Nightingale

Changing lives of the people……

Grievance Collection & Redressal Mechanism

Nightingale Finvest Private Limited is a Non-Banking Finance Company (NBFC) incorporated under the Companies Act, 1956 and registered with the Reserve Bank of India (RBI). The Company is engaged in carrying out microfinance services. Commensurate with expanding its operation, the Company has put in place a comprehensive system for client protection. Being a systematically important Company and in compliance to the requirements of RBI has already put in place a Grievance Collection and Redressal Mechanism (GCRM). A copy of the Fair Practice Code incorporating the same is also available on the website www.nightingalefinvest.in.

CONSTITUENTS OF THE GRIEVANCE COLLECTION AND REDRESSAL MECHANISM(GCRM)

An official located at Head Office is designated to receive and register the queries/grievances from borrowers and such are dispensed/resolved by appropriate authority on priority basis. Matters requiring immediate attention are escalated in the hierarchy of the appropriate authority and all complaints are simultaneously reported to the Ombudsman Committee which consolidates all such reports and forward the same to the Board of Directors along with an action taken report.

COMPLAINT BOX

Complaint/suggestion box is made available at the disposal of borrowers at each branch office and also at the Head Office of the Company. Anonymous complaints can be dropped into this box which is opened at an interval of 7-15 days by officials from head office, who submit the same to Head Office after proper filing of all the complaints and preparation of a summary report. Based on the precedence, the complaints are looked into and responded upon. Serious matters are escalated. The matters that assume importance are brought to the kind attention of the Ombudsman Committee, a three members independent and impartial committee for resolving the complaints in fair and transparent manner. The committee members are impartial and function independently for resolving the complaints in a fair and transparent manner. An action taken report is also presented to the Board.
E-mail: Any concern/complain/feedback can be directly sent via e-mail to nightingale2006@sify.com. The company has assigned this e-mail id specifically as part of the redressal mechanism.

OMBUDSMAN COMMITTEE

This committee comprises of three senior executives (not associated with field operations of the company). They function in a very impartial manner. Serious cases received through complain box or e-mail is dealt with by them. In addition to that, they are also directly available to deal with any grievance. An individual can contact them directly and share their concern/feedback. That apart from this, the committee members pay surprise visits to branches. The meeting of the Ombudsman Committee is usually held every month. However, they are at liberty to meet it any occasion of importance arises.

SATISFACTION STUDIES

Client and staff satisfaction studies are undertaken on quarterly basis. These studies are inclusive and bring out the reasons for the borrower grievances. These quarterly studies are meaningful tools to understand the grievances of important stakeholders like our borrowers and staff.

RATINGS

These rating exercise are quite detailed and comprehensive. Field visits are duly conducted by rating team, this helps endorsed the above described redressal system.

INTERNAL AUDIT

Nightingale Finvest Private Ltd has a strong internal audit system. Each branch is audited every 1-2 months. The entire sysem within the company including the redressal mechanisms is monitored throughout and important findings are generated. Any discrepancy or loopholes, if any, in the system are highlighted and duly taken care of.