of RBI.

Mandatory Display Requirements

  • Proper arrangements for receiving complaints and suggestions at office premises.
  • Name, address, and contact of the Complaint Redressal Officer to be displayed.
  • Mechanism to escalate unresolved complaints to higher levels for resolution.
  • Regular review of complaints to prevent recurrence.

Time Frame

Complaints received in writing will be acknowledged. BPS will respond or request more time within one month of receipt. Complaints will be analyzed thoroughly, and customers will be informed of BPS’s stance. If further examination is required, the complaint will be acknowledged promptly.

Review of the Grievance Redressal Mechanism

  • Concerned manager to report to Business Head once per quarter on actions taken.
  • Summary of complaints (closed and pending) to be submitted to the Board quarterly.
  • If no complaints, a NIL report will be submitted to the Board.
  • Internal auditors to report any non-compliance by branches.

Review of Policy

The Board is responsible for approving and updating this policy in accordance with operational needs and regulatory changes issued by RBI.

Contact Us

If you have any questions, concerns, or feedback about our Privacy Policy, you can reach us at info@instantfunds.in

Last Updated on: Apr 14, 2025