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Lending Service Providers (LSP)

Partner Name Partner Legal Entity Name Product Name Services availed from Partner
Capital Setu Capital Setu Private Limited Unsecured Term Loan - SME Loan sourcing; collections and recovery
FinanceKaart Renaissance Global Marketing And Consulting Private Limited Unsecured Term Loan - SME Loan sourcing; collections and recovery
Grihastha Grihastha Saving and Services Private Limited Unsecured Term Loan - SME Loan sourcing; collections and recovery
Urban Living URBAN LIVING FINANCE INDIA LIMITED Unsecured Term Loan - SME Loan sourcing; collections and recovery
Viren Viren Business Solutions Private Limited Unsecured Term Loan - SME Loan sourcing; collections and recovery
Arthum Arthum Fintech Pvt. Ltd. Unsecured Term Loan - SME Loan sourcing; collections and recovery
Claimtherapist ANH Technologies Private Limited Personal Loan-Others Loan sourcing; collections and recovery
Credit Siddhi Finnovus Technologies Private Limited Unsecured Term Loan - SME Loan sourcing; collections and recovery
Finance Peer Gajju Technologies Private Limited Personal loan-Education Loans Loan sourcing; collections and recovery
FtCash Nomisma Mobile Solutions Private Limited Unsecured Term Loan - SME collections and recovery
Grayquest(GQ) Grayquest Education Finance Private Limited Personal loan-Education Loans Loan sourcing; collections and recovery
Minko Shendure Digitech Private Limited Invoice Discounting collections and recovery
Neev Neev Credit Private Limited Personal loan-Education Loans Loan sourcing; collections and recovery
NIRA Shuhari Tech Ventures Private Limited Personal Loan-Others collections and recovery
Paytail Paytail Commerce Private Limited Consumer Durables collections and recovery
Shikhar Shikhar Urban and Rural Enterprises Private Limited Micro Finance- Joint Liability Group collections and recovery
BharatPe Resilient Innovations Private Limited Unsecured Term Loan - SME Loan sourcing; collections and recovery
Aadhar India Aadhar India Finvest Limited Unsecured Term Loan - SME Loan sourcing; collections and recovery
Aarthsidhi Aarthsiddhi Services Private Limited Unsecured Term Loan - SME Loan sourcing; collections and recovery
Capital Trust Capital Trust Limited Unsecured Term Loan - SME Loan sourcing; collections and recovery
Chqbook Nineroot Technologies Private Limited Unsecured Term Loan - SME Loan sourcing; collections and recovery
Credifyn Techlogs Private Limited Personal Loan-Others Loan sourcing; collections and recovery
Credin Upkram Technologies Limited Secured Term Loan - LAP Loan sourcing; collections and recovery
Dhanrashi Fintech Dhanrashi Fintech Pvt. Ltd Unsecured Term Loan - SME Loan sourcing; collections and recovery
Drivio Tech Drivio Technologies Pvt Limited Secured Auto Loan Loan sourcing; collections and recovery
Easypay Easy Pay Private Limited Unsecured Term Loan - SME Loan sourcing; collections and recovery
Entitled Entitled Solutions Pvt Ltd Personal Loan-Others Loan sourcing; collections and recovery
Finagg FINAGG TECHNOLOGIES PRIVATE LIMITED Unsecured Term Loan - SME Loan sourcing; collections and recovery
Finnup FinnUp Solutions Pvt Ltd Unsecured Term Loan - SME Loan sourcing; collections and recovery
Finsall Finsall Resources Private Limited Personal Loan-Others Loan sourcing; collections and recovery
Junoon Capital Junoon Capital Services Private Limited Unsecured Term Loan - SME Loan sourcing; collections and recovery
Khatabook ADJ Utility Apps Private Limited Unsecured Term Loan - SME Loan sourcing; collections and recovery
Kosh Adhikosh Financial Advisory Private Limited Personal Loan-Others Loan sourcing; Collections and recover
KSR Capital KSR Capital Services Limited Unsecured Term Loan - SME Loan sourcing; collections and recovery
MoneyLoji Creditech Technology Private Limited Personal Loan-Others Loan sourcing; collections and recovery
Mudra Junction Finance Mudra Junction Private Limited Unsecured Term Loan - SME Loan sourcing; collections and recovery
N Y Leasing NY LEASING PVT. LTD. Unsecured Term Loan - SME Loan sourcing; collections and recovery
Navodit Foundation Navodit Foundation Unsecured Term Loan - SME Loan sourcing; collections and recovery
OkCredit Psi Phi Global Solutions Private Limited Unsecured Term Loan - SME Loan sourcing; collections and recovery
Payme Huey Tech Private Limited Personal Loan-Others Loan sourcing; collections and recovery
Paynearby Nearby Technologies Pvt. Ltd. Unsecured Term Loan - SME Loan sourcing; collections and recovery
Pratyancha Pratyancha Financial Services Limited Unsecured Term Loan - SME Loan sourcing; collections and recovery
Recur Recur Club Technologies Private Limited Revenue based financing Loan sourcing; collections and recovery
Richline Finance Richline Finance Limited Unsecured Term Loan - SME Loan sourcing; collections and recovery
SaveIn SAVEIN Fintech Private Limited Personal Loan-Others Loan sourcing; collections and recovery
Seed Capital Seed Capital Private Limited Unsecured Term Loan - SME Loan sourcing; collections and recovery
Spicemoney Spice Money Limited Unsecured Term Loan - SME Loan sourcing; collections and recovery
Sugmya Sugmya Finance Private Limited Micro Finance- Joint Liability Group Loan sourcing; collections and recovery
Surjit Finance SURJIT HIRE PURCHASE PRIVATE LIMITED Unsecured Term Loan - SME Loan sourcing; collections and recovery
Suyoga Business Suyoga Business Private Limited Unsecured Term Loan - SME Loan sourcing; collections and recovery
Tenco Tenco Hire Purchase & Leasing Co. Pvt. Ltd Unsecured Term Loan - SME Loan sourcing; collections and recovery
Trade-India Infocom Network Limited Unsecured Term Loan - SME Loan sourcing; collections and recovery
Walkfin Walkfin Financing Services Private Limited Unsecured Term Loan - Invoice Discouting Loan sourcing; collections and recovery
Xuriti Flipbill Technologies Private Limited Unsecured Term Loan - SME Loan sourcing; collections and recovery
Zylo Finance Zylo Micro Care Foundation Unsecured Term Loan - SME Loan sourcing; collections and recovery
TeziPay Tezipay Tech Solution Pvt. Ltd. Unsecured Term Loan - SME Loan sourcing; collections and recovery
Flobiz (Mybillbook) Metaloop Innovation Labs Private Limited Unsecured Term Loan - SME Loan sourcing; collections and recovery
Ved Finance Ved India Pvt. Ltd. Unsecured Term Loan - SME Loan sourcing; collections and recovery
Trimurti Fincap Trimurti Fincap Pvt. Ltd. Unsecured Term Loan - SME Loan sourcing; collections and recovery
Malindo Finance Malindo Finance Private Limited Unsecured Term Loan - SME Loan sourcing; collections and recovery
Samhith Management Samhith Management Services Private Limited Unsecured Term Loan - SME Loan sourcing; collections and recovery
Adith Corporate Services Adith Corporate Services Pvt. Ltd. Unsecured Term Loan - SME Loan sourcing; collections and recovery
Pinkcity Fincap PinkCity Fincap Private Limited Unsecured Term Loan - SME Loan sourcing; collections and recovery
Adhikar MF Adhikar Microfinance Private Limited Unsecured Term Loan - SME Loan sourcing; collections and recovery
Nairahen Finserve Nairahen Finserve Private Limited Unsecured Term Loan - SME Loan sourcing; collections and recovery
Sanlayan India Sanlayan India Private Limited Unsecured Term Loan - SME Loan sourcing; collections and recovery
Chetana Finance Chetana Financial Services Private limited Unsecured Term Loan - SME Loan sourcing; collections and recovery
Triumph ( Dillinow ) Triumph Technology Services Pvt Ltd Unsecured Term Loan - SME Loan sourcing; collections and recovery
Sanchetna Finance Sanchetna Financial Services Private Limited Unsecured Term Loan - SME Loan sourcing; collections and recovery
Lendingkart Lendingkart Technologies Private Limited. Unsecured Term Loan - SME Loan sourcing; collections and recovery
Vitto Money (Uthaan Technologies) Uthaan Technologies Private Limited Unsecured Term Loan - SME Loan sourcing; collections and recovery
