RBI Fair Practice Grievance Mechanism

RBI FAIR PRACTICE GRIEVANCE MECHANISM

THE CORE VALUES OF AICL

  • To provide low‐income women and their families, an access to financial services that are designed to enhance their well‐being, and are delivered in a manner that is ethical, dignified, transparent, equitable and cost effective.

  • To ensure quality services to our members which are appropriate to their needs, and delivered efficiently in a convenient and timely manner.

  • To ensure quality services to our members which are appropriate to their needs, and delivered efficiently in a convenient and timely manner.

  • To provide complete and accurate information to our members regarding all products and services offered.

  • To create awareness and enable our members and all other stakeholders to understand the information provided with respect to financial services offered and availed.

  • To ensure that our members are protected against fraud and misrepresentation, deception or unethical practices.

  • To ensure that all practices related to lending and recovery of loans are fair and maintain respect for our member’s dignity and with an understanding of our member’s vulnerable situation.

  • To safeguard personal information of our members, allowing disclosures and exchange of relevant information with authorized personnel only, and with the knowledge and consent of our members.

  • To provide our members formal and informal channels for feedback and suggestions.

  • To consistently assess the impact of services in order to enhance competencies and serve our members better.

  • To provide a formal grievance redressal mechanism for our members.

  • To maintain high standards of professionalism based on honesty, non‐discrimination and customer centricity.

CODE OF CONDUCT WE FOLLOW

  • Providing credit services to our members.

  • Recovery of credit provided to our members.

  • Providing insurance services, remittance services, or any other related products and services.

  • Formation of any type of community collectives including self‐help groups.

  • Business development services including marketing of products or services made or extended by the eligible our members or for any other purpose for the welfare and benefit of our members.

TRANSPARENCY & FAIR PRACTICES

  • We provide following details in transparent and understandable manner

Interest Rate

Processing fee

Insurance Premium

Any other charges or fees howsoever described

All other terms and conditions of loan

  • We maintain formal records of all transactions in accordance with all regulatory and statutory norms, and borrowers’ acknowledgment/acceptance of terms/conditions form a part of these records.

  • None of our staff visit the members for collection; the members on rotation visit our branches to remit cash.