Grievance Policy MyMoney

We, at IIFL Open Fintech Private Limited (“MyMoney” or “We”) value all our customers, and we always strive to maintain a sincere and transparent approach during our interactions with all our customers. For the benefit and convenience of our customers, we have set up a grievance redressal mechanism and implemented this grievance policy (“Grievance Policy”). This Grievance Policy aims at resolving customer complaints and grievances by offering a proper redressal channel, review mechanism and ensuring prompt redressal of all customer grievances.

For the purpose of this Grievance Policy, (i) a “Customer” means any user having an account on our mobile/weblink platform; and (ii) a “Grievance” means any concern, dispute, complaint or feedback that a Customer desires to provide MyMoney in relation to the services delivered owing to deficiency in the quality of services rendered or for any other reason whatsoever.

We understand that Grievances could arise under various circumstances. Such Grievances could arise on account of various reasons - from an unavoidable technical snag to a case involving deficiency in the quality of services delivered by MyMoney. Our Customers have complete authority to share feedback / raise a complaint if they are disappointed with the services rendered by MyMoney. The Customers can highlight or escalate their complaint/ feedback/ suggestions in writing, via email, or chat with our Customer support team. If a Customer’s issue is not resolved within the given time or if a Customer is dissatisfied with the resolution offered/provided by MyMoney, they may approach our tiered redressal system or proceed to avail any other remedies available to them under applicable laws, which may be determined by the Customer at his/her/its own discretion. In order to make our redressal system more effective and meaningful for our Customers, we have established a structured system to resolve complaints seamlessly within the committed timeframe.

PRINCIPLES GOVERNING THIS GRIEVANCE POLICY:

All initiatives and strategies developed by MyMoney are made with the Customer as the prime focus.

Prompt and efficient delivery of services to the Customer is essential for the growth of our business.

MyMoney is constantly evolving newer and smarter system to collect feedback and objectively redress Grievances.

The details of MyMoney’s grievance redressal mechanism are placed on its website and mobile application, in the public domain.

All employees at MyMoney must work in good faith without, in any whatsoever, causing prejudice to the interests of Customers.

The Grievances of the Customers will be dealt with promptly and courteously.

MyMoney promises to rectify any issue faced by a Customer effectively and in a timely manner, in accordance with this Grievance Policy.

All Customers will be treated fairly and equally at all times and under all circumstances.

The Customer must be aware of the channels available, in order to escalate their complaints, concerns and Grievances within MyMoney.

There will be no charge that would be levied to the Customer for filing a complaint or a fee towards resolution of a Grievance.

TEAM SENSITIZATION ON HANDLING COMPLAINTS:Our teams undergo regular training to ensure that Customer queries and Grievances are handled with sensitivity. They are guided and encouraged to offer a first time resolution which in turn leads to consumer trust, confidence and satisfaction. This reflects in both the operations as well as the Customer communications.

OBLIGATIONS OF CUSTOMERS:To ensure a timely and effective grievance redressal process, We request that the Customers fully co-operate with us. Customers are expected to furnish relevant documentation and information for the verification of the complaint and investigation purposes. In certain cases, We may require Customers to furnish additional information. We request that Customers comply with such requests to ensure a smooth and efficient grievance redressal process. In addition, Customers are expected to ensure that such documentation and information is accurate, bona fide, not misleading, and up-to-date. MyMoney disclaims all responsibilities and liability for non-redressal of Grievances due to false, inaccurate, mala fide, or outdated information or documents that are submitted by Customers.

FAILED TRANSACTIONS:

A ‘Failed Transaction’ is a transaction which has not been fully completed due to any reason not attributable to the Customer such as failure in communication links, time-out of sessions, non-credit to beneficiary’s account due to various causes, etc. Failed Transactions shall also include the credits which could not be effected to the beneficiary account on account of lack of full information or lack of proper information and delay in initiating a reversal transaction.

For the purposes of this Grievance Policy, terms like acquirer, beneficiary, issuer/originator, remitter, etc., have the same meanings as per common banking parlance.

