The Company's business would be conducted in accordance with prevailing statutory and regulatory requirements, with due focus on efficiency, customer-orientation and corporate governance principles - all of which form part of PFS's approved Credit Policy.
In addition, the Company would adhere to the Fair Practices Code in its functioning, the key elements of which are as follows:
1. Non Discrimination Policy.
PFS will not discriminate between its customers on the basis of sex, physical ability, caste, race or religion.
2. Applications for loans and their processing:
- All relevant information pertaining to the loan will be made available in the relevant loan application forms/ agreements, which affects the interest of the borrower. This will include information on the loan, its terms and the documents that are required to be submitted for the loan along with applicable fees and charges (if any)
- Receipt of completed application forms will be duly acknowledged by PFS and will also indicate the approximate time frame within which the client can expect to hear from PFS regarding his/her loan application.
3. Loan appraisal and terms and conditions:
- All loan applications will be assessed in accordance with PFS’s internal credit appraisal process.
- Upon approval of the loan a sanction letter/loan agreement indicating the amount of loan sanctioned, the applicable annualized interest rate including method of calculation, along with other terms and conditions including penal interest, additional interest, moratorium, upfront/processing/prepayment fee; will be conveyed to the applicant in writing (in vernacular language, if required by the borrower) and keep the acceptance of these terms and conditions by the borrower on its record. PFS will mention the penal interest to be charged for late payment in bold in the sanction letter/loan agreement.
4. Disbursement of loans including changes in terms and conditions:
- Any changes in the terms and conditions, adverse to the borrower, including interest rates, service charges, prepayment charges etc. shall be informed to the client in writing well in time before the change implemented.
- Changes in interest rates and other charges, adverse to the borrower, shall be with prospective effect only.
- Decision to recall any loan shall be done in accordance with the terms and conditions of the sanction letter/loan agreement.
- All collateral securities shall be released as per the request of the borrower, after the repayment of the loan is complete and subject to exercise of any right of set off, for which a notice shall be given to the borrower with full details.
5. Customer Protection:
PFS would treat its entire customers 'personal information as private and confidential and will not reveal details of customers' dealings with PFS to a third party, except as provided herein and in the following exceptional cases:
- If PFS has to give the information to any statutory authority by virtue of law.
- If there is a duty towards the public to reveal the information.
Further, for the benefit of the Customers, the Company shall frame an internal policy document
detailing the range within which rate of interest would be charged by the Company and also state the
basis for arriving at such range which would be in line with the market practice. The rate of interest
charged by the Company shall be in line with the said internal policy document
6. General (including clause of foreclosure)
- PFS shall refrain from interference with the business of the borrowers except under the terms and conditions of the loan agreement (unless new information, not disclosed earlier, by the borrower has come to the notice of PFS).
- Where the borrower insists on transferring the loan, the consent or otherwise the objection if any, would be conveyed within 21 days from the date of receipt of such request of the borrower. Such transfer will be as per transparent contractual terms in consonance with law.
- For recovery of loans, PFS shall follow procedures as laid down in the internal guidelines and provisions that would not in any case lead to undue harassment of any customer and would remain within the legal framework.
- In the event of request from the borrower for prepayment of the loan amount and to close his account, PFS will, without any prejudice, accept his request and proceed to settle his account without delay, accordingly as mentioned in the loan agreement signed by borrower.
- In the event of default by the borrower (after giving him proper notices and reminders), PFS, shall, without prejudice to its other rights and remedies, be entitled to and shall have absolute power and authority to use its discretion to sell and dispose of the security(s) kept by the borrower as collateral, as and when, PFS, may in its absolute discretion, deem fit and to apply the net proceeds of such sole in satisfaction so far as the same will extend towards liquidation of loan balance.
- PFS staff is adequately trained to deal with the customers in an appropriate manner and shall always be soft spoken and maintain helpful attitude with the borrowers.
- PFS may also facilitate the documents in vernacular language as understood by the borrowers depending on the requirement.
- A copy of the duly executed loan agreements shall be provided to the borrowers.
7. Grievance Redressal:
PFS shall have a Grievance Redressal Mechanism in place to resolve the disputes arising out of matters relating to lending i.e. reviewing of application forms, sanction, disbursement etc. by the Company.
- In case of any complaint/grievance, the borrowers may contact through any of the following channels:
Grievance Redressal Officer
PTC India Financial Services Ltd
Registered and Corporate Office :-
7th Floor, Telephone Exchange Building,
8 Bhikaji Cama Place,
New Delhi - 110 066, India
Tel: 011-26737300 Fax: 011-26737373/ 26737374
E-mail: : firstname.lastname@example.org
All grievances shall be heard and disposed off by a person at least one level higher to the person / designation against / relating to whom the grievance is made. After examining the matter, it will be our endeavor to provide the borrower/applicant with our final or other response, within a period of six (6) weeks from receipt of such complaint / grievance.
- MD/Director of PFS shall periodically review the implementation and compliance with this code including the redressal of grievances periodically. A report to this effect shall be provided by the MD/Director for perusal of the Board at reasonable periodicity.
If the complaint / dispute is not redressed within a period of one month, the borrower may appeal to the Reserve Bank of India at following address:-
Department of Non Banking Supervision
Reserve Bank of India
A review of compliance of the Code and the functioning of the Grievance Redressal Mechanism would be done by the Board of Directors on reasonable intervals.
The Board or competent authority designated by Board may amend the provisions of this Code from time to time to effect the requirements of RBI. Unless otherwise specified, such amendments shall be effective from the date of the Board meeting/such approval; at which such amendments are approved.
10. Display on web-site
The same shall be displayed on the web-site of Company i.e. www.ptcfinancial.com for the information of various stakeholders.