The Grievance Redressal Policy is framed and formulated to handle any form of feedback, queries, complaints or grievances from any of the participants on the 5Paisa P2P platform ( www.5paisaloans.com and associated mobile apps etc.). The objective of the said policy is to minimize the recurrence of similar issues in the future by adopting a structured grievance redressal framework which is supported by a review mechanism.
Since here can be possibilities of any grievance not being resolved at a lower level, this policy intends to provide a redressal mechanism for all levels of issues / complaints. We will ensure best efforts to ensure that the redressal of all complaints or grievance is fair, reasonable and within the given framework of rules and regulation and timelines.
Any issues that the participants (lenders / borrowers) might have during the course of their journey with https://www.5paisaloans.com should be addressed by via email or call to the 5Paisa Customer Support Team.
The Customer Support Team should in turn identify the type of enquiry or grievance (i.e. borrower related / lender related / website or app related etc.) and forward it to the appropriate team for their feedback or resolution, internally within 24 hours of its receipt.
The Appropriate team should ideally attempt to respond to the enquiry within 24 hours. It would be very crucial for every team to adhere to the prescribed TAT for resolution of any enquiry or grievance. For queries pertaining to technical issues which warrants some rectification or process improvement, timeline for adhering to the same should be informed to the borrower / lender and attempts should be made to ensure that the said timelines are met.
For any enquiries / complaints or grievances not addressed within 5 working days from the date of its receipt, such complaints / enquiries / grievances should be addressed to the Grievance officer, specifically appointed for the same. Details of the Grievance Officer should be made available on the website of the company at all times along with his contact details.
If the enquiries / complaints / grievances of any Participant remains unaddressed even after 10 working days thereafter, such complaints / grievances should be marked by mail to the Chief Operating Officer, Mr. ------ at -----.com.
The first line of escalation will be the Grievance Officer followed by the Chief Operating Officer.
The Grievance Officer should maintain a detailed record of all the complaints / grievances received through the above medium or any other medium and ensure that the same are redressed within the same timelines as mentioned above.
If any complaints / grievance is not redressed within a period of 1 (one) month from the date of its receipt, the customer may appeal to Customer Education and Protection Department, Reserve Bank of India.