CreditAccess Grameen awarded Gold Level in Client Protection Principle Certification

14 Jun 2022 , 02:15 PM

CreditAccess Grameen Limited, the country’s leading microfinance institution, has been certified with the highest level of recognition, Gold Standard in Client Protection Principle (CPP) certification by M-CRIL Limited.

This is a testament to the conscious effort made by the institution to provide affordable products and services to its clientele over years and be a responsible lender to the bottom of the pyramid, as per the filing.

The certification gauges an institution on various parameters including appropriate product design and delivery, prevention of over-indebtedness, transparency, responsible pricing, fair and respectful treatment of clients, privacy of client data, and mechanisms for complaint resolution to determine the degree of client protection practices followed across loan cycle.

Hema Bansal, Executive Director — Inclusive Finance, M-CRIL Ltd. said, “We would like to congratulate Credit Access Grameen Ltd. for obtaining the ‘Gold’ certificate based on the universal standards set by SPTF-CERISE Client Protection Framework. The interest rates charged by Grameen are amongst the lowest in the industry and with high customer retention, it continues to adhere to the RBI regulations and the various guidelines of the Client Protection Framework. The company’s longstanding commitment to consumer protection is much appreciated.”

Udaya Kumar Hebbar, MD & CEO, CreditAccess Grameen Ltd. said, “Client protection measures are the cornerstone of our business model given our product, people, and processes (PPP) are designed keeping client’s convenience and preference in place. This has rewarded us on numerous occasions helping cement our leadership position in the microfinance space.”

He further added, “Our association with certification has now completed a decade and our mission continues to be guided by the philosophy of balancing economic growth with responsible finance to create a meaningful value for all stakeholders involved.”

At around 2:13 PM, CreditAccess Grameen was trading at Rs1,053.85 per share up by Rs29.8 or 2.91% from its previous closing of Rs1,024.05 per share on the BSE.