What is Griev­ance Re­dres­sal Pol­icy?

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Re­cently, Na­tional Hous­ing Bank ( NHB) has launched Griev­ance Re­dres­sal Mech­a­nism to pro­vide a sim­ple, speedy and cost ef­fec­tive mech­a­nism to the ag­grieved par­ties of NHB/ cus­tomers of HFC. The por­tal is launched un­der NHB’s Griev­ance Re­dres­sal Pol­icy, where it plays the role of a reg­u­la­tor for the hous­ing fi­nance com­pa­nies (HFCs).

Be­ing a fi­nan­cial in­sti­tu­tion, there will be oc­ca­sions when its con­stituents will have com­plaints against its work­ing like any other or­ga­ni­za­tion. NHB be­ing the reg­u­la­tor of HFCs, there will also be oc­ca­sions when the cus­tomers of HFCs would ap­proach NHB for res­o­lu­tion of their griev­ances against them. It has been con­sis­tent en­deavor of NHB to pro­vide ef­fi­cient ser­vice to all its con­stituents, in­clud­ing cus­tomers of HFCs that are un­der its reg­u­la­tory am­bit. NHB be­lieves that the griev­ance re­dres­sal mech­a­nism of an or­ga­ni­za­tion is the gauge to mea­sure its ef­fi­ciency and ef­fec­tive­ness as it pro­vides im­por­tant feed­back on the work­ing of the or­ga­ni­za­tion and the en­ti­ties reg­u­lated by it.

Us­age IT plat­form and ap­pli­ca­tion of email com­mu­ni­ca­tion, helps NHB in at­tend­ing the com­plaints re­ceived against the func­tion­ing of its var­i­ous De­part­ments ef­fi­ciently. It has set up a Griev­ance Re­dres­sal Cell, which mainly caters to the com­plaints re­ceived against the HFCs. It has also ap­pointed one of the Ex­ec­u­tive Di­rec­tors as the Chief Griev­ance Re­dres­sal Of­fi­cer.

How­ever, need is felt to con­sol­i­date all prac­tices and pro­ce­dure in this re­gard into a Pol­icy doc­u­ment. Ac­cord­ingly, a struc­tured sys­tem is be­ing placed to make the griev­ance re­dres­sal mech­a­nism more mean­ing­ful and ef­fec­tive. Such sys­tem would en­sure that the re­dres­sal sought is just and fair and is per­mis­si­ble within the given frame­work of rules and reg­u­la­tions. The main pur­pose of a Com­plaint Re­dres­sal Pol­icy is to put in place an ap­pro­pri­ate mech­a­nism to timely re­dress the com­plaint to the sat­is­fac­tion of the com­plainant.

Pol­icy Ob­jec­tives: The ob­jec­tive of this Pol­icy is to pro­vide for an ef­fi­cient and ef­fec­tive griev­ance re­dres­sal mech­a­nism to the con­stituents of NHB, as also to the cus­tomers of HFCs reg­u­lated by it.

Types of Com­plaints

The ob­jec­tive of this Pol­icy is to pro­vide for an ef­fi­cient and ef­fec­tive griev­ance re­dres­sal mech­a­nism to the con­stituents of NHB, as also to the cus­tomers of HFCs reg­u­lated by it.

Com­plaints re­ceived by NHB can be clas­si­fied into fol­low­ing two cat­e­gories, viz. (i) against NHB, and (ii) against HFCs.

Com­plaint against NHB may be fur­ther clas­si­fied as un­der :

A. Com­plaint against ac­tiv­i­ties of Re­source Mo­bi­liza­tion De­part­ment – NHB mo­bi­lizes its re­sources through is­sue of bonds, deben­tures, cer­tifi­cate of de­posits and com­mer­cial pa­pers, term loan from banks and fi­nan­cial in­sti­tu­tions as also through its re­tail de­posit schemes. In the process, it in­ter­acts with in­vestors, de­pos­i­tors, banks, fi­nan­cial in­sti­tu­tions credit rat­ing agen­cies, stock ex­changes, etc. Ag­grieved par­ties may have com­plaints against NHB and may sub­mit their com­plaints to it for re­dres­sal.

B. Com­plaint against ac­tiv­i­ties of Re­fi­nance Op­er­a­tions De­part­ment and Project Fi­nance De­part­ment – NHB ex­tends fi­nan­cial sup­port by way of re­fi­nance to banks, HFCs, UCBs, RRBs ARDBs, Mi­cro Fi­nance In­sti­tu­tions etc. NHB also ex­tends fi­nan­cial sup­ports to pub­lic agen­cies for var­i­ous types of projects, di­rectly. Any bor­row­ing in­sti­tu­tion ag­grieved by the pre or post sanc­tion­ing process of NHB may have a griev­ance against the pro­ce­dures and prac­tices fol­lowed by NHB in this re­gards and ap­proach it for re­dres­sal of the same.

C. Other Com­plaints – In ad­di­tion to the com­plaints re­lat­ing to the ac­tiv­i­ties of bor­row­ings and de­ploy­ment of funds of NHB, there may be com­plaints con­cern­ing func­tion­ing of other De­part­ments viz., Hu­man Re­sources, Ad­min­is­tra­tion, Premises, Busi­ness Plan­ning and Pro­mo­tion, Ad­ver­tise­ment and Pub­lic­ity, etc. The person ag­grieved by such ac­tiv­i­ties in­clud­ing the em­ploy­ees of NHB may also lodge com­plaints to NHB for re­dres­sal of the same.

Com­plaint against HFCs may be clas­si­fied as un­der:

A. De­posit re­lated com­plaints – NHB has is­sued di­rec­tions/ guide­lines con­cern­ing de­posit ac­cep­tance ac­tiv­i­ties by HFCs un­der the Na­tional Hous­ing Bank Act, 1987. De­lays in re­pay­ment of de­posits on due dates, non-pay­ment of in­ter­est on such de­posits, de­duc­tion of tax on such de­posits, pay­ment of de­posits to the nom­i­nees, etc. are the ar­eas where the com­plaint against HFCs are gen­er­ally made by de­pos­i­tor of such com­pa­nies.

B. Loan re­lated com­plaints – NHB also re­ceives com­plaints against HFCs with re­gard to their lend­ing op­er­a­tions. The com­plaints mainly re­lates to levy of pre-pay­ment charges, non re­fund of pro­cess­ing fees, ar­bi­trary in­crease in rates of in­ter­est, non sanc­tion of loan, fail­ure to re­turn orig­i­nal doc­u­ments af­ter re­pay­ment of the loans, takeover of pos­ses­sion with­out fol­low­ing due pro­ce­dures, etc.

C. Other is­sues – Com­plaints are also re­ceived against HFCs from the gen­eral pub­lic in con­nec­tion with their ac­tiv­i­ties and op­er­a­tions.

Scope of the Pol­icy The Pol­icy cover all the griev­ances raised by the stake­hold­ers of NHB viz., bor­row­ers, lenders, de­pos­i­tors, ser­vice providers, em­ploy­ees etc. in con­nec­tion with all ac­tions taken by it or lack of ac­tion, about the stan­dard of ser­vices/ de­fi­cien­cies in ser­vices etc.

The Pol­icy would also cov­ers com­plaints of the cus­tomers of HFCs reg­u­lated by NHB against such com­pa­nies where the com­plainant failed to se­cure res­o­lu­tion of his/her com­plaint af­ter tak­ing up the same di­rectly with the con­cerned HFCs.

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