Palli Pargoli Financial Services Palli Pargoli Financial Services Private Limited Unsecured Term Loan - SME Loan sourcing; collections and recovery
Accredit Technologies Accredit Technologies Private Limited Unsecured Term Loan - SME Loan sourcing; collections and recovery
BT Finance BT Finance Pvt Ltd Unsecured Term Loan - SME Loan sourcing; collections and recovery
Burphy Advisors (Pratham) Burphy Advisors Private Limited Unsecured Term Loan - SME Loan sourcing; collections and recovery
Cashtree CashTree Finance Private Limited Unsecured Term Loan - SME Loan sourcing; collections and recovery
Dhan Seva Micro Foundation Dhan Seva Micro Foundation Unsecured Term Loan - SME Loan sourcing; collections and recovery
Dotpe Dotpe Private Limited Unsecured Term Loan - SME Loan sourcing; collections and recovery
ECL(Efficient Capital Labs) Efficient Fintech Solutions Pvt Ltd Unsecured Term Loan - SME Loan sourcing; collections and recovery
Exuberant Systems Exuberant Systems Private Limited Unsecured Term Loan - SME Loan sourcing; collections and recovery
Fatakpay FatakPay Digital Pvt. Ltd Unsecured Term Loan - SME Loan sourcing; collections and recovery
Fingel FINGEL MANAGEMENT SERVICES PRIVATE LIMITED Unsecured Term Loan - SME Loan sourcing; collections and recovery
Finsso Fintech Finsso Fintech And Advisors Private Limited Unsecured Term Loan - SME Loan sourcing; collections and recovery
Fintranxect Fintranxect Digital Solutions Private Limited Unsecured Term Loan - SME Loan sourcing; collections and recovery
Tradeudhar Infocom Fintech Private Limited Unsecured Term Loan - SME Loan sourcing; collections and recovery
Cashpo Intellimint Technologies Pvt Ltd Unsecured Term Loan - SME Loan sourcing; collections and recovery
Janlakshmi Financial Janlakshmi Financial Services Private Limited Unsecured Term Loan - SME Loan sourcing; collections and recovery
Jeevandeep Micro Credit Jeevandeep Micro Credit Unsecured Term Loan - SME Loan sourcing; collections and recovery
JMD Fintech JMD Fintech Private Limited Unsecured Term Loan - SME Loan sourcing; collections and recovery
Korian Microfinance Korian Microfinance Private Limited Unsecured Term Loan - SME Loan sourcing; collections and recovery
Loanwired Loan Wired Fintech Private Limited Unsecured Term Loan - SME Loan sourcing; collections and recovery
Meet Finance Meet Finance Pvt Ltd Unsecured Term Loan - SME Loan sourcing; collections and recovery
Metal Market Metalmarket Technologies India Private Limited Unsecured Term Loan - SME Loan sourcing; collections and recovery
Ezeepay MJ Digital Services Private Limited Unsecured Term Loan - SME Loan sourcing; collections and recovery
MoneyTrust Moneyology Services Pvt Ltd Unsecured Term Loan - SME Loan sourcing; collections and recovery
Mxon Electricals Mxon Electricals and Hardware Private Limited Unsecured Term Loan - SME Loan sourcing; collections and recovery
Need Livelihood Microfinance Need Livelihood Microfinance Private Limited Unsecured Term Loan - SME Loan sourcing; collections and recovery
Niyogin Niyogin Fintech Limited Unsecured Term Loan - SME Loan sourcing; collections and recovery
Open Capital Open Financial Technologies Private Limited Unsecured Term Loan - SME Loan sourcing; collections and recovery
Unipe Payrocket Technology Private Limited Unsecured Term Loan - SME Loan sourcing; collections and recovery
R K Bansal Finance R K Bansal Finance Private Limited Unsecured Term Loan - SME Loan sourcing; collections and recovery
Radian Finserv Radian Finserv Private Limited Unsecured Term Loan - SME Loan sourcing; collections and recovery
SELF Sampada Entrepreneurship and Livelihoods Foundation Unsecured Term Loan - SME Loan sourcing; collections and recovery
Shop Kirana Shop Kirana E Trading Private Limited Unsecured Term Loan - SME Loan sourcing; collections and recovery
Ensuredit Simson Ensuredit Ventures Private Limited Unsecured Term Loan - SME Loan sourcing; collections and recovery
Sirmate Services Sirmate Services (OPC) Private Limited Unsecured Term Loan - SME Loan sourcing; collections and recovery
Sp Vaig SPVAIG Private Limited Unsecured Term Loan - SME Loan sourcing; collections and recovery
Srajan Capital Srajan Capital Limited Unsecured Term Loan - SME Loan sourcing; collections and recovery
Supaul Micrope Foundation Supaul Micrope Foundation Unsecured Term Loan - SME Loan sourcing; collections and recovery
Flobiz Valorem Stack Private Limited Unsecured Term Loan - SME Loan sourcing; collections and recovery
Vinayana Investment Vinayana Investment and Finance Limited Unsecured Term Loan - SME Loan sourcing; collections and recovery
Friends Capital Friends Capital Sevices Limited Unsecured Term Loan - SME Loan sourcing; collections and recovery
Jeevandeep Micro Credit Jeevandeep Micro Credit Unsecured Term Loan - SME Loan sourcing; collections and recovery
Lets-Aspire Aspire Fintech Private Limited Unsecured Term Loan - SME Loan sourcing; collections and recovery
Oceanpe OceanPe Finance Private Limited Unsecured Term Loan - SME Loan sourcing; collections and recovery
ROINET Roinet Solution Pvt. Ltd. Unsecured Term Loan - SME Loan sourcing; collections and recovery
Yash Finance Roopwala Fincservices Private Limited Unsecured Term Loan - SME Loan sourcing; collections and recovery
My Mudra Fincorp Limited My Mudra Fincorp Limited Unsecured Term Loan - SME Loan sourcing; collections and recovery
Sharp Financials Sharp Financial Services Pvt. Ltd. Unsecured Term Loan - SME Loan sourcing; collections and recovery
Capsafe Capsafe Fintech Private Limited Unsecured Term Loan - SME Loan sourcing; collections and recovery
Bhorsha Fintech Bhorsha Fintech Private Limited Unsecured Term Loan - SME Loan sourcing; collections and recovery
GoldCoin Micro Services Goldcoin Micro Services Foundation Unsecured Term Loan - SME Loan sourcing; collections and recovery
Realturity Business Advisory Private Limited Realturity Business Advisory Private Limited Unsecured Term Loan - SME Loan sourcing; collections and recovery
Siddhyanti Finserve Siddhyanti Finserve Pvt Ltd Unsecured Term Loan - SME Loan sourcing; collections and recovery
Dhanik Advisors Dhanik Advisors Private Limited Unsecured Term Loan - SME Loan sourcing; collections and recovery
Shri Baiju Trading and Investment Shri Baiju Trading and Investment Pvt. Ltd. Unsecured Term Loan - SME Loan sourcing; collections and recovery
HealthCred Vidyasoh Healthcare Tech Service Private Limited Unsecured Term Loan - SME Loan sourcing; collections and recovery
Ramdhani Fintech Ramdhani Fintech Services Private Limited Unsecured Term Loan - SME Loan sourcing; collections and recovery
Kevalya Financial Kevalya Financial Services Private Limited Unsecured Term Loan - SME Loan sourcing; collections and recovery
Adhiban Finserv Adhiban Finsserv Private Limited Unsecured Term Loan - SME Loan sourcing; collections and recovery
Zambo Technology ZAMBO TECHNOLOGY INDIA PRIVATE TIMITED Unsecured Term Loan - SME Loan sourcing; collections and recovery
Startup Fintech STARTUP FINTECH FINANCIAL SOLUTIONS PRIVATE LIMITED Unsecured Term Loan - SME Loan sourcing; collections and recovery
Advance Salary Datta Finance And Trading Private Limited Unsecured Term Loan - SME Loan sourcing; collections and recovery
Circle pe AKNJ Technologies Private Limited Unsecured Term Loan - SME Loan sourcing; collections and recovery
Mithilanchal Micro Benefit Foundation Mithilanchal Micro Benefit Foundation Unsecured Term Loan - SME Loan sourcing; collections and recovery
Nabadiganta Finance Nabadiganta Welfare Foundation Unsecured Term Loan - SME Loan sourcing; collections and recovery
APR Micro Foundation APR Microcredit Foundation Unsecured Term Loan - SME Loan sourcing; collections and recovery
Bhumi Small Finance BHUMI SMALL FINANCE PRIVATE LIMITED Unsecured Term Loan - SME Loan sourcing; collections and recovery
ALV Microcare Foundation ALV MICROCARE FOUNDATION Unsecured Term Loan - SME Loan sourcing; collections and recovery

