Fair Practices Code
b. Mandatory display requirements
ABFL has the following in all our branches:
- Appropriate arrangement for receiving complaints and suggestions.
- IDisplay of the name, address and contact number of the Complaint Redressal Officer
The process of the complaints redressal unit will ensure closure of all complaints to the customers' satisfaction.
They will ensure that the complaint is escalated to the appropriate levels in case it is not possible to resolve at his/her level. Whilst the ultimate endeavour is to ensure we reach a situation where our customers don't have to complain to senior management to get an effective redressal, we have put in a robust mechanism to handle these complaints, review them from a point of view of understanding reasons for the complaint and for the escalation and working on prevention of recurrence thereof.
c. Time frame
To register complaints, the customers may use any of the channels mentioned above (refer point (a) on Internal Machinery to handle the customer complaints). If the complaint has been received in writing, ABFL will endeavor to send an acknowledgement / response within a week. Once the matter is examined, ABFL endeavours to either send a final response to the customer or an intimation seeking more time within one month upon receipt of complaint.
Complaints that are received at our end will be seen in the right perspective and would be analyzed from all possible angles.
The communication of ABFL's stand on any issue will be provided to the customers. Complaints that require some time for examination of issues involved will be acknowledged promptly.
The aforesaid policy will be reviewed periodically /revised as and when there are any new changes incorporated by ABFL in handling complaints / grievances of the customer which includes introduction of new grievance channels, if any.
Regulation of Excessive Interest charged
The Company has laid down appropriate internal principles and procedures in determining interest rates and processing and other charges.
The Company has adopted an interest rate model taking into account cost of funds, margin and risk premium for determining rate of interest to be charged for loans and advances.
The rate of interest to be charged depends much upon the gradation of the risk of borrower viz. the financial strength, business, regulatory environment affecting the business, competition, past history of the borrower etc.
The rate of interest will be annualised so that the borrower is aware of the exact rates that would be charged to the account.