MFIN Toll Free Number 1800-102-1080
Customer Grievance Redressal Mechanism (CGRM) is an important pillar of customer-protection framework providing customer the right and access to resolve her grievances appropriately. While CGRM of lenders is the first port of call for the customers, it is widely acknowledged that recourse to an independent redress process should be available to customers to address complaints that are not efficiently resolved via the financial services provider’s internal dispute resolution mechanisms.
In the context of micro-credit loans provided by NBFC-MFIs, Industry Associations, recognized by the Reserve Bank of India as Self-regulatory Organizations (SRO), play a similar role. The criteria for SRO recognition[1], among other things, stipulate that an SRO should have a grievance and dispute redressal mechanism for the customers of NBFC-MFIs including a specially appointed Grievance Redressal Nodal Officer.
MFIN’s CGRM is the largest such mechanism by an industry association in the micro-credit sector globally.
After getting recognition as the SRO for NBFC-MFIs in 2014, MFIN started the CGRM in July 2015 through a toll-free number, allowing customers of MFIN-member NBFC-MFIs, an easy-no-cost access to the SRO to seek support in addressing their grievances.
Currently, the MFIN’s Toll free no is 1800 102 1080.
In the last five years, MFIN CGRM has evolved considerably and currently it is an efficient and effective channel for the customers to register grievances in 12 languages: English, Hindi, Odia, Bengali, Marathi, Punjabi, Assamese, Gujarati, Malayalam, Kannada, Telugu, and Tamil. With a steady growth over the years, 1.93 lakh calls were received in the last financial year.
Over time, CGRM has been leveraged to:
- Use data for customer complaints to understand systemic lapses and issues around products, processes and geographies and take steps to address them.
- Create awareness amongst customers about customer-protection issues in micro-credit by supporting them in resolving their queries.
- Undertake surveys to gather topical insights about issues/challenges/concerns of the customers.
contact@mfinindia.org
+91-124-4576800