Padmalaya Finserve Private Limited (herein referred to as "Padmalaya," we," and" Company") is registered with the Reserve Bank of India and holds a Peer to Peer-Non-Banking Financial Company license and is incorporated under the provision of the Companies Act, 2013 and is in the business of facilitating borrowing and lending through its online platform. The Master Directions mandate the Company to formulate and disclose a Board-approved "Grievance Redressal Policy" to protect the rights of the Participants. Additionally, the NBFC Master Directions require the Company to appoint a Nodal Grievance Redressal Officer and institute a mechanism in place for a Participant's concerns.
Padmalaya is fully committed to delivering consistent and exemplary service to all Participants, fostering our continued growth. Our Grievance Redressal Policy is meticulously designed to address any issues that may arise on our platform effectively. The primary objective of minimizing the likelihood of recurrence and establish a well-structured framework for addressing grievances at every level. This policy ensures fair and just treatment of all feedback, requests, queries, complaints, or grievances in strict accordance with our established rules and regulations. Our paramount goal is to provide a secure and transparent platform for all Participants, and the Company will spare no effort to attain this objective. The Company places immense value on our relationships with Participants, irrespective of their tenure, size, volume, or any other parameter, and upholds the utmost significance of maintaining these relationships. Padmalaya acknowledges that certain issues may necessitate escalation beyond the initial level, which is precisely why this policy encompasses a comprehensive redressal mechanism that caters to concerns at all levels.
The Grievance Redressal Mechanism Policy has been established in accordance with Clause 13 of the Master Directions - Non-Banking Financial Company - Peer to Peer Lending Platform (Reserve Bank) Directions, 2017 ("Master Directions"), as issued by the Reserve Bank of India (RBI).
This policy aims to outline the policies and procedures governing the receipt, handling, and response to grievances raised by Participants. The following principles apply to the handling of grievances:
Padmalaya is committed to addressing any grievances by its Participants with the utmost attention and support. The Company is committed to diligently exploring effective solutions through various communication channels, including in-person, written, or verbal means. To facilitate a quicker and fair resolution process, Participants are required to include their application number, sanction number, or loan account number in all correspondences related to their complaints or requests, along with the registered mobile number.
It is important to note that anonymous complaints will not be considered under the provisions of this Grievance Redressal Mechanism. Mechanism. All Complaints received from the registered mobile number or email or a written letter with the proof of complaint that he/she is a participant will only be considered.
Padmalaya strives to maintain a consistent and high-quality service to valued Participants while diligently striving to minimize the incidence of Grievances. However, it explicitly informs the Participants on the Platform, indicating that they can raise and record any grievances concerning the Platform and the service provided by Padmalaya.
Padmalaya has designed the mechanism to ensure its Participants can seamlessly register their complaints via a multi-channel set-up. Additionally, the mechanism has a 3-step escalation matrix to ensure that a Participant is provided with adequate appeals. Padmalaya has established prescribed timelines at different stages of the mechanism to ensure time-bound redress of complaints.
To register a complaint or grievance, the Participants can avail of any of the following options:
Padmalaya shall not be liable to compensate Participants for delayed resolutions if some unforeseen event including but not limited to epidemic, pandemic (as declared by the World Health Organization) lockdown, acts of God; fire; explosion; any law, order, or regulation of the Republic of India or other national, state or local government or any civil or military authority; or by national emergencies, wars or strikes, damage to Padmalaya or of its agents, absence of the usual means of communication or all types of transportation, etc., beyond the control of Padmalaya prevents it from performing its obligations.
This Policy is subject to revision in accordance with the guidelines issued periodically by the Reserve Bank of India. Padmalaya will regularly review the Policy and the functioning of the grievances redressal mechanism across different management levels. The Board of Directors of Padmalaya retains the exclusive authority to effectuate any requisite alterations, amendments, or modifications to the Policy at regular intervals as deemed necessary. Such revisions shall be executed in strict adherence to applicable legal and regulatory requirements, ensuring the Policy remains compliant with all pertinent laws and regulations. This provision underscores Padmalaya's commitment to maintaining a robust and effective grievance redressal mechanism in line with the highest standards of Corporate Governance and Customer service.