‘T’ is the day of transaction and refers to the calendar date.

‘R’ is the day on which the reversal is concluded and the funds are received by the issuer / originator. Reversal should be effected at the issuer / originator end on the same day when the funds are received from the beneficiary end.

The principle behind the turnaround time (TAT) is based on the following :

If the transaction is a ‘credit-push’ funds transfer and the beneficiary account is not credited while the debit to originator has been effected, then credit is to be effected within the prescribed time period failing which the penalty has to be paid to the beneficiary

If there is delay in initiation of a transaction at the originator bank’s end beyond the TAT, then penalty has to be paid to the originator.

Customers who do not get the benefit of redress of the failure as defined in the TAT, can register a complaint to the Banking Ombudsman of Reserve Bank of India.

*On-Us transaction: A settlement transaction where the acquirer and issuer banks are one and the same party.

** Off-Us transaction: A settlement transaction where the acquirer and issuer banks are distinct from each other.

All the above modes of transaction are facilitated through APIs of the underlying bank.

Payment Gateway - Amounts deducted from the Customer’s account shall be remitted to the escrow account maintaining bank on Tp+0 / Tp+1 basis. Where, ‘Tp’ is the date of charge / debit to the Customer’s account against the purchase of goods / services. At the end of the day, the amount in escrow account shall not be less than the amount already collected from Customer as per ‘Tp’ or the amount due to the Customer.

UPDATING OF GRIEVANCE REDRESSAL MECHANISM:

MANNER OF REGISTERING COMPLAINTS AND PROCEDURE FOR ADDRESSING THE GRIEVANCE

Level-1:

If a Customer wishes to report a Grievance, she/he can seek redressal using any of the following channels:

Chat - Please click chat icon from the MyMoney dashboard and initiate a chat thread to raise the complaint.

Email Id - Please e-mail us at to support@mymoneyapp.co.

Acknowledgement

Complaints received through the chat mechanism or e-mail will be acknowledged by an immediate system generated response or by way of an email response. The acknowledgment marks initiation of the Grievance resolution process.

The Customer will also be kept informed of the action taken, the progress while redressing Grievances, and the reasons for delay if any, in redressing.

The follow up action taken in respect of such Grievances shall be advised to Customers by e-mail and/or chat.

Resolution:All Grievances received will be acknowledged immediately by a system generated response and resolved within 3 (three) working days. In case the resolution of any Grievance takes more than the specified resolution time, the Customer will be intimated accordingly and kept updated on the progress / status of the Grievance on a periodic basis till such time that the Grievance is resolved. However, it is to be noted that the time taken to resolve a Grievance will be further exceeded, if assistance of third party service providers is required to address the Grievance.

It is however, clarified that the timelines applicable for auto-reversal and compensation payable for delay in auto-reversal for Failed Transactions are as per the tabulation on the TAT (turnaround time) framework above. In case the Customer does not receive a response within the specified time for a Level 1 Grievance or if the Customer is dissatisfied with the response received from MyMoney, the Customer may escalate the complaint to the next level as indicated below.

Level-2:

The Customer can address the Grievance to the below mentioned Nodal Officer for escalations:

Nodal Officer

IIFL House, Sun Infotech Park, Road No.16V,

Plot No. B23, Thane Industrial Area,

Thane, Maharashtra – 400604, India

Email Id: nodalofficer@mymoneyapp.co

All escalations received would be acknowledged with 24 (twenty four) hours and a resolution would be provided within 3 (three) working days. In case any escalation takes more than the specified resolution time, the Customer will be intimated accordingly and kept updated on the progress / status of the escalation on a periodic basis till such time that the escalation is resolved. However, it is to be noted that the time taken to resolve a Grievance may exceed, if the assistance of third party service providers or partners is required.

Please note: You are requested to raise this higher Level 2 service request using the L 1 service request details provided to you. This is to ensure that you get correct resolutions faster based on the same ticket for resolution.