Financing Partners

Details of redressal officer

Name of the Grievance Redressal Officer: Tushita Rastogi

Address: i2iFunding, Ground Floor, A-217, Sector 69, Noida, 201301

Telephone: +91 97174 20307

E-mail id: [email protected]

Website link with redressal policy: https://www.i2ifunding.com/grievance-redressal-policy

FIU Participation Policy

Sahamati Account Aggregator Ecosystem Participation Terms

DigiSahamati Foundation, established as a not-for-profit company under Section 8 of the Companies Act, 2013, (Sahamati), as an organisation comprising Account Aggregators (AAs), Financial Information Providers (FIPs), Financial Information Users (FIUs), technology service providers and other persons, is fostering the establishment and development of the Sahamati Account Aggregator Ecosystem (Sahamati AA Ecosystem) which facilitates interoperability and related standards for AAs, FIPs and FIUs, manages the Sahamati AA Ecosystem and enforces compliance with Sahamati AA Ecosystem Participation Terms.

This document sets out Sahamati AA Ecosystem Participation Terms, Version 1.0  (the Terms), as amended from time to time, upon which the participants in the Sahamati AA Ecosystem have agreed to participate.

1. Ecosystem Participants

1.1  Sahamati AA Ecosystem shall have the following participants (Participants):

(a) Financial Information Providers (FIP) - any entity that is registered with a Financial Sector Regulator and/or approved by the Financial Sector Regulator to be a provider of financial information;

(b) Financial Information Users (FIU) - any entity that is registered with a Financial Sector Regulator and regulated by such Financial Sector Regulator to be a consumer of the financial information; and

(c) Account Aggregators (AA) – any non-banking financial company that has been registered with the RBI to undertake the business of an account aggregator as defined in the AA Master Directions (as defined below).

1.2  In consideration for the mutual rights and obligations set out in these Terms, as amended from time to time, all Participants shall indicate their acceptance of these Terms by furnishing to Sahamati, an electronic copy of the declaration contained in Annex 1 on which shall be affixed the digital signature of its authorised signatory. These Terms shall supersede and prevail over any bilateral agreements or arrangements among or between Participant/s on matters specified in these Terms upon such Participant/s indicating their acceptance of these Terms.

1.3 Customers shall indicate acceptance of these Terms, as amended from time to time, by accepting these Terms on the AA Client Interface (as defined below) and the AAs shall ensure that their AA Client Interface enable such acceptance and retain a record thereof. FIUs and FIPs should display these Terms for information of their customers in relevant sections of their websites or mobile apps.

1.4.These Terms may be amended from time to time and such amended Terms shall remain binding upon the Participants and the Customers, with the continuing participation, usage or access of the Sahamati AA Ecosystem by the Participants and the Customers signifying and constituting their respective acceptance of the amendments and amended Terms. Sahamati shall, prior to effecting the amendments to these Terms, undertake due consultations to the extent necessary and appropriate. The amendments and the amended Terms shall be provided to all the Participants and the Customers at least 30 days prior to such amendments and amended Terms becoming effective, with versioning of amendments being reflected appropriately. Only in the event of a complete overhaul and restatement of these Terms, the Participants and the Customers may be required to indicate their acceptance afresh to the restated Terms in the mode and manner specified in 1.2 and 1.3 respectively, for continuing within the Sahamati AA Ecosystem in accordance with the restated Terms and which shall become effective as provided in such restated Terms, with versioning of restatements being reflected appropriately. All communications with the Customers as contemplated in this section shall be undertaken by the AAs.

2. Defined Terms

  1. AA Client Interface shall have the meaning set out in 4.1 below;

  2. AA Master Directions means the Master Direction - Non-Banking Financial Company - Account Aggregator (Reserve Bank) Directions, 2016 issued by RBI and as amended from time to time;

  3. AA Technical Standards means the technical standards issued by ReBIT or any other competent authority from time to time as applicable to AAs;

  4. Applicable Law means the AA Master Directions and all relevant technical specifications as well as any applicable law, regulation, ordinance, rule, judgment, notification, order, decree, bye-law, directive, framework or guideline issued by a competent government authority and having the force of law;

  5. Customer means any person, who has entered into a contractual arrangement with the AA to avail services provided by the AA for transfer of data from FIPs to an FIU or from FIPs to the Customer;

  6. Central Registry or Central Registry APIs means the service offered by Sahamati, as part of Sahamati Technical Services, to participants for discovery of public information such as API endpoints and public keys.

  7. Data means any data that has been permitted, under the AA Master Directions, to be transferred from FIPs to FIUs and/or from FIPs to Customers;

  8. Financial Sector Regulator means any of RBI, SEBI, IRDAI or PFRDA;

  9. Force Majeure Event means any event beyond the reasonable control of a Participant which adversely impacts the ability of the Participant to perform its role contemplated under these Terms, which events include but are not limited to: non-availability of any communication or electronic services due to an act of god, on account of relevant authorities requiring suspension of any activity or operation, or on account of pandemic or other infectious or contagious disease;

  10. IRDAI means the Insurance Regulatory and Development Authority of India;

  11. ODR Institution means an independent neutral institution that provides online dispute resolution as a service or as a platform, encompassing online arbitration, online mediation or online conciliation or a combination thereof, and which has been empaneled by Sahamati from time to time;

  • PFRDA means the Pension Fund Regulatory and Development Authority;

  1. RBI means the Reserve Bank of India;

  • ReBIT means Reserve Bank Information Technology Private Limited;

  • Sahamati Certification Framework means a set of tests designed and administered by Sahamati, or its empaneled certifiers, to verify the adherence to the AA Technical Standards and with such standards as may be specified by Sahamati from time to time including but not limited to standards specified for availing of Sahamati Technical Services or standards specified for other matters as relevant to the role of the Participant in the Sahamati AA Ecosystem being performed in a standardized and/or interoperable manner;

  1. Sahamati AA Ecosystem means the ecosystem comprising the Participants and the Customer/s designed to facilitate the consented flow of Data from FIPs to FIUs as enabled by AAs or from FIPs to Customer/s as enabled by AAs;

  2. Sahamati Technical Services means services such as Central Registry or Central Registry APIs, Token Service APIs and any other services that Sahamati may provide to the Participants from time to time;

  3. SEBI means the Securities and Exchange Board of India; and

  4. Token Service APIs means the service offered by Sahamati, as part of Sahamati Technical Services, for participants to obtain a short-lived access token and present it to other Participants for authorizing access to their resources.

 

3. Commencement of Services by AAs, FIUs and FIPs

3.1 The detailed onboarding plan for AAs, FIUs and FIPs has been set out in Annex 2.

3.2 Every entity desirous of becoming a Participant in the Sahamati AA Ecosystem, will be assessed in accordance with the Sahamati Certification Framework, as relevant to the role it desires to perform in the Sahamati AA Ecosystem. Once a Participant has been so certified and has indicated its acceptance of these terms under 1.2 above, then such Participant shall be allowed to commence performing its role in the Sahamati AA Ecosystem.

4. AA Client Interface

4.1 All AAs will create one or more front-end interfaces through which Customers will be able to link their accounts in order to manage their consent for Data transfers from FIPs to FIUs and/or from FIPs to the Customer, as the case may be (AA Client Interface).

4.2 The AA Client Interface should, at the very least, support the following features:

(a) Consent management including but not limited to account discovery, account linkage and activity logs;

(b) Profile management including registration of users resulting in the issuance of Virtual User Addresses; and

(c)Complaint management including the ability to raise a complaint and receive updates as to the progress of the complaint till final resolution.

4.3 The AA shall ensure that the AA Client Interface is designed to use authentication measures as prescribed in the AA Technical Standards, from time to time, for all actions or transactions between the Customer and the AA, including but not limited to all consent management actions and all profile management actions.

4.4 At least one or more of AA Client Interface/s of an AA should offer a Customer the ability to check the status of a Data request and to view the entire history of their consents and Data flows at any point in time.

5. Customer Onboarding

5.1 The AA will onboard Customers using a process that shall comprise the following steps:

(a) The Customer shall provide to the AA the Customer’s mobile number, email address, or any other identifier that has been declared to be suitable for digital verification in the AA Technical Standards, from time to time.

(b) The AA shall verify that the identifier provided is valid and verified and that it is in fact being solely operated by the Customer.

(c) Upon conclusion of such verification, the AA will issue to the Customer a virtual address that uniquely identifies the Customer in the following format:

<customer_identifier>@<AA_identifier>

Where:

(a) customer_identifer> is a word/alphanumeric that uniquely identifies the Customer in the AA system and which may either be selected by the customer or issued by the AA. The AA shall, at its discretion, be free to suggest a unique default identifier (such as mobile number or last name)

(b) AA_identifer> is the unique identifier that has been provided to the AA by Sahamati at the time of on-boarding that uniquely identifies the AA among all AAs in the ecosystem.

