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Fair Practice Code

Scope and Objective:

• As an Institution mandated to facilitate and participate in infrastructure development and a provider of financial services, IL&FS Financial Services Limited (IFIN) deals primarily with state agencies, other financial institutions and medium and large corporates. IFIN also provides certain credit products, which are suitable for individuals and relatively smaller entities which may possess limited understanding of financial products. This Code is intended to provide assurance to all such clients of the Company’s commitment to fair dealing and transparency in its businesses irrespective of the financial sophistication of the client
• This Code seeks to ensure that:
  • Clients are advised of the terms and conditions of services provided in a comprehensive manner for their consideration prior to commitment of a transaction
  • Monitoring and administration of client accounts is carried out in a fair and transparent manner consistent with the terms and conditions of the facility provided
  • Recovery and enforcement, where necessary, is conducted without causing undue hardship or harassment to the client

Application and Processing of Loans:

• A loan application form shall be provided to clients for all standardised products offered by the Company. The same shall:
  • All communications to the borrower shall be in English language with an option to choose a vernacular language
  • Mention applicable terms and conditions
  • Provide a schedule of all supporting documentation required to enable processing of the application
• Additional information and support documentation may occasionally be found necessary in course of processing a client application. The need for such information and documentation shall, in all such cases, be explained to the client and reasonable time provided for submission of the same
• An acknowledgement shall be provided for all applications received. The Company shall adopt an internal time frame for processing all loan applications. The tentative time frame within which an application will be processed shall be mentioned on the acknowledgement

Loan Appraisal Terms/Conditions:

• Offer letter/ Loan Agreement shall be in English language with an option to choose a vernacular language and include all the terms and conditions of the loan including annualised rate of interest and method of application (viz. monthly, quarterly, advance/arrears etc.)
• The Borrower shall be provided an offer Letter / Loan Agreement at the time of the sanction/ disbursement of the loan and acceptance of the terms and conditions by the borrower shall be kept on record
• Penal interest charged for late repayment shall be mentioned in bold in the Offer letter/ Loan agreement

Disbursement of Loans Including Changes in Terms and Conditions:

• Change in interest rate and other commercial terms shall be in English language with an option to choose a vernacular language and made with prospective effect other than under circumstances arising from regulatory instructions. Retrospective changes shall as far as possible be avoided and may be implemented only within the framework defined in the Loan Agreements
• Any change in the terms and conditions of sanction shall be effected only after due notice has been given to the client
• Any decision to recall/accelerate payment or performance under the agreement should be in consonance with the loan agreement

Release of Securities:

• All securities shall be released on repayment of all dues by the client
• For loan against dematerialized shares, the shares shall be released within seven working days to the credit of client’s dematerialised account. For all other security and related documents, an intimation shall be sent to the client within seven working days after repayment of all dues requesting the client to collect the same
• Any set-off of dues against the security may be made only after due notice of the same is provided to the borrower along with the particulars of the claims and the terms and conditions under which IFIN is entitled to such set-off. The same will be in consonance with the terms of the Loan agreements

General:

• IFIN will not interfere in the affairs of the borrower except for the purposes provided in the terms and conditions of the loan agreement (unless new information, not earlier disclosed by the borrower, has come to the notice of IFIN)
• In the matter of recovery of loans, IFIN will not resort to undue harassment and ensure that the staffs are adequately trained to deal with the customers in an appropriate manner

Transfer of Borrowal Account:

In case of receipt of request from the borrower for transfer of borrowal account, the consent or objection will be conveyed within 21 days from the date of receipt of request. Such transfer shall be as per transparent contractual terms in consonance with law

Grievance Redressal:

• All grievances received in writing or otherwise shall be recorded and shall be escalated to the next level unless it is resolved to the satisfaction of the borrower/client within seven days of receipt
• A Grievance Redressal Committee comprised of the CFO, Company Secretary and General Counsel has been constituted with final authority to dispose grievances. Grievances shall, in all cases, be resolved within 30 days
• The Committee shall regularly report to the Board of Directors on the status of outstanding grievances
• For grievances, customers can write to:
  
  The Grievance Redressal Committee
  IL&FS Financial Services Limited
  The IL&FS Financial Centre Bandra Kurla Complex
  Bandra East Mumbai - 400 051
  
  or email at ifinclientcall@ilfsindia.com
• The following information shall be prominently displayed, for the benefit of customers, at branches / places where business is transacted :
• the name and contact details (Telephone / Mobile nos. as also email address) of the Grievance Redressal Committee who can be approached by the public for resolution of complaints against the Company
• 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 DNBS of RBI (complete contact details), under whose jurisdiction the registered office of the NBFC falls

Grievance Redressal Committee

• Grievance Redressal Committee and Regional Office of DNBS of RBI is as under :

Grievance Redressal Committee
Members	Email ID	Contact Address
General Counsel	rakesh.chatterjee@ilfsindia.com	IL&FS Financial Services Ltd The IL&FS Financial Centre Plot No C-22, G Block Bandra Kurla Complex Bandra East, Mumbai 400051 T. 022 06593560
Chief Financial Officer	jayashree.ramaswamy@ilfsindia.com	IL&FS Financial Services Ltd The IL&FS Financial Centre Plot No C-22, G Block Bandra Kurla Complex Bandra East, Mumbai 400051 T. 022 06593560
Company Secretary	neelam.desai@ilfsindia.com	IL&FS Financial Services Ltd The IL&FS Financial Centre Plot No C-22, G Block Bandra Kurla Complex Bandra East, Mumbai 400051 T. 022 06593560
Regulator :
Reserve Bank of India RBI Byculla Office Building Opp. Mumbai Central Railway Station Byculla, Mumbai-400 008 STD Code: 022, Telephone No : 23028140, Fax No : 23022024 Email : nbfcomumbai@rbi.org.in