INTRODUCTION
NDX P2P Private Limited (herein referred as “LiquiLoans / Company”) is registered with Reserve Bank of India and holds a Peer to Peer-Non-Banking Financial Company license and incorporated under the provision of the Companies Act, 2013 and is in the business of facilitating borrowing and lending through its online platform. The P2P Master Directions mandate the Company to formulate and disclose a Board approved “Grievance Redressal Policy” to protect the rights of the Participants. Additionally, the P2P NBFC Master Directions require the Company to appoint a Nodal Grievance Redressal Officer and institute a mechanism in place for a Participants’ concerns.
LiquiLoans is fully committed to delivering consistent and exemplary service to all participants, fostering our continued growth. Our grievance redressal policy is meticulously designed to effectively address any issues that may arise on our platform. The primary objective of minimizing the likelihood of recurrence and establish a well-structured framework for addressing grievances at every level. This policy ensures fair and just treatment of all feedback, request, queries, complaints, or grievances in strict accordance with our established rules and regulations. Our paramount goal is to provide a secure and transparent platform for all Participants, and company spare no effort to attain this objective. The Company places immense value on our relationships with Participants, irrespective of their tenure, size, volume or any other parameter and uphold the utmost significance of maintaining these relationships. LiquiLoans acknowledge that certain issues may necessitate escalation beyond the initial level, which is precisely why this policy encompasses a comprehensive redressal mechanism that caters to concerns at all levels.
BASIS
The Grievance Redressal Mechanism Policy has been established in accordance with Clause 51(Participant Grievance Redressal) and clause 53 (Reserve Bank – Integrated Ombudsman Scheme, 2021) of the Reserve Bank of India (Non-Banking Financial Companies – Peer to Peer Lending Platform) Directions, 2025 ("Master Directions"), as issued by the Reserve Bank of India (RBI).
OBJECTIVE
The objective of this policy is to outline the policies and procedures governing the receipt, handling, and response to grievances raised by Participants. The following principles apply to the handling of grievances:
• All Participants (Lenders/Borrowers) are treated fairly and equitably and without prejudice at all times.
• All Complaints raised by Participants shall be dealt with courtesy and resolved in a timely manner.
• All Participants shall be informed of avenues to escalate their complaints within the organization, and their rights if they are not satisfied with the resolution of their complaints.
• Compliance with the regulatory guidelines as required for this function.
• Participants are made aware of their rights to opt for alternative remedies if they are not fully satisfied with our response or resolution to their complaint.
KEY DEFINITIONS
• “Participants” person who has entered into an arrangement with LiquiLoans to lend on it or to avail of loan facilitation services provided by it.
• “Nodal Officer” refers to the Officer appointed by the LiquiLoans to manage Participants Grievances/Complaints and ensure their redressal in accordance with the prescribed process, timelines and the escalation matrix.
• “Grievance” or “Complaints” or “Query” or “Request” refers to any representation or allegation made in writing or through electronic means, containing a grievance alleging deficiency in service. Additionally, Grievance or Complaints or Query or Request can be lodged against inappropriate conduct, acts of omission or commission, however, any feedback/explanations/requests will not be considered as Grievances or Complaints.
GRIEVANCE REDRESSAL POLICY
LiquiLoans is committed to addressing any grievances by its participants with the utmost attention and support. The Company is committed to diligently explore effective solutions through various communication channels, including in-person, written, or verbal means. To facilitate a quicker and fair resolution process, Participants are required to include their application number, sanction number, or loan account number in all correspondences related to their complaints or requests along with the registered mobile number.
It is important to note that anonymous complaints will not be considered under the provisions of this Grievance Redressal Mechanism. Mechanism. All Complaints received from the registered mobile number or email or a written letter with the proof of complaint that he/she is a participant will only be considered.
GRIEVANCE MECHANISM SYSTEM & PROCESS
LiquiLoans strives to maintain a consistent and high-quality service to our valued Participants while diligently striving to minimize the incidence of grievances. However, it explicitly informs the Participants on the Platform, clearly indicate that they can raise and record any grievances in relation to the Platform and the service provided by LiquiLoans.
LiquiLoans has designed the mechanism to ensure that its participants can seamlessly register their complaints via a multi-channel set-up. Additionally, the mechanism has a 3-step escalation matrix to ensure that a Participant is provided with adequate appeals. To ensure time-bound redress of complaints, LiquiLoans has established prescribed timelines at different stages of the mechanism.
REDRESSAL PROCEDURE
Level -1:
A. Phone
Participants can call the Company’s dedicated helpline number 02247779520 between 10:00 a.m. to 7:00 p.m. from Monday to Friday, except public holidays.
B. Email
Participants can write to the LiquiLoans at this email Id customercare@liquiloans.com with the subject line “Complaint & Grievance Register with Loan ID”
C. Letter
Participants can write to the LiquiLoans (NDX P2P Private Limited) at –
NDX P2P Private Limited
7th Floor, AFL House,
Lok Bharati Complex,
Marol Maroshi Road,
Andheri East, Marol Naka,
Mumbai, Maharashtra, India, 400059
To file a grievance, Participants must provide the following registered account information: Loan ID, Name and Registered Mobile number. Grievances should be submitted from the registered email address associated with the account or a written letter with the proof that the complaint is from the Participant or from the registered mobile number.