(c) The entire Virtual User Address, also known as the VUA or the AA Handle, should only contain “a-z, A- Z, 0-9,.(dot), - (hyphen), @", as currently defined in the AA Technical Standards and subject to any modifications in such standards, from time to time.

5.2  At the time of Onboarding and thereafter whenever initiated by the Customer, the AA Client Interface will facilitate discovery of accounts held by the Customer with one or more FIPs in the following manner:

(a) The AA Client Interface will offer the Customer the opportunity to provide strong identifier(s) that the Customer’s FIP will recognise. The AA will relay such identifier/s to the FIP. The FIP shall, if such identifier/s correspond with a customer record within its system, provide to the AA a set of account numbers matching the Customer identifier so provided.

(b) The AA Client Interface shall display the account numbers discovered in this manner from all FIPs in a masked format and in a manner that will allow the Customer to make a selection of those accounts that the Customer wishes to link.

(c)By selecting the accounts that the Customer wishes to link on the AA Client Interface, the Customer authorises the AA to relay to the FIP the Customer’s consent to link the specified accounts to the Customer’s profile with the AA.

(d) The FIP shall, after independently authenticating the Customer as specified in the AA Technical Standards, complete the linking request.

5.3 The process and steps outlined in 5.1 and 5.2 above are not prescriptive as regards user experience that an AA may provide while adhering to such process or steps.

6. Process for Data Transfer

6.1 The process for transfer of Data from an FIP to an FIU and/or from an FIP to a Customer as the case may be, shall involve the following parties – the Customer, FIPs, the FIU (if any) and an AA.

The FIU may initiate the request for Data by submitting a consent request to the Customer through the AA. The AA will forward the consent request to the Customer and once such consent has been obtained, the AA shall convey the Customer’s consent request to the relevant FIPs. The FIPs shall, after verifying the consent, transfer the required Data to the AA . The AA shall facilitate the transfer of such Data from the FIPs to the FIU. 

In the event, the Customer declines consent, the AA will convey information of such decline to the FIU, and accordingly no transfer of Data will take place.

The Customer may initiate a request for Data by submitting a request and consent to the AA. The AA shall convey the Customer’s consent request to the FIPs for the Data. The FIP shall, after verifying the consent, transfer the required Data to the AA. The AA shall facilitate the transfer of such Data from the FIPs to the Customer.

t is noted that in course of transfer of Data as envisaged in these Terms, the relevant FIP continues to retain the Data as available with itself

6.2 ReBIT is authorized to publish technical specifications, from time to time, to achieve the process described above. All Participants undertake to ensure that their systems are and for as long as these Terms continue to apply to them will hereafter be compliant with such specifications.

7. Obligations and Responsibilities

7.1  All Participants shall:

(a) undertake certification at the stage of joining the Sahamati AA Ecosystem and obtain certification whenever required and remain duly certified on an on-going basis in accordance with the Sahamati Certification Framework;

(b) implement the security measures issued by ReBIT from time to time;

(c) save and except as provided in 7.3 (d), ensure that no Data transferred through the Sahamati AA Ecosystem is shared with any third party unless required by law;

(d) ensure that their systems and infrastructure are compliant with the application programming interface (API) change management policies issued by ReBIT from time to time;

(e) ensure that their systems and infrastructure remain operational, at uptimes and standards as Sahamati may specify from time to time, in order to carry out the transactions contemplated under these Terms, and where any system or infrastructure needs to be taken offline, the relevant Participant shall give prior advance notice to Sahamati, in accordance with the standards specified by Sahamati from time to time;

(f) respond to unscheduled shutdowns and other disruption to the services expeditiously and notify Sahamati and the Central Registry of such shutdown or disruption;

(g) comply with all service level obligations, uptimes and standards as Sahamati may specify from time to time, as applicable;

(h) retain all consent logs and Data flow logs for such period(s) as may be required by Applicable Law, in a readily accessible and searchable format that allows for retrieval as per internal policies of the Participant; on demand by the Customer or any other Participants involved in the transaction; as required for audit or regulatory inspection in accordance with Applicable Law; or in the event of a grievance by a Customer or a dispute with any Participant;

(i) ensure that an audit is conducted by a qualified security assessor (QSA) approved by RBI at such frequency/intervals as specified by RBI from time to time;

(j) appoint grievance redressal officers whose responsibility it shall be to resolve Customer grievances and coordinate amongst themselves to collate all the Data transfer and consent logs or other information as may be necessary;

(k) agree and acknowledge that Data through the Sahamati AA Ecosystem is on an “as is” and “as available” basis only, disclaim any warranty or assurance as to the completeness or accuracy of any Data transferred and any reliance that may be placed on such Data;

(l) Ensure due adherence of commercial arrangements and duly discharging payment obligations as arising on account of the Sahamati AA Ecosystem, (including the payment of membership or other fees as applicable to Sahamati as notified from time time), and

(m) inform Sahamati and all other Participants of any change in the status of its operating license including but not limited to any cancellation, revocation or suspension thereof.

7.2 All AAs shall:

(a) support requests to transfer data which are initiated by the Customer or by FIUs;

(b) ensure that appropriate measures have been implemented to ensure proper Customer identification and authentication and ensure that the consent obtained is in accordance with the AA Technical Standards;

(c) not undertake any other business other than the business of an account aggregator;

(d) not use the services of any third party service provider to undertaking its business;

(e) ensure that no Customer information when received from an FIP is retained by the AA for longer than is necessary for such Data to be transferred to the Customer or FIU or 6 hours from time of receipt, whichever is earlier;

(f) ensure that the AA is blind to and does not share, view or access any of the contents of such Data from the moment of receipt till its delivery to the FIU or to the Customer, as the case may be, or for the period it retains the Data;

(g) educate Customers on informed consent, significance and possible result/s of consenting, and the possible implications of consenting without the Customer properly evaluating the consequences or results;

(h) enable a Customer who seeks to port to another AA to do so seamlessly;

(i) put in place and keep current a Disaster Recovery or a Business Continuity management plan for all their operations;

(j) not be held responsible for any loss or damage that may arise due to a Customer’s account being disabled or suspended for any reason or due to unauthorized use of such account (other than on account of failure of the AA to comply with these Terms or Applicable Laws);

(k) comply with the various duties and responsibilities of an AA as set out in the Master Directions; and

(l) be entitled to take appropriate action to prevent harm to the Sahamati AA Ecosystem, including but not limited to, disabling or suspending a Customer’s account in order to prevent unauthorized access to the Customer’s account.

7.3   All FIUs shall:

(a) ensure that their systems are wholly interoperable and capable of working with every AA in the ecosystem;

(b) set up and continue to operate their systems so that the FIU also functions as an FIP, when holding the types of Data notified by RBI as eligible for transfer through an AA, in the Sahamati AA Ecosystem on the principle of reciprocity;

(c) ensure that any Data received from an FIP through an AA is only used for the express purpose mentioned in the consent artefact under which such Data was requested;

(d) not transfer, share or otherwise disclose any Data collected from an FIP to any third party whatsoever except with the specific prior consent of the Customer Provided that an FIU may share data in an aggregated and anonymised form with contracted third parties and with due notice to the Customer that it is so sharing the data; and

(e) only retain any Data received from an FIP for as long as is necessary for the FIU to fulfil the purpose for which such Data was obtained and for no longer, save and except as required in order to comply with Applicable Laws.

(f) immediately notify the relevant AA about any consent revocation initiated by the Customer through the FIU and desist from further fetching of any Data from an FIP through an AA using the consent so revoked by the Customer.

7.4   All FIPs shall:

(a) ensure that their systems are wholly interoperable so that they can work with every AA in the Sahamati AA Ecosystem;

(b) permit the AAs to use its name or logo in the AA Client for customer ease and convenience, permit all AAs to discover the accounts that the Customer has with them, and permit the linking of these accounts using standard protocols specified by ReBIT from time to time;

(c) on receipt of a consented Data request from an AA, verify its validity (including with respect to the mode of operation specified by the customer for the accounts) before proceeding to collate and furnish any Data in response to such request;

(d) once a Data request and consent has been validated, collect all Data under its possession and control that responds to such Data request, store it in an encrypted format, inform the AA that it is ready for collection and facilitate its collection by the AA for delivery to the FIU and/or the Customer, as the case may be;

(e) ensure that its systems implement any revocation of consent by a Customer that has been communicated to such FIP by an AA;

(f) set up and continue to operate their systems so that they also function as an FIU, if permitted by the Master Directions to do so, in the Sahamati AA Ecosystem on the principle of reciprocity; and

(g) may reject any such request for Data sharing received from the AA if it fails to meet the criteria for obtaining instruction or consent of the Customer, as specified under consent artefact and the Applicable Law or is not as per the mode of operation specified by the customer for the accounts.

