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Pursuant to the Notification issued by the Reserve Bank of India by its Circular No.RBI/2006-07/138 DNBS (PD) CC No.80/03.10.042/2005-06 dated 28th September 2006, M/s.Abirami Financial Services (India) Limited (referred to as the “Company”) has formulated this Fair Practices Code to lay down the following procedures/practices in dealing with the business transactions. (i) Applications for loans and their processing
(ii) Loan Appraisal and Terms and Conditions The Company would ensure that the assessment of applications by borrowers would be in line with company’s policies and procedures. The Company would convey in writing to the borrower by means of sanction letter stating the amount of loan sanctioned, terms and conditions including annualized rate of interest and method of application thereof and keep the acceptance of these terms and conditions by the borrower on its record. A copy of the loan agreement along with a copy of each of the enclosures quoted in the loan agreement will be furnished to the borrower if asked for. (iii) Disbursement of Loan including changes in Terms and Conditions
(iv) General
(v) Grievance Redressal Disputes arising out of decision of the company’s functionaries would be disposed of at the next higher level. Grievance if any in connection with the code should be addressed to Mr.P.Sankaran, Executive Director with a copy marked to Mr.L.V.Anantram, Director of the company through e-mail to abi@afslindia.com or in writing. A review of compliance of Fair practice code and the functioning of grievance redressal mechanism would be done by the Board of Directors once in 6 months. | |||||||||