Grievance Redressal


Transparent and prompt Customer Service is the key to success of any organization. To maintain a consistent business growth, it is necessary to look at both, to widen the customer base and to retain the existing customers. Therefore Vedika consider Grievance Redressal Policy as one of the important core value for its organization.

In the year 2004, the company was taken over by its present owner Mr. Gautam Jain, Mr. Ummed Mal Jain and Mr. Vikram Jain. Since then the company has been involved in financing under Individual Lending Model. In February 2007 the company added another micro finance product like Joint Liability Groups loans to its products.


  • Main objective of the Policy is to show board commitment towards the customers that they will be treated fairly despite the complaint being lodged.
  • Vedika's Board of Directors has laid down a grievances redressal policy to minimize the instances of the Customer, employee & other Stakeholder complaints through proper Channels and review mechanism which would help in identifying shortcomings in product and ways of service delivery.

Grievance Redessal Committee(GRC)

Vedika will form a GRC headed by CEO of the Company including Directors and other senior officers like Finance Head, Operation Head & Company Secretary etc.


  • Formulation of other working policies and to Suggest Board time to time modification in the Grievance Redressal Policy as and when required.
  • Weekly Review of Report submitted by Grievance Redressal Officer with regard to the Complaints Received, Resolved, Pending and Appealed etc.

Grievance Redessal Officer(GRO)

A GRO will be designated at the Head Office whose name and contact details will be displayed at every branches and Head office of the Company and on the loan card, pass book and other Customer Related Documents.


  • Daily basis reporting of call recorded and complaint made in the head office of the company and solves them within time specified.
  • Weekly reporting from designated personal to handle the complaints at the branch and/or state office of the complaints bifurcating branch concerned, area concerned, Complaints Received, Resolved, Pending and Appealed etc.
  • Take Feedback from the customer, internals and externals with regard to their satisfaction from the policy.
  • Weekly reporting to the Grievance Redressal Committee of above mentioned complaints.

Customer Relation Officer(CRO)

At Branch Level

One CRO will be designated at every Branch where number of customer exceeds 1000 who will directly report to the Grievance Redresssal Officer(Head Office) of the company.

At State Level

One CRO will be designated at state office who will also report to the Grievance Redresssal Officer


  • Register Complaint which directly comes to the Branch or the state office and provide a unique complaint number along with acknowledgement slip with regard to the same.
  • Solve problems came to them within reasonable time.
  • Report weekly to the Grievance Redressal Officer(Head Office)
  • Educate customers and loan executive with regard to the policy including appeal procedure and time to time survey of the same.
  • Attach a Token of complaint number at the time of final meeting before disbursement of loan. To see full conversion of existing customers

(Note:- In branches where number of customers does not exceed 1500 then above mentioned function will be performed by State Head.

Modes of Complaints

By Customer


Each Customer is informed about the location of their Branch and the name of its CRO or Branch Head so that can go there and register the complaints.


Customer can make a written complaint and hand over to the CRO or Branch Manager or can be sent to the State Office or to Head Office through post.


Customer calls to branch phone number or state office phone number and the CRO or the branch manager of the branch or the CRO designated at state office respectively will record the complaint and provides the expedite solution.

Customer calls to Head Office helpdesk number i.e. 9431710000 automatically calls will be recorded and GRO will sent to the concerned department and provide expedite solution.

By Internals

On behalf of Customer

Internal employees of the company can raise a complaint in writing on behalf of a Customer and forward it to the Head Office.

Whistle Blower Policy

Aggrieved internal employees can raise a complaint in writing against any other employee of the company and forward it to the Head Office.

By Externals

(Including General Public, Government Agencies, RBI, Police, Lawyers, Industry Ombudsman, Banks and Financial Instructions, Social Activists and other stakeholders) Complain received from the externals will also be recorded and provided with proper solutions.

Turn Around Time(TAT)

All Complaint Will be resolved within specified time at each level mentioned below.

  • Branch Level-------------------------------------2 working days
  • State Office Level-------------------------------3 working days
  • Grievance Redressal Officer(Head Office)---------5 working day


Customer can make a complaint either through oral, written or by call to the CRO or Branch Manager or the CRO designated at State Office and If CRO or Branch Manager fails to redress the complaint within 2 working days then it will be to Grievance Redressal.Officer who proceeds to resolve the complaint within five working days.

Note: - For each Compliant a Unique Number will be generated for each and every complaint and same will be recorded and reviewed accordingly.

Also in case of complaint other than Complaint through call an acknowledgement slip will also be given to the employee.


Maximum time allotted to the Grievance Redressal officer is 5 workings days if complaint not resolved within that period same will be transferred to Grievance Redressal Committee which proceeds to resolve the same.

If compliant is not resolved within 15 days then customer can appeal to the Micro Finance Institutions Network

If Micro Finance Institutions Network fails to resolve complaint within 15 days then customer can appeal to the DNBS cell of RBI Regional office in charge, Kolkata

First Appeal : - Micro Finance Institutions Network(MFIN)

Second Appeal : - DNBS cell of RBI Regional office in charge, Kolkata

Reporting & Review

  • CRO, Branch Manager will weekly send one copy of report to Operation Head and One copy to Grievance Redressal Officer(Head Office) and one copy to Audit Head.
  • Grievance Redressal Officer will submit weekly to the Grievance Redressal Committee including complaints reported above and Complaints registered directly to the Head office
  • Same will be Reviewed in every 15 days by the Audit Department.
  • Final reviewed report will be submitted to the board in consecutive board meeting.

Training & Education

Prompt and efficient Customer Service is the key to success of any organization which widen the customer base and also to retain the existing customers.

Field staff training

Designated officers at the branch will provide time to time training to the field staff so that they can perform their part in implementation of grievance redressal mechanism.

Training of CRO, Branch Head, Area Manager and State Head and other concerned departments like HR Audit team etc.

GRO will organize time to time refreshment training with regard to the GRM policy and other commitments of the company.

New Joiners

Training module of new joiners shall also include training on grievance redressal mechanism

Client Training

Information to the Customer with regard to the GRM Policy

It will briefly print in the loan card.

A token will be attached in the pass book which contains only name of the company and Toll free number.

For old Customer postcard will be sent to them containing the same.

Name and contact information of the CRO and Grievance Redressal Officer should be clearly mentioned in each correspondence with the customer including our general practice of mentioning Branch Head, Loan Officer, Area Manager State Head and Company Tollfree Number.

Loan officer will educate time to time to the customer with regard to the existence of GRM policy including appeal procedure at every point of interaction with them and same will be reviewed periodically by the Branch Manager, Area manager, CRO, State Head and GRO.

Important Notice

Suggestions of each and every employees of the company including Field staffs with regard to GRM policy is welcomed by the board as they interact with the customers much more time than by board and they know more about the requirements of the customers.
They can give their suggestions by calling in the toll free numbers or in customer care mail id and if same is incorporated in the policy they will be rewarded for the same.