COMPENSATON POLICY FRAMEWORK for I&M BANK
At I&M Bank, we prioritize the trust and delight of our customers. We recognize that, at times, errors or negligence on our part may lead to financial losses for our customers. In such circumstances, our Compensation Policy is designed to provide a transparent process for addressing these incidents and compensating affected customers.
- Eligibility for Compensation
Consumers who experience a monetary loss due to negligence by I&M Bank may claim compensation and submit all necessary supporting documentation that substantiates their claim.
- Bais for Compensation Calculation
Compensation is computed based on the following factors:
- Amount lost due to negligence: The direct financial loss occurred due to the bank’s negligence.
- Opportunity cost lost: The potential income or benefits the consumer could have earned had the negligence not occurred.
- Damage paid by the Financial Service Consumer: Any additional costs borne by the Consumer as a result of the bank’s negligence.
- Compensation rate
* The total compensation payable to the consumer shall not exceed 16.29 of the total loss claimed.
* The minimum compensation amount will be guided by the average lending rate applicable at the time of the claim.
- Claim process
To initiate a compensation claim, consumers must follow these steps:
- Submit a Claim
- Provide all supporting documents
- Review period
- Offer the compensation
- Policy reviews This compensation policy is subject to regular review and may be updated in accordance with changes in regulations.
POLICY ON SPECIAL TREATMENT FOR PEOPLE WITH DISABILITIES AND CONSUMERS WITH SPECIAL NEEDS
At I&M Bank, we are committed to creating an inclusive environment that respects and supports all individuals, including people with disabilities and consumers with special needs. We recognize that different circumstances require considerations, and we strive to provide equitable access to our service for everyone.
- Categories of Special treatment
I&M Bank is dedicated to offering tailored services and support for various categories of individuals with disabilities and consumers with special needs. Our special treatment may include the following categories:
- Physical disabilities: Accessible facilities in place includes designated parking, wheelchair drawing, accessible ATMs.
- Visual impairments, Hearing impairment, Mental health concerns or any other reason challenges: Our staff are trained to assist all categories of customers with disabilities.
- Customer support contact information
For assistance or to request special service due to a disability or special need, customers can contact our dedicated staff at:
- Phone
- Email
- In Person: Customer service staff available at each branch
COMPLAINT HANDLING PROCESS AT I&M BANK
At I&M, we value feedback from our customers and recognize that complaints provide opportunities for improvement in our service. We aim to resolve complaints in a fair timely, and transparent manner.
- Complaint Management Process
Our complaints Management is structured into 3 tiers, each with defined roles, responsibilities and timeframes for resolution:
| Level |
Definition |
Standard time |
| Tier 1 |
All staff in direct contact with the customer, including customer service, call center, loan center |
Maximum of 24 hours |
| Tier 2 |
Escalation points within the Bank including Team Leaders, supervisors, BMs |
Maximum of 48 hours |
| Tier 3 |
Highest escalation within the bank, including Senior Management and Head of Various departments |
Maximum of 72 hours |
Turnaround time for complaint handling internally shall not exceed 7 days and the highest turnaround time is 13 days.