7.5   All Customers shall:

(a) review the details of all requests that they receive from FIUs through AAs to transfer Data from FIPs to such FIU in order to verify the nature and quantum of Data requested, the purpose for which such Data is being collected and the duration for which it will be retained by the FIU;

(b) only provide their consent after having duly verified the details of the request to transfer Data and any consent so provided shall be binding on the Customer;

(c) be entitled to revoke their consent for requests to transfer Data that have not yet been fulfilled.

For requests to transfer Data that have been fully or partially fulfilled, and the FIU has received the Data and not (for any reason whatsoever) provided any service or product to the Customer: be entitled to revoke their consent for such requests and the revocation shall take effect without any consequences. The FIU shall in this situation, purge the Customer’s Data unless required to be retained in accordance with Applicable Laws.

For requests to transfer Data that have been fully or partially fulfilled, the FIU has received the Data and provides service or product to the Customer (which continues to subsist): be entitled to revoke consent in respect of any further Data requests being performed subject to the Customer acknowledging and confirming to the AA that all or any consequences or measures as may arise on account of the revocation (as may be specified between the FIU and the Customer in such situations, which the AA is not privy or party to) may become applicable or operational, and accordingly that the revocation will be at the risk, costs and consequences of the Customer.

The AA will immediately update the relevant FIPs and the FIU of such revocation and give effect to the revocation.

(d) be responsible for the confidentiality, safekeeping and security of their account details, including but not limited to, login and other credentials, required to access and use their account on the Sahamati AA Ecosystem;

(e) be solely responsible for all communications exchanged between Customer and AA through the Sahamati AA Ecosystem and/or any transaction or activity conducted, or purported to be conducted with the AA;

(f) duly discharge payment obligations as arise on account of the Sahamati AA Ecosystem, and

(g) notify AA immediately if upon becoming aware of any unauthorised access to or use of their accounts.

7.6 Sahamati shall:

(a) maintain and operate Sahamati Technical Services, as per standards notified by Sahamati from time to time;

(b) design and administer the Sahamati Certification Framework to ensure that all entities seeking to be Participants are duly assessed and certified, from time to time, and also design and administer the Sahamati Certification Framework  as relevant to the mode, manner, role and function that Participants perform in the Sahamati AA Ecosystem, perform necessary assessments and certify the Participants at specified intervals for continuing participation in the Sahamati AA Ecosystem;

(c) design and maintain such additional technical services as may required by the Participants from time-to-time;

(d) institute processes, reporting requirements and/or measures for proactively monitoring performance of respective obligations by the Participants to the extent technically feasible, providing assurance of due adherence, and shall deal with breach of obligations, if any identified, in accordance with these Terms,

(e) implement and enforce these terms and take all other actions necessary for the orderly development of the Sahamati AA Ecosystem, and

(f) be able to undertake such activities, operations or services as are required, relevant or useful for the Sahamati AA Ecosystem or in accordance with these Terms, or empanel service providers for rendering such services.

 

8. Customer Rights

A Customer shall have the right:

(a) to be informed of all the attributes specified in the consent artefact in relation to any consent sought to be obtained from such Customer for the transfer of Data from FIPs to the FIU through the AA and/or for transfer of Data on Customer’s own request from FIPs to Customers through the AA, as the case may be;

(b) to access a record of all the consents provided, the details of the subsequent Data flows and the FIUs with whom the corresponding Data has been shared for such period of time as specified under Applicable Laws from time to time;

(c)  to raise a grievance with the grievance resolution officer of the Participants in accordance with 14 below;

(d) subject to 7.5(c) above, to any time revoke any consent that has been provided to an FIU; and

(e) to deregister from any AA at any time by following a simple process that allows the Customer to delink all connected accounts, revoke all active consents subject to 7.5(c), and download the consent and transaction history.

9. Withdrawal of AA

9.1 No AA shall exit the Sahamati AA Ecosystem without first making appropriate arrangements to either: (a) assign its rights and obligations under these Terms to another AA; or (b) ensure that it no longer owes any obligations to any Participant.

9.2 Subject to 9.1 above, an AA may withdraw from the Sahamati AA Ecosystem by following the process set out below:

(a)The AA shall submit a notice to Sahamati in writing of its intention to withdraw from the Sahamati AA Ecosystem along with the reasons, at least ninety (90) days before such withdrawal;

(b) Sahamati shall process the withdrawal request and inform all other Participants of the Sahamati AA Ecosystem of the date on which such AA shall cease to be a part of the Sahamati AA Ecosystem; and

(c) The withdrawing AA shall take all reasonable necessary and appropriate measures to ensure that all Customers who have active consents with respect to such AA do not suffer any hardship, cost or inconvenience on account of such withdrawal.

9.3 Once the AA has completed all the obligations set out herein, such AA’s entry in the Central Registry shall be removed and thereafter the AA shall no longer be a Participant in the Sahamati AA Ecosystem or have access to the Sahamati AA Ecosystem.

 

10. Suspension

10.1  Sahamati may suspend a Participant from the Sahamati AA Ecosystem in the event:

(a) such Participant commits a material breach of any of these Terms;

(b) such Participant commits a breach of Applicable Laws; or

(c)  the operating license of such Participant is temporarily suspended by a Financial Sector Regulator,

10.2  Any such suspension shall remain in force until the event/s mentioned above have been duly rectified or compounded and/or its operating license restored, as the case may be. No such suspension of a Participant shall affect any of its accrued obligations to the Customer including but not limited to the obligation to provide access to the Data or perform its role and function as envisaged in these Terms.

11.Termination

11.1  A Participant shall, forthwith, cease to be a participant in the Sahamati AA Ecosystem, in the event:

(a) its operating license is cancelled or revoked by a Financial Sector Regulator, or

(b) it ceases or is unable to carry on its business, or

(c) it is or appears likely to be unable to pay its debts or upon admission of a petition for its winding-up, dissolution, administration, bankruptcy or insolvency or the appointment of a liquidator, receiver, resolution professional or other similar officer in respect of any of its assets and/or any analogous procedure or step is taken in any jurisdiction in relation to the foregoing.

11.2   Upon the termination of a Participant:

(a) Sahamati shall inform all other Participants thereof and shall specify the date on which such termination would take effect and a separate date by when all the other Participants shall settle accounts, if any, with the terminated Participant (or the receiver, resolution professional or liquidator or other similar officer thereof, as the case may be);

(b) All other Participants shall ensure that they settle their accounts, if any, with the terminated Participant (or the receiver, resolution professional or liquidator or other similar officer thereof, as the case may be) on or before the date specified by Sahamati for settling of accounts;

(c) The terminated Participant (or the receiver, resolution professional or liquidator or other similar officer thereof, as the case may be) shall take all reasonable necessary and appropriate measures to ensure that all Customers who have active consents with respect to such Participant do not suffer any hardship, cost or inconvenience on account of such withdrawal.

11.3 Once the terminated Participant (or the receiver, resolution professional or liquidator   or other similar officer thereof, as the case may be) has completed all the obligations set out herein to the satisfaction of Sahamati, reference to such terminating Partner in the Central Registry shall be removed and the terminating Participant shall no longer be a Participant of the Sahamati AA Ecosystem.

12. Liabilities

12.1  In the event any Data in the possession or control of a Participant is lost, damaged or otherwise rendered unusable, then such Participant alone shall be liable for the consequences of such event.

12.2  A Participant shall be liable for any loss or damage notwithstanding the fact it was caused due to gross negligence or willful misconduct of the Participant’s employees or agents, representatives or contractors or because it arose on account of its gross negligence or willful misconduct.

12.3 No Participant shall be liable to any other party/ies for: (a) any third party claims, indirect or consequential loss or damage, or special or punitive or exemplary damages, or loss of profit, business, revenue, goodwill of the other party/ies, (b) an amount exceeding the annual total revenue (attributable to its participation in the Sahamati AA Ecosystem) in the year in which the claim or dispute arises unless the liability is on account of gross negligence or willful misconduct by such Participant (or its employees or agents, representatives or contractors) or when such liability arises on account of breach of applicable laws.

12.4 Notwithstanding anything contained in these Terms, no Participant shall be liable for a failure to participate on account of:

(a)any act or omission attributable to any other Participant (including, but not limited to, any rejection, downtime or negligence, or any malfunction of its technical systems or its incompatibility or failure to comply with the technical specifications and/ or Applicable Laws),

(b) any delay, revocation or suspension of consent on the part of a Customer to transfer Data from FIPs to FIUs or to the Customer, as the case may be,

(c) any Force Majeure Event, or

(d) any change in Applicable Laws.

