Newtap Finance Private Limited (previously known as Parfait Finance & Investments Private Limited)

Contents:

Introduction:                                                                                                                                 2
Applicability:                                                                                                                                2
Objective:                                                                                                                                      2
Definitions:                                                                                                                                   3

Introduction

Newtap Finance and Investments Private Ltd (“the Company”) is a Non-Banking Financial Company (‘NBFC’) registered with the Reserve Bank of India (‘RBI’). The Company firmly believes that customer satisfaction is the most important element of growth in the financial services industry. Customer satisfaction can be achieved through delivering good customer service, which can be achieved through a strong framework of strong and effective grievance redressal mechanism. The Company endeavors to resolve customer complaints and issues in a timely and accurate manner. In order to resolve customer complaints and to minimise the recurrence of similar issues in future, the Company has put in place a Customer Grievance Redressal Policy (‘the Policy’) with the approval of its Board of Directors (‘the Board’).

The Policy has been drafted in line with the Company’s objectives and the guidelines outlined in the Master Direction - Non Banking Financial Companies - Non-Systemically Important Non-Deposit taking Company (Reserve Bank) Directions, 2016 issued by the RBI.

Objective:

The Company is committed in dealing with its customers and the key commitment in this regard are:

         |. Treat customer fairly and in a professional manner
       ||. Provide redressal to customers in a time bound manner; and
      |||. Ensure that customers are completely aware of the grievance redressal mechanism including the mode of lodging complaints, process of escalation along with contact details and timelines for resolution of complaints.

Customer Grievance Redressal Mechanism:

The Company will be responsible for the complaints of its customers arising out of the activities carried out by the Company as well by its outsourcing partners. The Company has structured a grievance redressal mechanism for addressing all its complaints in an effective and time bound manner. The Grievance Redressal Mechanism consists of three levels within the Company including a level for registration of complaints and two levels of escalation.

1. Level 1 - Registration of Complaints/ Grievance
   • The modes to register grievances will be available on the website of the Company. Customer can file a complaint on via any one of the modes:
     • Email - Customers can register complaints via email at support@newtap.in , which will be looked into by a dedicated team for resolution and timely closure
   • The Company will provide an acknowledgement to the customer within 3 working days
   • The Company will provide a response to the customer within 7 working days of registering the complaint through the means of email along with proper justification and reason
   • The Company will ask for any additional information, if required, from the customer
   • Upon closure of the complaint, the Company will share the root cause analysis of the issue along with the closure details
   • If the customer does not come back within 5 working days for reopening of the case, the complaint will be considered as closed                                                                                                                                           Note - If the Company feels that the case will require information from other partner institutions, it will be promptly communicated to the customer along with additional timeline requirements.
2. Level 2 - First Level of Escalation
   • If the customer is not satisfied with the response, the customer will have an option to escalate the case to the next level
   • The Level 2 escalation team will understand the case based on the previous documents and information provided
   • In case level 2 escalation team feels that more information is required from internal stakeholders, partner institutions or customer, it will reach to the respective participants to collate the information
   • Level 2 escalation team will try and close the complaint within 7 working days
3. Level 3 - Escalation to Chief Grievance Redressal Officer (CGRO)
   • If the customer is not satisfied with the response of both the levels, the complaint can be escalated to the Chief Grievance Redressal Officer (CGRO) of the Company
   • The details of CGRO will be displayed on the website of the Company
   • Following details of the CGRO will be available on the website:

 The Chief Grievance Redressal Officer of the Company will examine the matter and redress to complaints as soon as possible, however no later than 30 days from the date of registering the complaint/ grievance.

• NBFC Ombudsman:

In case a customer does not get a satisfying response from the Company within 30 days of registering the complaint, then the customer can directly escalate the matter to NBFC Ombudsman of the respective region:

NBFC Ombudsman Chennai

C/o Reserve Bank of India,
Fort Glacis, Chennai 600 001,
STD Code - 044 Telephone No 25395964
Fax No: 2395488
Email: nbfcochennai@rbi.org.in
 

NBFC Ombudsman Mumbai

C/o Reserve Bank of India
RBI Byculla Office Building,
Opp. Mumbai Central Railway Station,
Byculla Mumbai - 400 008
STD Code - 022 Telephone No 23028140
Fax No: 23022024
Email: nbfcomumbai@rbi.org.in

The Nodal Officer will be responsible for representing the Company and furnishing the information to the Ombudsman in respect of complaints/ grievances filed against the Company

Mandatory Display Requirements:

The Company will prominently display the following information for the benefit of its customers, over its website and mobile application:

• The name and contact details (i.e. telephone number and email address) of the CGRO/ Nodal Officer
• Contact details of the above mentioned RBI NBFC Ombudsman, under whose jurisdiction the respective head office the Company falls.

Policy Review:

The CGRO will periodically review and assess the adequacy of the Policy in line with the RBI updates and recommend changes to the Company’s Board. Any updates/ changes to the Policy will be approved by the Board and communicate to the relevant customer/ staff/ other stakeholders.