The Reserve Bank of India, by its notification no. RBI/2006-07/138 DNBS.(PD)/CC No. 80/03.10.042/2005- 06 dated 28 September 2006 read with notification no. RBI/2011-12/470 DNBS.PD/CC.No. 266/03.10.01/2011-12 dated 26 March 2012 and Master Circular DNBR (PD) CC No 054/03.10.119/2015 – 16 has prescribed the broad guidelines on fair practices that are to be framed and approved by the Board of Directors of all Non-Banking Financial Companies (NBFCs) and should be published and disseminated on the website of the Company, for the information of the public. Orange Retail Finance India Pvt Ltd(hereinafter referred to as “ORFIL ” or “the Company”) is a private limited company incorporated under the provisions of the Companies Act, 1956 and is a Non-Banking Finance Company (NBFC) registered with the Reserve Bank of India.
The Board of Directors has laid down the appropriate grievance redressal mechanism to ensure that the disputes arising out of the decisions of the Company’s functionaries would be disposed of at the next higher level.
There will be a periodical review of the compliance of the Fair Practices Code and the functioning of the grievances redressal mechanism at various levels of management. A consolidated report of such reviews shall be submitted to the board at regular intervals.
The Chief Compliance Officer, of the Company, is the Grievance Redressal Officer under the Fair Practices Code who can be approached by the public for resolution of complaints against the Company in the below-mentioned address:
No. 4/363, Kandhanchavadi, OMR, Chennai – 600 096
If the complaint/dispute is not redressed within a period of one month, the customer may appeal to the Officer-in-Charge of the Regional Office of Department of Non-Banking Supervision (DNBS), Reserve Bank of India, Fort Glacis, Rajaji Salai, Chennai 600 001, Tamil Nadu, Tel: 044 25393406, under whose jurisdiction the registered office of the Company falls.
For the benefit of our customers, the above information on “grievances” will be displayed at our branches/places where business is transacted.
Fair Practices Code, preferably in the vernacular language or a language as understood by the borrower should be put up on the website of the Company for the information of various stakeholders.
The Company shall follow the appropriate internal principles and procedures in determining interest rates and processing and other charges in line with the approved policies from time to time.
The Company shall follow the interest rate model adopted and approved by the Board and made available on the website. The rate of interest and the approach for gradations of risk and rationale for charging different rates of interest to different categories of borrowers shall be disclosed in the application form and communicated explicitly in the sanction letter.
The rate of interest shall be annualized rates so that the borrower is aware of the exact rates that would be charged to the account.
The Company has a built-in re-possession clause in the loan agreement with the borrower which is legally enforceable. To ensure transparency, the terms and conditions of the loan agreement also contain provisions regarding (a) notice period before taking possession; (b) circumstances under which the notice period can be waived; (c) the procedure for taking possession of the security; (d) a provision regarding final chance to be given to the borrower for repayment of the loan before the sale/auction of the property; (e) the procedure for giving repossession to the borrower and (f) the procedure for sale/auction of the property. A copy of such terms and conditions is made available to the borrowers.