12.5 Notwithstanding anything contained in these Terms, FIPs or FIUs shall not be held liable for any breach, loss, damages that may arise out of or result on account of transfer of Financial Information based on the consent obtained and shared under the consent artefact in the manner and mode provided for under the Applicable Laws. Provided that nothing contained herein will absolve the FIP or the FIU, as the case may be, from any gross negligence or willful misconduct.

12.6 In case of a failure by any Participant to comply with their respective roles and obligations, the defaulting Participant shall be liable for such penalties and consequences as prescribed under these Terms or Applicable Laws. Notwithstanding anything contained herein, no Participant shall be held liable for any breach, non-compliance, failure (including but not limited to data security breach) if such Participant complied with Applicable Laws (including the technical specifications issued by ReBIT, from time to time).

 

13. Indemnification

Subject to these Terms, each Participants shall indemnify and keep indemnified every other Participants, their respective officers, directors, personnel, representatives from and against any and all direct loss suffered or incurred (including but not limited to liabilities, judgments, awards, damages, losses, claims, costs and expenses, etc.), arising out of breach of any provisions under these Terms and/or violation of any applicable laws. The indemnity obligations set out herein shall survive the termination or exit of any indemnifying party from the Sahamati AA Ecosystem for a period of three (3) years after such termination or exit.

14. Grievance Redressal & Dispute Resolution

14.1  Customer complaints, claims, disputes or grievances (together termed ‘grievance/s’) involving factual matters capable of being ascertained as fully or partially valid (or not) in an automated mode or manner by checking the relevant records of the concerned Participant/s, shall be so ascertained, and the accepting or rejecting such grievance/s (fully or partially) shall be duly notified to the claimant or the aggrieved person on so being ascertained. Where the grievance/s has been accepted as fully or partially valid, the Participant will undertake due measures to redress the grievance or make payment of the specified compensation to the claimant or the aggrieved person. Sahamati shall identify and notify from time to time the types of grievance/s which shall be attended to in this manner, and the appropriate amount, level or range compensation that shall be payable by the relevant Participant when a grievance/s has been ascertained to be fully or partially valid.

14.2 Customer grievances that are unresolved by the automated mode specified in 14.1, or if the Customer is not satisfied with the resolution provided through the automated mode specified in 14.1, or which arise before the automated mode becomes effective for specified types of grievances as envisaged in 14.1, shall be addressed in the following manner and sequence:

 

  1. by placing the grievance for redress by the Grievance Redressal Officer of the Participant, as applicable, and/or the Internal Ombudsman of the Participant (if any), whose determination will be binding on the Participant.

 

  1. If the Customer is not satisfied by the determination made by the Grievance Redressal Officer or the Internal Ombudsman of the Participant, as applicable, and subject to applicability of the respective Ombudsman Scheme specified by a Financial Sector Regulator governing the Participant, or appeal process, if any specified in Applicable Laws to deal with the matter, the grievance or appeal in relation to the determination shall be referred to an ODR Institution, empaneled by Sahamati from time to time, which shall facilitate online mediation or online conciliation.

The ODR Institution shall accordingly appoint a mediator or a conciliator, in accordance with its mediation or conciliation rules and the process shall be administered in accordance with such mediation or conciliation rules.

If such mediation or conciliation is unsuccessful in resolving the grievance as well as if the Customer is not satisfied with the determination made in terms of the Ombudsman Scheme or the appeal process as laid down, if applicable, then the grievance or appeal in relation to the determination shall be referred to an ODR Institution, empaneled by Sahamati from time to time, which shall appoint an independent sole arbitrator, in accordance with its arbitration rules to adjudicate the grievance.

The grievance shall be resolved by means of arbitration in terms of the applicable rules of the ODR Institution, and in accordance with the Arbitration and Conciliation Act, 1996. Such a process shall be conducted (including for recording of evidence or tendering of documents), concluded and administered online by the ODR Institution through its website/platform or its mobile application, and the determination made by such process shall be binding on such Customer and the Participant. The seat of arbitration proceedings shall be city and state where Sahamati is headquartered. The procedural law of arbitration shall be the rules of the ODR Institution.

Sahamati will also explore the possibility of creating APIs for ease of reference of grievances to ODR Institutions as envisaged in this section.

14.3  Any complaints, claims, disputes or grievances (together termed ‘dispute’) arising out of or in connection with these Terms between two or more Participants shall be referred to an ODR Institution, empaneled by Sahamati from time to time, which shall facilitate online mediation or online conciliation. The ODR Institution shall accordingly appoint a mediator or a conciliator, appointed in accordance with the applicable mediation or conciliation rules of the ODR Institution for such dispute. The process shall be administered in accordance with the applicable mediation or conciliation rules of the ODR Institution.

If such mediation or conciliation is unsuccessful in resolving the dispute, then the ODR

Institution shall appoint an independent sole arbitrator, in accordance with the applicable arbitration rules of the ODR Institution, to adjudicate the dispute.

The dispute shall be resolved by means of arbitration in terms of the applicable rules of the ODR Institution, and in accordance with the Arbitration and Conciliation Act, 1996. Such a process shall be conducted (including for recording of evidence or tendering of documents), concluded and administered online by the ODR Institution through its website/platform or its mobile application, and the determination made by such process shall be binding on such Participants. The seat of arbitration proceedings shall be city and state where Sahamati is headquartered. The procedural law of arbitration shall be the rules of the ODR Institution.

15. Confidentiality Obligation

All the Participants recognise that in the course of their participation in the Sahamati AA Ecosystem they will gain access to confidential information and agree to adhere to the same standard of care that it uses for its own confidential materials or for personal data as required by Applicable Laws.  The Participants agree that they will use such confidential information only in accordance with the terms of the contractual arrangements with the Customer and shall not use this confidential information for any purpose that has not been specifically permitted.

 

16. Privacy

All the Participants shall adhere to all applicable laws governing privacy, and hereby agree to utilize any Customer information which is received, provided or in the possession of the Participant only as approved or authorized by the Customer, these Terms or as per applicable laws, and not utilize the same in any other mode or manner. Sahamati will further evolve the privacy obligations of the Participants from time to time and publish the Privacy Policy required to be adhered to by the Participants.

 

17. Miscellaneous

17.1 Any delays or failure in performance by a Participants under these Terms shall not constitute a default hereunder if and to the extent caused by a Force Majeure Event.

17.2 All notices or other communications under these Terms shall be in writing and, unless otherwise specified, may be sent by email, speed post or courier or any other acceptable mode of electronic communication. Any such notice or other communication will be deemed to be effective: (i) if delivered in person, at the time of such delivery; (ii) if dispatched by speed post or courier, when recall of the letter is outside the control of the sender; (iii) if sent by email, when such email enters the sent items folders.

17.3  No delay by a Participant in enforcing any provision of these Terms shall be construed to be a waiver of any of the rights under such provision.

17.4  If any provision of these Terms is held to be invalid or unenforceable by a court or tribunal of competent jurisdiction or by the dispute resolution mechanism specified in these Terms, then the remaining Terms shall remain in full force and effect as if the invalid or unenforceable provision had never been part of these Terms.

17.5 Nothing in these Terms shall be deemed to be a transfer, license or assignment of any right, title, interest or claim in relation to intellectual property rights of any Participant, and any such transfer, license or assignment should be between or among the parties thereto in writing.

 

 Annexure 1: Declaration

This declaration is executed by [___][Name of Organisation] having its registered office at [___][registered office address] (hereinafter the Acceptor).

The Acceptor, having reviewed the Sahamati Account Aggregator Ecosystem Participation Terms (version 1.0), wishes to participate in the Sahamati Account Aggregator Ecosystem as a [choose any one of the following: AA, FIP, FIU]

The Acceptor hereby agrees the Sahamati Account Aggregator Ecosystem Participation Terms, as amended from time to time, shall be binding on it and commits to perform all the obligations required of it, in accordance with the terms thereof. The Acceptor acknowledges that its continued participation in the Sahamati Account Aggregator Ecosystem is conditional upon its continued compliance with the Sahamati Account Aggregator Ecosystem Participation Terms, as amended from time to time.

This declaration is made by the Acceptor on this the [___] day of [___], 20__.

Executed by

 

______________________________

Name

 

______________________________

Designation

Affix the digital signature, here.

Annexure 2: Onboarding Process for Participants into the Sahamati AA Ecosystem

Every participant, be it an FIP, FIU or an AA, can onboard itself into the Sahamati AA Ecosystem using the process described below:

 

  1. Become a member of the Sahamati AA ecosystem by agreeing to and accepting the Sahamati AA Ecosystem Participation Terms in the manner specified.

