INTRODUCTION

Pursuant to Reserve Bank of India (RBI) 's Circular DNBS (PD) CC NO.80/03.10.042 /2005- 06 of 28 September 2006, issued to Non-Banking Financial Companies (NBFCs), the Board of Directors have adopted a Fair Practices Code for Optimus Finance Limited (“Company”).

Further, RBI vide Circular DNBS.CC.PD.No.266/03.10.01/2010-11 dated March 26, 2012 and vide Circular DNBS.CC.PD.No.320/03.10.01/2012-13 dated February 18, 2013, had revised guidelines on Fair Practices Code for NBFCs

The Fair Practices Code, as adopted herein below, is in conformity with the Guidelines on Fair Practices Code for NBFCs as contained in the aforesaid RBI Circulars.

The Company's business will be conducted in accordance with prevailing statutory and regulatory requirements, with due focus on efficiency, customer-orientation, transparency and corporate governance principles. In addition, the Company will adhere to the Fair Practices Code in its functioning, the key elements of which are as follows:



OBJECTIVES:





 LOAN APPLICATIONS AND THEIR PROCESSING



 

LOAN APPRISAL AND TERMS & CONDITIONS




DISBURSEMENT OF LOANS & CHANGE IN TERMS & CONDITIONS





GENERAL






GRIEVANCE REDRESSAL


   The Company has designated Mr. Deepak Raval, Company Secretary as Nodal Officer for receiving and resolving complaints from customers.


The contact details of Nodal Officer are:


Mr. Deepak Raval,

301, Atlantis Heritage,

Dr. Vikram Sarabhai Marg,

Vadi-wadi,

VADODARA-390003

Tel: 0265-2325321


The customers having grievance/ complaint about our services/ product may inform in writing to Nodal Officer for immediate resolution of the same.   Nodal Officer will provide the highlights of the complaints received and redressed to the Board of Directors for their review and compliance at each subsequent meeting.

In case customers are not satisfied with the resolution provided by the company, they may further


approach:

Regional Director –

Reserve Bank of India,

Dept. of Non- Banking Supervision,

1st Floor, Near Gandhi brige,

Ahmedabad- 380 014.



Tel: 079-27543057




INTEREST RATES REGULATION


The Company has laid down appropriate internal principles and procedure in determining interest rates, processing fees and other charges.  The Company has adopted an interest rate model taking into account relevant factors such as, cost of funds, margin and risk premium, etc. and determines the rate of interest to be charged for loans and advances. The rate of interest and the approach for gradations of risk and rationale for charging different rate of interest to different categories of customers shall be communicated explicitly in the sanction letter.