POLICY ON CUSTOMER COMPENSATION

1. PREAMBLE / INTRODUCTION

Ayaan Finserve Private Limited (“the Company” / “AFPL”) is an RBI Registered Non-Banking Financial Company (NBFC) engaged in providing loan and credit facilities to customers.

The Company is committed to providing fair, transparent, and efficient financial services and maintaining high standards of customer service. This Policy on Customer Compensation has been framed in accordance with the guidelines issued by the Reserve Bank of India and aims to ensure fair treatment of customers in cases involving deficiency in service, delay, operational lapses, or any act of omission directly attributable to the Company.

The policy reflects the Company’s commitment towards customer protection, transparency, accountability, and prompt grievance redressal.

2. OBJECTIVE

The objectives of this Policy are to:

• Establish a framework for compensating customers for financial loss caused due to deficiencies attributable to the Company;
• Ensure fair and transparent treatment of customers;
• Define timelines for resolution of customer complaints;
• Promote customer confidence and strengthen grievance redressal mechanisms;
• Ensure compliance with RBI guidelines applicable to NBFCs.

This Policy does not cover claims relating to:

• Loss of reputation;
• Loss of business opportunity;
• Indirect or consequential losses;
• Emotional distress or mental agony.

3. APPLICABILITY

This Policy shall apply to:

• All customers availing loan facilities from the Company;
• All loan products and credit facilities offered by the Company;
• All branches, digital platforms, employees, outsourced agencies, and service providers acting on behalf of the Company.

4. REGULATORY REFERENCES

This Policy is framed in accordance with applicable guidelines issued by the Reserve Bank of India, including:

1. RBI Master Circular on Customer Service;
2. RBI Fair Practices Code for NBFCs;
3. RBI guidelines on Customer Protection and Unauthorized Electronic Transactions;
4. RBI Integrated Ombudsman Scheme, 2021;
5. RBI guidelines relating to digital lending and customer grievance redressal.

5. COMMUNICATION OF THE POLICY

The Policy shall be:

• Hosted on the Company’s website;
• Made available to customers upon request;
• Communicated through appropriate customer service channels.

6. PRINCIPLES OF CUSTOMER COMPENSATION

The Company shall:

• Compensate customers for direct financial loss caused due to deficiencies attributable to the Company;
• Provide compensation fairly and transparently;
• Resolve customer complaints within prescribed timelines;
• Provide compensation suo moto in deserving cases without waiting for a formal complaint.

Compensation shall generally be credited directly to the customer’s registered bank account.

7. CUSTOMER COMPENSATION FRAMEWORK
7.1 Erroneous Debit / Wrong Recovery

In case any amount is wrongly debited or recovered from a customer account due to error attributable to the Company:

• The amount shall be reversed after verification;
• Any direct financial loss suffered by the customer shall be compensated;
• Verification shall normally be completed within 7 working days.

The customer should report such discrepancy within 30 days from the date of debit.

7.2 Unauthorized Electronic Transactions

Unauthorized electronic transactions may include:

• UPI transactions;
• IMPS transactions;
• Net banking transactions;
• Debit card transactions;
• Wallet transactions linked with loan repayment.

Customer Liability
TIMELINES FOR RESOLUTION
7.3 Failed Loan Repayment Transactions

Where a customer account is debited for loan repayment but the payment is not reflected in the loan account:

• The Company shall investigate and reverse/adjust the transaction within the prescribed timelines;
• Delays attributable to the Company may attract compensation as per applicable RBI guidelines.

7.4 Delay in Release of NOC / Loan Closure Documents

Upon full repayment or settlement of loan dues:

• No Objection Certificate (NOC) and loan closure documents shall be issued within 30 days;
• In case of secured loans, original property/security documents shall be released within applicable regulatory timelines.

Any delay attributable to the Company shall attract compensation as prescribed under RBI guidelines.

7.5 Incorrect Reporting to Credit Information Companies (CICs)

The Company shall ensure timely and accurate reporting of customer data to Credit Information Companies.

In case of delayed correction or updation of customer credit information attributable to the Company:

• Compensation shall be payable in accordance with applicable RBI regulations.

7.6 Misconduct by Recovery Agents / Service Providers

If any employee, recovery agent, collection agency, or representative engaged by the Company:

• Behaves improperly;
• Uses abusive or coercive practices;
• Violates RBI Fair Practices Code;

the Company shall investigate the complaint and take appropriate corrective action.

Where direct financial loss is established, suitable compensation may be provided.

8. AWARD OF COMPENSATION

Compensation shall be payable only where:

• The deficiency is directly attributable to the Company;
• Actual financial loss has been suffered by the customer.

Compensation may include:

• Reversal of charges;
• Refund of excess recovery;
• Interest compensation;
• Monetary compensation prescribed under RBI guidelines.

The Company may also provide compensation suo moto in deserving cases without waiting for a formal complaint.

9. FORCE MAJEURE

The Company shall not be liable for compensation where delays or deficiencies arise due to circumstances beyond its reasonable control, including:

• Natural calamities;
• War;
• Civil disturbances;
• System failures;
• Network outages;
• Government restrictions;
• Technical disruptions.

10. CUSTOMER RESPONSIBILITIES

Customers are expected to:

• Keep loan account credentials and OTPs confidential;
• Promptly report unauthorized transactions;
• Verify repayment confirmations regularly;
• Maintain updated contact details with the Company;
• Exercise reasonable caution while conducting digital transactions.

11. CUSTOMER GRIEVANCE REDRESSAL MECHANISM

The Company has established a robust grievance redressal mechanism to ensure timely resolution of customer complaints.

Level 1 – Customer Support

Customers may register complaints through:

• Customer care support: Ashish Verma
• Customer care support: +919910350109
• Official email support: info@afiloans.co.in

The Company shall acknowledge customer complaints within 48 hours of receipt.

Level 2 – Grievance Redressal Officer

If the complaint is not resolved satisfactorily within the prescribed timelines, customers may escalate the complaint to the Grievance Redressal Officer.

Grievance Redressal Officer Details

• Name: Amit Khanna
• Designation: Grievance Redressal Officer
• Email: nodalofficer@afiloans.co.in
• Contact Number: 0120-4832057 / 0120-3229778

Level 3 – RBI Integrated Ombudsman Scheme

If the complaint remains unresolved within 90 days from the date of complaint or the customer is not satisfied with the response provided by the Company, the customer may approach the Reserve Bank of India under the RBI Integrated Ombudsman Scheme.

12. DISCLAIMER

The Company shall not be liable for compensation in cases involving:

• Customer negligence;
• Incorrect beneficiary/payment details entered by customer;
• Fraud attributable to customer actions;
• Matters pending before courts or regulatory authorities;
• Force majeure events.

13. REVIEW OF POLICY

This Policy shall be reviewed annually or earlier if required due to regulatory changes issued by the Reserve Bank of India.

14. EFFECTIVE DATE

This Policy shall come into effect upon approval by the Board of Directors of Ayaan Finserv Private Limited.