 

  1. Be ready with its technical implementation of the AA Technical Standards, as relevant to the role (FIP/FIU/AA) it wishes to play in the Sahamati AA ecosystem.

 

  1. Be ready with its technical implementation to integrate Sahamati Technical Services (such as the Central Registry APIs, Token Service APIs) as relevant to its role.

 

Details of Technology Service Providers (TSPs) who offer technical services for the above can be found on the Sahamati website. Sahamati, however, has no role to play in facilitating any commercial arrangements between participants and TSPs.

Details of Sahamati Technical Services can be obtained by writing in to [email protected].

  1. Test its technical implementations using UAT environments for access to Sahamati Technical Services and AA Sandboxes (relevant only for FIP / FIU participants).

Details for accessing the UAT environment of Sahamati Technical Services can be obtained by writing an email to [email protected].

Details of AA sandboxes can be found on the Sahamati website.

Sahamati, however, has no role to play in facilitating any commercial arrangements between participants (FIPs/FIUs) and AAs.

  1. Undergo the Certification process, as defined in the Sahamati Certification Framework.

 

Details of the Sahamati Certification Framework and entities empaneled by Sahamati as Certifiers can be found on the Sahamati website.

Sahamati, however, has no role to play in facilitating any commercial arrangements between participants and empaneled certifiers.

  1. Once certified, gain access to the production environment of Sahamati Technical Services and other participants in the Sahamati AA ecosystem.

Details for accessing the production environments can be obtained by writing an email to [email protected].

Privacy Policy

Data Protection And Privacy Policy

Arthmate Financing India Private Limited (CIN: U23209WB1994PTC063940)

Regd. Office: EM03, Unit 1528, 15th Floor, Bengal Eco Intelligent Park, Sector V, Salt Lake, Kolkata, West Bengal – 700091

At Arthmate Financing India Private Limited (hereinafter referred as “AFIPL” or “we”, “our”, “us” etc), we recognize the importance of securing the Personal Data (as defined below) that we collect about our investors / clients / customers / borrowers and website users (“you”, “your” etc.). This Data Protection and Privacy Policy (as amended from time to time) describes how we handle and deal in Personal Data that we may collect and retain (“Policy”). This Policy applies to all Personal Data collected and received for and on behalf of AFIPL including on www.arthmate.com website (“Site”), through AFIPL Social Media page/profile, mobile application of AFIPL, and all Personal Data collected and/or received by us from you directly or through third parties, as detailed below. Please note that Personal Data collected by AFIPL in the physical form and through the Site, AFIPL social media Page/Profile and mobile application of AFIPL or any other sources may be converted and stored in an electronic form at our sole discretion for the purposes as mentioned hereinunder. This Policy shall be read with and is subject to the Disclaimers notified on the Site, if any.

We use the Personal Data collected about you only as mentioned in this Policy. However please note that you are no longer covered by terms of this Policy, if you access other websites using links from our Site as these websites may have their own privacy policies and we do not accept any responsibility or liability for any such policies. Please check these policies, where available, before you submit any personal data to these websites. By entering this Site, accessing the AFIPL social media page/profile (Facebook, Twitter, YouTube, LinkedIn etc.) and any mobile application/s of AFIPL and/or by providing Personal Data to us and/or our affiliates and/or business partners and/or third parties when using our products and services, or sending inquiries, you are deemed to have expressly agreed to this Policy and you have given your consent for usage/processing the personal data in terms of this Policy.

Categories Of Personal Data

An indicative list of the categories of personal data or information collected by us or our service providers (“Personal Data”) is as under:

  • Your name, and contact information such as your residential address, business/ office address, email address, telephone number, mobile number or fax number
  • Information relating to your identity including your date and place of birth, nationality, Permanent Account Number (PAN), AADHAR details, and/or any other social security number/document(s) and country of domicile and/or your nationality etc.
  • Information relating to your work (if self-employed, the nature of the self-employment).
  • Financial information such as bank account details, (including information in relation to change in bank accounts), beneficiary account number, type of accounts held, bank statements, credit score and history;
  • Payment instrument details at the time of payment of EMIs or as proof for carrying out change of bank account;
  • Information about the transactions you conduct with us, such as loan applications, account activity, payment history, and transaction records etc.
  • Generation and storing password (PIN) in encrypted form based on the request from the customer/ client/ borrower on our platform / website.
  • Photographs and signature.
  • Device data including computer and mobile device, browsing actions and patterns and online activity for collective analysis
  • Behavioural details as to how you utilise our products, services, offers, etc.
  • Marital status, gender, occupation.
  • Social Relationships details such as your father’s name/spouse name, mother’s name, anniversary date; and/or
  • Marketing and Communications Data i.e., your preferences in receiving marketing from us and your communication preferences; and/ or
  • any information that relates to a natural person, which, either directly or indirectly, in combination with other information available or likely to be available with a body corporate, is capable of identifying such person.

Collection Of Personal Data

  • You may provide Personal Data as part of the loan application form (online or otherwise) for any of our products or services (whether in physically or electronically), which may be provided directly by AFIPL or through any outsourcing partner of AFIPL.
  • When you use our services or products and/or during the course of transactions.
  • Through your communications and interactions with us through emails, IVR, recordings at our call centres.
  • Through online interactions/ transactions (online calculators, our social media page/profile, chat bot, online campaigns, transaction link and other new channels as and when they are introduced) etc.
  • When you make enquiries or engage with us or with any other person where we are involved for any other person in the transaction concerning you.
  • When you use our Site and online services provided by us (including mobile applications) and visit our branches, offices; information publicly available about you including on your social media accounts and where it is appropriate for us to use it.
  • We may also obtain Personal Data about you from third parties including through our affiliates, business partners, distributors, service providers and/or agents.
  • The information being collected is the basis of our ability to provide you with good, qualitative, timely and efficient service, while also keeping the information and data provided totally secure and confidential.
  • In order to fulfil the regulatory KYC requirements, we may request that you upload a selfie which will be securely stored on our servers. Additionally, it may be shared with our partners solely for the purpose of providing the services you have requested.

Security Standards And Measures

We adopt reasonable security practices and procedures and will protect your Personal Data by reasonable security safeguards appropriate to the sensitivity of the Personal Data, consistent with generally accepted standards of commercial business practice, which includes, technical, operational, managerial and physical security controls in order to protect your Personal Data from unauthorized access, or disclosure while it is under our control.

The Site is scanned on a regular basis for any known vulnerabilities in order to make your use as safe as possible. Your Personal Data is contained behind secured networks and is only accessible by a limited number of persons who have special access rights to such systems or otherwise require the Personal Data for the purposes enlisted in this Policy. These persons are also under an obligation to keep such Personal Data confidential.

You agree and understand that when we use trusted third parties to act on our behalf for performing certain functions such as KYC checks, background verification, processing transactions, issuing account statements, payment gateway services, customer services, collections etc., contractual or other means are used to ensure reasonable security safeguards appropriate to the sensitivity of the Personal Data, consistent with generally accepted standards of commercial business practice and applicable laws. Any and all liabilities arising out of any breach shall be of such third party.

Any account statement containing financial information pertaining to the customer/client/borrower if it is to be sent over the internet to such customer/client/borrower, distributors, partners or any other entity as indicated above will be sent through secured means of communication as indicated and consented by you.

Breach Of Internet Security

Despite our best efforts, if unauthorized persons breach our security control measures resulting in the Site being hacked or presenting inaccurate information etc., AFIPL, their directors, officers, employees or affiliate’s will not be responsible.

Legal Basis And Purposes Of The Processing Of Your Personal Data

The legal basis for obtaining, processing Personal Data about you will be for one or more of the following purposes:

  • To respond to your requests for our products and services or any other inquiries.
  • To verify your identity for us to provide services to you.
  • To carry credit checks, screenings or due diligence checks as lawfully required by us;
  • To grant credit facility and to ensure due repayment of the same.
  • Processing of information which is necessary for the performance of a contract to which you are a party or in order to take steps at your request prior to entering into a contract, including but not limited to grant of credit facility and to ensure due repayment of the same.
  • Processing is necessary because of a legal obligation that applies to us such as, but not limited to, Know Your Customer (KYC) and Anti-Money Laundering (AML) obligations, or to respond to legal processes or requests for information issued by government authorities.
  • Processing is necessary for the purposes of the legitimate interests pursued by us or by a third party.
  • processing may be required to meet our legitimate interests, for example, to understand how customers use our services and to develop new services, as well as improve the service we currently provide and to personalise your experience (your information helps us to better respond to your individual needs).
  • Maintaining and managing your account with us.
  • To share with you, updates on changes to the services and their terms and conditions.
  • To take up or investigate any complaints/claims/disputes.
  • To prevent fraud, unauthorized transactions, and other illegal activities, and to protect the security of our systems and services.
  • Where we have your consent to do so.
  • Processing is necessary to protect your vital interests.

