It shall extend to all sections of the Company dealing directly or indirectly with customers in relation to any and all kinds of activities involving credit and finance, in any makeover.
It shall be deemed to have come into force on and from the 01st day of January, 2007
To ensure transparency in the Companys dealings with its Customers
To ensure compliance with legal norms in matters relating to recovery
To strengthen mechanisms for redressal of customer grievances.
For the purpose of the Code, the words Application Form shall mean an application in the prescribed format of the Company to be duly filled-in and submitted to the Company by a prospective Customer furnishing all information and particulars required therein in their true and original forms seeking grant of a Facility from the Company on certain specified terms and conditions as may be stipulated by the Company at its sole discretion
Company shall mean any and all offices of Srei Infrastructure Finance Limited, Facilities shall mean and cover any and all types of financing and asset providing arrangements of different nature and modes like loan, hire purchase, finance lease, operating lease etc. under different financing schemes and policies of the Company as prevailing from time to time and Other words and expressions used and not defined in the Codes herein shall have, unless the context otherwise requires, the meaning respectively assigned to them in the relevant Agreement signed / to be signed and executed by the Customer for availment of a Facility sanctioned to him by the Company.
I. Application for Facilities and their processing :
The format of Application Forms would, inter-alia, contain necessary information, which in the judgment of the Company are likely to affect interest of the prospective Customers.
Application Forms would also contain the particulars of standard documents to be submitted with the duly filled-in Application Form (Vide Annexure 1).
The Company would follow the system of issuing acknowledgements for receipt of all duly submitted Application Forms giving date and time. Such acknowledgements should also indicate the tentative time frame for disposal of the application by the Company c. The Company shall endeavor to release to the Customer any sanctioned Facility within 7 days subject to satisfaction of all terms and conditions including submission of all required documents by the Customer and execution of all relevant agreements, undertakings etc following sanction of Facility.
II. Appraisal and Terms and Conditions :
a. The Company shall ensure that following particulars are, interalia, communicated to the customer through its Offer Letter :
I. Assets Descriptions including cost of the Assets
II. Amount of facility
III. Finance charges
IV. SREI Benchmark Rate (SBR) as of date (Wherever applicable)
V. Upfront Money & fees payable
VI. Tenure & Repayment Structure
VII. Personal Guarantees
VIII. Primary Securities
IX. Collaterals, if any
X. Other terms and conditions that may affect interest of the Customer.
XI. Documents & particulars required to be submitted by the Customer.
XII. Contact point for any clarifications
b. A copy of the Agreement along with a copy each of all the enclosures quoted in the Agreement may be furnished to the Customer.
c. Acceptance of the Offer Letter by the Customer would be kept on record.
III. Release of Facilities and Changes in Terms and Conditions :
The Company would ensure timely release of Facilities sanctioned in conformity with the terms and conditions governing such sanction. It would give notice of any change in the terms and conditions including disbursement schedule, finance charges, service charges, prepayment charges etc. It would also ensure that changes in finance charges and other charges are effected as per circulars issued by the Company from time to time with the prior approval of the ALCO Committee.. The Company would carry out post-disbursement supervision in accordance with normal business practices, the terms of sanction and the guidelines issued by the Reserve Bank of India from time to time.
IV. Recall of Facilities :
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Any decision pertaining to Recall of Facilities or Acceleration of payment or seeking of any additional securities would be taken strictly in accordance with the relevant provisions in the concerned Agreement and amendments made thereto.
V. Release of Securities :
The Company would release all securities on repayment of all dues or on realisation of the outstanding amount arising out of the facilities granted, subject to any legitimate right or lien for any other claim the Company may have against customer and any other commitments or obligations the customer may have towards the Company as Assurer, Guarantor and/or Confirmatory Party in respect of any other agreement(s).
VI. General Ethics :
Non-Interference
The Company would not cause interference in the day-to-day affairs of the borrowers. It shall not however restrict the Company from pursuing the terms and conditions of the Facility documents and taking any action on the basis of any new information, not earlier disclosed by the borrower if and when it comes to the notice of the Company or on the basis of any other event if it so warrants, any proactive action to protect the Companys lawful interests.
Recovery Process
In the matter of recovery of dues under concerned Agreement for the Facilities granted, the Company would adopt legally valid processes in accordance with the rights provided under the Agreement and not resort to undue harassment or use of force.
Transfer of Account
In case of receipt of request for transfer of Borrowal or a Facility account, either from the borrower or from a bank/financial institution, which proposes to take - over the account/facility, the consent or otherwise i.e., Approval or objection of the Company, if any, read with the provisions of the concerned Agreement for such Borrowal/Facility would be conveyed within 30 days from the date of receipt of such request.
VII. Customer Grievances Redressal Mechanism :-
The Company shall at all time endeavor to improve the quality of service and redress complaints and grievances, if any, of the Customers as part of Customer Relationship Management.
Customer complaints, would in the first instance, be logged in at the nearest Branch/Regional Office. The designated Relationship Manager would be the first point of contact.
In the event of non-disposal of complaint by the designated Relationship Manager, the same would be escalated to the Business Unit Head, who would resolve the same speedily.
A Customer Service Cell would be constituted at the Head Office of the Company to monitor and redress critical grievances of the Customers.
The customer grievances redressal mechanism shall be reviewed periodically by the Central Credit Committee of the Company at specified intervals.
The Board of Directors of the Company shall review the Code and its implementation from time to time.