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Grievance Redressal Policy

1. Introduction

Customer Service is one of the core values and a key focus area of Coracle Capital Consulting & Corporate Services Pvt. Ltd. The Company believes that experience of the customer is key to keep customers happy and thereby ensure a long and fruitful relationship with the Company. It aims to provide affordable & accessible services which are process centric, technology enabled, and people oriented, resulting in reliable, scalable and sustainable institution facilitating socioeconomic change.

2. Applicability

This Policy is applicable to all customers of the company, irrespective of the product or service that they have availed from the company.

Customer Grievance Policy is applicable to all branches and offices of the Company including central office and all its officials.

3. Objective

This policy aims to provide a structured mechanism for receipt/resolution of customer complaints and an efficient review mechanism to improve product/service delivery based on review/analysis of complaints. The Bank’s policy on grievance redressal strives to ensure that:

  1. Customers are always treated fairly and the’s employees work in good faith without prejudice to the interests of customers.
  2. Complaints received from customers are dealing with courtesy and resolved efficiently.
  3. Complaint resolution by the company is fair, consistent and in accordance with applicable rules and regulations
  4. Customers are fully informed of avenues to escalate their complaints/grievances within the organization and their rights to alternative remedy, if they are not fully satisfied with the response/ resolution provided by the Company.

The Policy would be available on the notice board of all branches and also on the Company’s website to ensure that all customers are aware of the complaint submission and escalation process.

4. Query and Complaint

This Points deals with the queries and complaints, to facilitate accurate logging of issues raised by the customers during their interaction with the Company i.e. Branches, Mail ID etc. There are following matters in which customer can approach grievance officer, but not limited to the following:

  1. Any doubt/ enquiry of the customer
  2. Clarification/ additional information sought by the customer
  3. An expression of dissatisfaction/grievance/ protest by the customer
  4. A dispute raised by the customer regarding loan/EMI.
  5. Delay in fulfilment of customer requests beyond the specified TAT

5. Registration of Complaints

The Customers can lodge/ register their complaints and seek redressal/ resolution through any of the following channels:

  1. All branches
  2. Physical letters to Head Office
  3. Contact Centre/ Customer Care by dialing the toll-free numbers or by email addressed tocustomercare@coraclefinance.com

5.1 Grievance Redressal Mechanism

The Company shall:

  1. Ensure that the complaint registers are kept at prominent place in their branches which would make it possible for the customers to enter their complaints.
  2. Have a system of acknowledging the complaints, where the complaints are received through letters / forms.
  3. Fix a time frame for resolving the complaints received at different levels.
  4. Prominently display at the branches, the names of the officials who can be contacted for redressal of complaints, together with their direct telephone number, complete address and e-mail address, etc., for proper and timely contact by the customers and for enhancing the effectiveness of the redressal machinery.
  5. The company should display on their web-sites, the names and other details of the officials at their Head Office / Regional Offices / Zonal Offices who can be contacted for redressal of complaints including the names of the Grievance Personnel/ Nodal Officers.
  6. Display on the website, the names and other details of the MD & CEO and also Line Functioning Heads for various operations to enable their customersto approach them in case of need, if necessary.

6. Timeline for complaint resolution

The Company would ensure urgent and efficient resolution of all complaints received. Depending on the nature of grievances, the timelines for resolution of grievances is given below:

  • Normal grievances (other than the one mentioned hereunder) : Within 10 working days
  • In case of delay in releasing of original movable / immovable property documents or failing to file charge satisfaction form with relevant registry beyond 30 days after full repayment/ settlement of loan, the Company shall communicate to the borrower reasons for such delay. In case where the delay is attributable to Coracle Capital Consulting& Corporate Service Pvt. Ltd., it shall compensate the borrower at the rate of ₹5,000/- for each day of delay. : Within 30 working days
  • Grievances pertaining to frauds which require analysis/investigation, legal cases and cases which require retrieval of documents and records > 3 months Old. : Within 28 working days
  • Cases involving third party (e.g. insurance companies): inquiry, requests or complaints. : Within 7 working days
  • The combined reading of Section 21(3) of Credit Information Companies (Regulation) Act, 2005 and Rule 20 (3) (c) of Credit Information Companies Rules, 2006 provides the CI and the CIC, collectively, an overall limit of thirty (30) days to resolve/ dispose of the complaint. In effect, this would mean that a CI would get twenty-one (21) days and CICs would effectively get the remainder of nine (9) days for complete resolution of the complaint. : Within 30 working days

In case a complaint requires additional time for resolution, the company proactively informs the customer explaining the reason for the same and specifies the additional time required for resolution.

7. Escalation of complaints

7.1 Level 1: Grievance Personnel

If a complaint is not resolved within the stipulated/assured timeframe or if the customer is not satisfied with the resolution provided, she/he may choose to escalate the same to the concerned Grievance Personnel, as detailed below:

  • The designated Grievance Personnel for services rendered by all branches would be the respective Zonal Operations Head who may be contacted at below email id.
    E-mail: grievance@coraclefinance.com
    TAT for resolving the complaint is 10 working days from the date of receiving the complaint.
  • If the complaint is unattended or not resolved by Grievance Personnel within 10 working days from the date of receiving the compliant, it will assign to the Nodal Officer (NO) of the Company for resolution.

The contact details of the respective Nodal Officers are displayed on the Comprehensive Notice Boards of all branches and on the website of the Bank.

7.2 Level 2: Nodal Officer

If a customer is not satisfied with the response/resolution provided by the designated Grievance Personnel or if no response has been received from the Grievance Personnel within 10 days of escalation of the complaint to him, the complaint may be escalated to –

Mr. Akhilesh Giri
Nodal Officer
E-mail: nodalofficer@coraclefinance.com

Contact details including name, complete address, telephone / fax number, email address, etc., of the Nodal Officer shall be prominently displayed in the portal of the Company preferably on the first page of the website so that the aggrieved customer can approach the Company with a sense of satisfaction that she / he has been attended at a senior level.

7.3 Level 3: RBI CMS Portal

In case the customer is not satisfied with the resolution received or if the customer does not hear from us in 30 Working days, then he/she may lodge their complaint on RBI CMS Portal- https://cms.rbi.org.in/cms/indexpage.html#eng or send complaintsfrom to the below mentioned address:

Centralized Receipt and Processing Centre:
Reserve Bank of India,
6, Sansad Marg, New Delhi-110001
Contact No. +91-11-23325225

8. Record Keeping

All documents with respect to Customer’s Grievance Redressal i.e. customer complaints received and resolution provided would be retained by the Company for 10 years from the date of resolution.

9. Disclosure

The Company shall place a statement of complaints before their Boards / Customer Service Committees along with an analysis of the complaints received. The complaints should be analyzed according to the below points:-

  1. to identify customer service areas in which the complaints are frequently received;
  2. to identify frequent sources of complaint;
  3. to identify systemic deficiencies;
  4. for initiating appropriate action to make the grievance redressal mechanism more effective.