Upon receipt, LiquiLoans will diligently examine the matter and accordingly communicate in writing/email/phone, its response on the same to the participants within a maximum period 05 (Five) Business days, from the date of receipt of the formal grievance correspondence. If the resolution requires more time, suitable justification shall be provided and participants will be informed on the additional timelines required.
Level -2:
If the Grievance is unresolved post the 05 (Five) working days timeline in Level – 1, then it will be automatically escalated to Level – 2. Additionally, if the Participants is not satisfied with the resolution provided by the representative or if the Participants does not get a response from the representatives within the defined timeline, then the Participants can escalate their Grievance to the Level - 2. The Participants must submit grievances or complaints formally via email to support@liquiloans.com
Upon receipt, Representative will then endeavor to resolve the grievance within 10 (Ten) Business days, of acknowledging the Complaint, else the representative will intimate the Participant regarding the delay in complaint resolution.
In the event that the Company does not receive any further correspondence from the Participant within 7 (seven) working days after sending the response regarding the complaint or grievance to the Participant, it will be deemed that the complaint or grievance has been satisfactorily resolved to the Participant's contentment.
Level -3:
If the Participants does not receive any response from the Company within fifteen (5+10) Business days, the Participant has the right to escalate their grievance to the designated Grievance Redressal Officer of the Company. The contact details of the Grievance Redressal Officer are as follows:
Name: Ms. Bindhu Kutty
Address: 7th Floor, AFL House, Lok Bharati Complex, Marol Maroshi Road, Andheri East, Marol Naka, Mumbai, Maharashtra, India, 400059
Email: grievances@liquiloans.com
Telephone: 02247779519
Upon receipt of the grievance, the Grievance Redressal Officer shall undertake a comprehensive review of the matter. The Participant's grievance or complaint shall be addressed and resolved within Seven (7) working days from the date of receipt of the grievance by the Grievance Redressal Officer.
Level -4:
If a grievance remains unresolved or not resolved to the satisfaction of the participants or is not redressed within a period of 30 (thirty) Calendar days from the date of registering the grievance without any update from our end, the participant may lodge their complaint with the Ombudsman/Deputy Ombudsman, appointed by RBI via the following modes:
1. Online application - through the portal designed for the purpose: https://cms.rbi.org.in;
2.Offline/ Email – Complaints in electronic mode (E-mail) and physical form, including postal and hand-delivered complaints, shall be addressed and sent Centralised Receipt and Processing Centre of the Reserve Bank:
Email ID: crpc@rbi.org.in
Address: Centralised Receipt & Processing Centre, Reserve Bank of India, 4th Floor, Sector 17, Chandigarh – 160017
RESERVE BANK - INTEGRATED OMBUDSMAN SCHEME, 2021
• The Company shall display the Reserve Bank - Integrated Ombudsman Scheme, 2021 (the Scheme) and its salient features - in English, Hindi and the regional language - prominently at its branches/places where the business is transacted, the name and contact details (Telephone/mobile number and E-mail ID) of the Principal Nodal Officer along with the details of the complaint lodging portal of the Ombudsman (https://cms.rbi.org.in).
• Further, the salient features of the Scheme along with the copy of the Scheme and the contact details of the Principal Nodal Officer shall be displayed and updated on the website of the Company.
• The Company shall ensure that a copy of the Scheme is available in all its branches to be provided to the customer for reference upon request.
DISCLOSURE OF COMPLAINTS
The Company will ensure to include the following disclosures of complaints in its Financial Statements – Notes to Accounts in such manner in prescribed format:
• Summary information on complaints received by the Company from customers and from the Offices of Ombudsman; and
• Top five grounds of complaints received by the Company from customers.
MANDATORY DISPLAY REQUIREMENT
The Company will display the following information prominently, for the benefit of its clients, at its registered office:
• Name and contact details (i.e., telephone number, address, and e-mail address) of the Grievance Redressal Officer/Nodal Officer
• Contact details of above-mentioned RBI office, under whose jurisdiction the head office of the NBFC falls.
FORCE MAJEURE
LiquiLoans shall not be liable to compensate Participants for delayed resolutions if some unforeseen event (including but not limited to epidemic, pandemic (as declared by the World Health Organization) lockdown, acts of God; fire; explosion; any law, order or regulation of the Republic of India or other national, state or local government or any civil or military authority; or by national emergencies, wars or strikes, damage to LiquiLoans or of its agents, absence of the usual means of communication or all types of transportation, etc., beyond the control of LiquiLoans prevents it from performing its obligations.
POLICY REVISION
This Policy is subject to revision in accordance with the guidelines issued periodically by the Reserve Bank of India. LiquiLoans will periodically review of the Policy and the functioning of the grievances redressal mechanism across different management levels. The Board of Directors of LiquiLoans retains the exclusive authority to effectuate any requisite alterations, amendments, or modifications to the Policy at regular intervals as deemed necessary. Such revisions shall be executed in strict adherence to applicable legal and regulatory requirements, ensuring the Policy remains compliant with all pertinent laws and regulations. This provision underscores the LiquiLoans commitment to maintaining a robust and effective grievance redressal mechanism, in line with the highest standards of Corporate Governance and Customer service.
SALIENT FEATURES OF RBI - INTEGRATED OMBUDSMANS SCHEME
Salient Features of RBI - Integrated Ombudsman Scheme (English)