Fair Practices Code

This has reference to RBI Circular No.2012-13/416/DNBS.CC.PD. No. 320/03.10.01/2012-13 dated 18th February, 2013, wherein the Reserve Bank of India (RBI) has revised the guidelines on Fair practices Code for NBFCs to implement the same.

The Fair Practices Code, as mentioned herein below, is in conformity with these Guidelines on Fair Practices Code for NBFCs as contained in the aforesaid RBI Circular. This sets minimum Fair practice standards for the Company to follow when dealing with customers. It Provides information to customers and explains how the Company is expected to deal with them on a day to day basis.

This policy applies to all customers including those with any complaints / enquiries as posted on social / any other media and we encourage all customers to reach out below platforms as required.

Objective of the Code

The code has been developed with an objective of:

Ensuring fair practices while dealing with customers

Greater transparency enabling customers in having a better understanding of the product and taking informed decisions.

Building customer confidence in the company.

Building better relation with stakeholders of the Company.

Applications for Loans and their Processing

1. The company offers various financial products including Loan against securities, IPO financing Bills/ invoice discounting , project loan ,Working capital loan , term loan ,Loan against property ,Lease rental discounting ,Loan for purchase of commercial property purchase among The below clause however will only apply with respect to retail loan viz. home loan , personal loan etc , wherein the borrower is an individual and who would requires assistance as compared to mid-large corporate clients who are well versed and equipped with financial market business.

2. The Application Form /appropriate documents’ of Rockland Finstock Limited (RFL) for each of these products offered by the company is different depending upon the requirement of each product and will include all information that is required to be submitted by Borrower. Necessary information will be provided by RFL to facilitate the Borrower an in making a meaningful comparison with similar terms and conditions offered by other Non-Banking Finance companies (NBFCs) and taking an informed decision based on the aforesaid comparison.

3. The Application From/ appropriate documents’ of RFL may also indicate the list of documents required to be submitted by the Borrowers along with the Application form.

4. RFL has a mechanism of giving an acknowledgement for receipt of Application form to its Borrower for availing loans. RFL would inform the Borrower about its decision within reasonable period of time form the date of receipt of all the required information in full.

Loan appraised and terms /conditions

1. RFL shall convey in writing to Borrower by way of a sanction letter or otherwise, the amount of limit sanctioned along with all the term and conditions including annualized rate of discount /interest and method of application thereof and keep the acceptance of these terms and conditions by the borrower on RFL’s record. Any clause relating to penal interest charged for late repayment will be specified in bold in Loan Agreement. RFL at the time of sanction /disbursements of loans will furnish a copy of loan agreement to the borrower.

Disbursement of loans including changes in terms and conditions

1. Through its published website or as appropriate if specific to a customer, RFL will give Notice to its Borrower(s), of any charges in the terms and sanction. RFL will also ensure that changes in discount /interest rates and charges are affected only prospectively.

2. Decision to recall /accelerate payment or performance under the Agreement will be in consonance with the respective loan Agreement.

3. RFL will release all securities of its Borrower only on repayment of all dues by such Borrower, or only on realization of the outstanding amount of the Borrower’s availed limit, subject to any legitimate right or line for any other claim which RFL may have against its Borrower. If such right of set off is to be exercised, the borrower will be given notice about the same with full particulars about the remaining claims and conditions under which RFL will be entitled to retain the securities till the relevant claim is settled or paid the Borrower. No objection certificate will be issued to the customer on fulfillment of said terms within 15 workings day of completion of formalities.

General

1. RFL will refrain from interference in the affairs of its Borrower except for the purposed provided in the term and conditions of the respective loan agreement (unless new information, not earlier disclosed by the Borrower, which may come to the notice of RFL).

2. In case of receipt of request from the Borrower for transfer of borrower’s account , the consent or otherwise i.e. objection of RFL if any, is generally conveyed to such Borrower within 21 days from the date of receipt of the Borrower’s request. Such transfer will be as per transparent contractual terms in consonance with applicable laws.

3. In the matter of recovery of outstanding dues of its Borrower, RFL does not resort to undue harassment viz. persistently bothering the borrower at odd hours, use of muscle power for recovery of loans /dues, etc. Training will be imparted to ensure that staff is adequately trained to deal with customers in an appropriate manner.

Grievance Redressal Mechanism

1. In the present competitive scenario, excellent customer service is an important tool for sustained business growth. Customer are part the of business life in any corporate entity.

2.At RFL, customer service and satisfaction are our prime focus. we believe that providing prompt and efficient service is essential not only to attract new customers, but also to existing ones RFL has come up with a lot of initiatives that are oriented towards providing a better customer experience and an efficient complaints redressal mechanism with a view to providing enhanced experience to our customers.

3.In order to make RFL’s redressal mechanism more meaningful and effective, a structured system has been built. This system would ensure that redressal sought is just and fair and is within the given frame-work of rules and regulation.

a. Machinery to handle customer complaints/ grievances

Customers who wish to provide feedback or sent in their complaint may use following channels between 9:30 am and 6:00 from Monday to Friday (except on national holidays).

Call our customer service Helpline on +91-7011600038

Email us at rocklandfinstock@gmail.com

Write to us at the below mentioned address:

Mr. Kamal Joshi
Complaint Redressal Officer
Rockland Finstock Limited
B-207, C R Park, New Delhi – 110019

We assure a response to letters/ email received through this channel within 5 working days. If the complaint/ dispute is not redressed within a period a of one month, the customer may appeal to officer in charge of the Registered office of Department of Non-Banking supervision of RBI under whose jurisdiction the Registered office of the RFL Falls. The detail of DNBS in as given below

Dy. General Manager, Department of Non-Banking Supervision, Reserve Bank of India, Delhi Regional office, 6, Sansad Marg, NewDelhi-110001, Tel.No:.+011-23714456/0538, Email id: dnbsnewdelhi@rbi.org.in

b. Mandatory display requirements RFL has following in all our branches:

Appropriate arrangement for receiving complaint and suggestions.

Display of the name, address and contact number of the complaint Redressal officer.

The process of the complaints redress 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 endeavor 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 channels mentioned above (refer point (a) on internal Machinery to handle to the customer complaints). If the complaint has been received in writing, RFL will endeavor to send an acknowledgement / response to the within a week. Once the matter is examined, RFL endeavors to either send a final response to the customer or an intimation seeking more time within one month upon receipt of the 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 RFL’s stand on any issue will be provided to the customers. Complaint that requires some time for examination of issue involved will be acknowledges promptly. The aforesaid policy will be reviewed periodically /revised as and when there are any new changes incorporated by RFL in handling complaints /grievances of the customer which includes introduction of new grievance channels, if any.

d. Regulation of Excessive Interest charged

The company has laid down appropriate internal principles and procedures in determining interest rates and processing and other charger. 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 changed for loans and advances. The rate of interest to be charged depends much upon the gradation of 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 annualized so that the borrower is aware of the exact rates that would be charged to the account.