Magnet Financial Services Private Limited

Version: 1.0
Effective Date: Feb 2026
Approved By: Board / Authorized Committee

1. Introduction

Magnet Financial Services Private Limited (“Magnet” or “the Company”) is committed to delivering fair, transparent, and high-quality financial services to its customers. Customer focus and responsible conduct form a core part of the Company’s operating philosophy. The Company recognizes that an effective grievance redressal mechanism is essential to maintaining customer trust and regulatory compliance.

The Company has established a structured Grievance Redressal Mechanism to ensure that customer complaints and grievances are addressed promptly, fairly, and consistently. The mechanism is designed to enable timely corrective and preventive actions, including process improvements and service enhancements, to avoid recurrence of issues.

This Grievance Redressal Policy is framed in line with applicable RBI guidelines for NBFCs, including the Fair Practices Code and the Reserve Bank – Integrated Ombudsman Scheme.

The grievance redressal function of the Company shall remain robust and effective irrespective of any outsourcing arrangements. Outsourced service providers are required to adhere to the same grievance handling standards as the Company.

This Policy is made available in the public domain through the Company’s website and at its offices/branches.

2. Scope and Applicability

This Policy applies to:

• All customers and applicants of the Company
• All products and services offered by the Company
• All offices, branches, and operational locations across India
• All customer interaction channels, including digital platforms
• All outsourced service providers engaged in customer-facing activities

It covers complaints relating to products, services, processes, staff conduct, recovery practices, credit reporting, data correction, and customer communications.

3. Grievance Redressal Governance Structure

The Company has established a formal grievance redressal structure consisting of:

• Customer Service Team
• Grievance Redressal Officer (GRO)
• Principal Nodal Officer (PNO)

The Grievance Redressal Officer and Principal Nodal Officer are designated officials based at the Company’s Head Office who oversee complaint handling across all locations with the support of a centralized grievance support team.

They are responsible for:

• Ensuring timely resolution of complaints
• Monitoring complaint trends
• Ensuring regulatory reporting compliance
• Representing the Company before RBI Ombudsman where required

4. Complaints Received Through RBI / Government Authorities

Where complaints are received through RBI, Ombudsman, or other government/regulatory authorities:

• The Company shall acknowledge and examine the complaint immediately
• A detailed written response along with supporting documents shall be submitted within the timeline prescribed by the authority
• Any award or direction issued by the RBI Ombudsman shall be complied with within the prescribed timeline unless an appeal is filed as permitted under the Scheme
• Compliance confirmation shall be filed with the concerned authority within required timelines

5. Credit Information Reporting & Data Correction Grievances

As a reporting entity to Credit Information Companies (CICs), the Company maintains a dedicated nodal contact point for CIC-related grievances.

Customers may raise complaints regarding:

• Incorrect credit reporting
• Data mismatches
• Account status errors

If a request for data correction is rejected, the Company shall communicate the reasons to the customer to enable better understanding and further action, where applicable.

6. Channels for Lodging Complaints

Customers may lodge complaints through any of the following channels:

Email Support

Customers may write to:
contact@magnetfinserv.com
(Include full complaint details and supporting documents)

Customer Helpline

Phone – 022 69038383
Working Hours: 10.00 am to 6.00 pm (excluding national holidays)

Written Complaints by Post

Complaints may be sent to:

Customer Grievance Redressal Unit
Magnet Financial Services Private Limited
1801 Wadhwa The Gateway, Mulund – Goregaon Link Road, Hira Nagar, Near Nahur Station, Mulund (West) – Mumbai Maharashtra – 400080

Branch Walk-In

Customers may visit the nearest branch/office and submit a complaint to the designated officer.

7. Complaint Handling Process & Resolution Timelines

All complaints received through any channel are logged in the grievance management system and assigned a tracking reference.

The Company aims to resolve complaints within:

Up to 7 working days — standard complaints
Up to 14 working days — complex complaints requiring third-party inputs

Where resolution depends on external agencies (such as credit bureaus, banks, payment systems, or customer document submission), interim status updates shall be provided to the customer.

Resolution communication is provided through email, letter, or phone.

8. Escalation Matrix

If a customer does not receive a response within the committed timeline or is not satisfied with the resolution, the complaint may be escalated as follows:

Level 1 — Customer Service Manager

Email: contact@magnetfinserv.com

Level 2 — Grievance Redressal Officer

Email: grievanceofficer@magnetfinserv.com

Level 3 — Principal Nodal Officer

Email: nodal@magnetfinserv.com

9. RBI Integrated Ombudsman Scheme, 2021

If the complaint is:

• Not resolved within 30 days, or
• Rejected wholly or partly, or
• The customer is not satisfied with the reply

the customer may approach the RBI Integrated Ombudsman under the Integrated Ombudsman Scheme, 2021.

Complaints may be filed through the RBI CMS portal:

https://cms.rbi.org.in

The complaint should be filed within the timelines specified under the Ombudsman Scheme.

The Company’s Principal Nodal Officer shall represent the Company before the Ombudsman and provide required information.

10. Mandatory Display Requirements

The following shall be prominently displayed at all offices/branches and on the website:

• Grievance Redressal Officer contact details
• Principal Nodal Officer contact details
• RBI Ombudsman complaint portal details
• Ombudsman Scheme summary (English / Hindi / regional language as applicable)
• Escalation process

11. Grievance Review & Reporting

The Company maintains a structured grievance monitoring framework.

• Complaints and ageing analysis are reviewed periodically by management
• Systemic issues are identified and corrective actions initiated
• A periodic grievance report, including pending complaints and ageing profile, is placed before the Board / designated committee on a quarterly basis

12. Regulatory References

This Policy is aligned with:

• RBI NBFC Scale Based Regulation Directions
• RBI Fair Practices Code guidelines
• RBI Grievance Redressal Mechanism circulars
• RBI Integrated Ombudsman Scheme, 2021

In case of any conflict between this Policy and RBI regulations, RBI directions shall prevail.