Whom Do We Share Your Personal Data With

For the purposes identified in this Policy, you agree and understand that your Personal Data shall be collected, processed, stored and used by us, and passed to, transmitted to and processed by third parties or external authorities as maybe, if found relevant and necessary in order to comply with the applicable laws and/or to ensure smooth functioning of the activities as may be prescribed under applicable law, such as:

  • Our subsidiaries and/or affiliates and group entities.
  • Our business partners.
  • Other data processors, agents or service providers acting under a contract with us.
  • Attorneys, accountants, auditors and persons or entities that assess our compliance with industry standards.
  • Registrar and transfer agent/s, call centres.
  • Banks, custodians, depositories and/or authorized external third parties who are involved in transaction processing, despatches, etc.
  • With third parties such as post office, local and international couriers and other intermediaries for correspondence.
  • Statutory and regulatory bodies and authorities (including central and local government) including but not limited to the Reserve Bank of India and law enforcement authorities and entities or persons, to whom or before whom it is mandatory to disclose the Personal Data as per the applicable law, courts, judicial and quasi-judicial authorities and tribunals, arbitrators and arbitration tribunals.

We enter into contractual agreements with non-affiliate third parties that prohibit such third parties from disclosing or using the information other than to carry out the purposes for which we disclose the information. Personal Data shall be communicated to third persons only for reasons consistent with the purposes for which the data were originally collected or other purposes authorized by law.

We permit only authorized employees to have access to Personal Data. We ensure to enter into suitable terms with third party service providers in order to provide client confidentiality and follow a non- disclosure and restricted disclosure policy.

By using our website or by agreeing to transact with us, you agree to the above sharing of information during your relationship with us.

If you have supplied your email address, contact number or postal address, we or our service providers may send you periodic messages with information on existing and new products and services or upcoming events. You can choose to stop receiving such periodic messages/emails at any time by unsubscribing to the communication.

By availing any service, using the Site and / or providing AFIPL with your information, you consent to the storing of information by AFIPL and the third parties as mentioned herein in a manner as they deem fit and you also consent to collection, transfer, storage and processing of your information outside of India, by AFIPL or any third party and you understand that AFIPL will not be able to ensure the same level of data protection that is adhered to by AFIPL by such third party. You understand that our use and sharing of your Personal Data in the manner described in this Policy may involve the transfer of your Personal Data to third parties that are in countries outside your country of residence, which may not have the same privacy legislation as your country of residence.

Information Incidental To Website, Email And Electronic Communications

IP addresses, browser-supplied information and site session information (for example, the sequence of pages visited during a visit to the Site, the average time spent, information searched for, access times) may be recorded as part of the normal operation of the service for purposes of usage analysis and security monitoring. The amount of information recorded depends on the settings you have on your web browser; please refer to your browser if you want to learn about what information it sends.

Tracking cookies (both session and persistent) may be used to implement certain features. This will cause your browser to save certain information about your activities. Most browsers can disable tracking cookies at the user's option, but this may limit your use of certain services. Cookies, ensures that you do not need to re-enter your details every time you visit it. You can erase or choose to block this information from your computer if you want to.

All such incidental information will be used only to assist us in providing an effective service on this Site. We may from time to time supply this information to the owners or operators of third party websites from which it is possible to link to our Site with information relating to the number of users linking to our Site from such third party websites. You will not be identified from this information.

Retention Of Personal Data

We may retain your Personal Data or information for as long as required to provide you with services or otherwise if required under any law or establishment, exercise or defence of legal claims. We may retain your Personal Data or Information as prescribed under applicable legal requirements and presuming that it is necessary for the purpose of storing and processing. However, if you have availed any services/products/facilities from us, we shall have the right to continue processing your information till such services/ products/ facilities are in existence.

Withdrawal Of Consent

You may withdraw your consent at any time with effect for the future in writing. The withdrawal of consent will not affect the lawfulness of processing based on consent before its withdrawal. Upon receipt of such request, we may not be able to offer you any further services; however, your Personal Data/ Information will be retained by us as per the extant laws.

Right To Access

Notwithstanding anything contained herein, you shall have the right to access your Personal Information shared or as collected by the AFIPL, by submitting a request, in writing. Upon receipt of such request, AFIPL may, on a best-efforts basis, provide a summary of the Personal Information.

Accuracy Of Data

ou must ensure that any information or data being provided to us or by you or any person acting on our behalf should be rechecked. In case any of the data/information is found to be inaccurate or incorrect, you shall be required to intimate us of the same for immediate amendment. AFIPL and any person acting on its behalf shall not be responsible for the authenticity of the Personal Information or sensitive personal data or information supplied by you.

No Contractual Obligation

Please note that this Policy does not create any contractual or other legal rights in or on behalf of any party, nor is it intended to do so.

Governing Law And Jurisdiction

The terms of this privacy policy are governed by and shall be interpreted in accordance with the laws of India, without regard to the choice or conflicts of law provisions of any jurisdiction. In the event of any dispute arising between AFIPL on one hand and the User and/or any third party on the other hand, in relation to the terms of this policy, whether in contract or tort or otherwise, such User and/or third party hereby agree to submit to the jurisdiction of the courts located at Delhi, India for the resolution of all such disputes.

Grievance Redressal

Any grievances relating to your Personal Data may be addressed to our Grievance Redressal Officer at the email address given below:

Grievance Redressal Officer

Name: Deepika Rawat

Contact Details:

Tel: +91 – 7835009643

Email: [email protected]

Board Members

Board of Directors - Arthmate

Ranjan Kant

Executive Director

Baljeet Kaur

CFO

Pradeep Kumar Misra

Independent Director

Rajiv Uberoi

Independent Director

Board of Directors - Arthmate Financing India Private Limited (Formerly Mamta Projects Pvt Ltd) (Arthmate’s NBFC)

Rajeev Rishi

Independent Director

Dr Sutanu Behuria

Independent Director

Baljeet Kaur

CFO

Sachin Khandelwal

Non-Executive Director

Interest Rate Policy

1.Introduction & Scope

To ensure healthy and sustainable growth of the Company as well as highest standard of Customer satisfaction & confidence in our Financial Services, we are setting Principles, Procedures and System for determining the Rate of Interest / Business Schemes, processing fee and other charges.

In addition to our internal policy, this is also in compliance with 'Master Direction - Non-Banking Financial Company - Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016 issued by RBI vide Circular No. DNBR. PD. 008/03.10.119/2016-17 dated September 01, 2016' (as amended from time to time) read with RBI Circular No. DNBS.PD/CC. No 95/03.05.002/2006-2007 dated May 24, 2007 & Notification No. DNBS.204/CGM (ASR) - 2009 dated January 2, 2009 (hereinafter "RBI Directions"), in respect of Appropriate Internal Principles and Procedure in determining the Rate of Interest and fixing of Processing and other Charges and appropriate systems for implementation thereof (hereinafter "Policy").

To ensure healthy and sustainable growth of the Company as well as highest standard of Customer satisfaction & confidence in our Financial Services, we are setting Principles, Procedures and System for determining the Rate of Interest / Business Schemes, processing fee and other charges.

In addition to our internal policy, this is also in compliance with 'Master Direction - Non-Banking Financial Company - Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016 issued by RBI vide Circular No. DNBR. PD. 008/03.10.119/2016-17 dated September 01, 2016' (as amended from time to time) read with RBI Circular No. DNBS.PD/CC. No 95/03.05.002/2006-2007 dated May 24, 2007 & Notification No. DNBS.204/CGM (ASR) - 2009 dated January 2, 2009 (hereinafter "RBI Directions"), in respect of Appropriate Internal Principles and Procedure in determining the Rate of Interest and fixing of Processing and other Charges and appropriate systems for implementation thereof (hereinafter "Policy").

2. Application

This policy applies to ALCO ( Asset-Liabilities committee), Wholesale Risk/Retail Risk teams, Sales and Product Teams. They are required to acknowledge having read the policy document and sign a letter of spirit of adherence to the policy in the normal course of business. 

3. Principles for determining interest rates

Arthmate Financing India Private Limited (Formerly Mamta Projects Pvt Ltd), follows a discrete interest rate model / policy whereby the rate of interest for same product and tenor availed during same period by customers would not be a standardized one but could be different for different customers depending upon consideration of any or combination of, but not only restricted to the factors which are listed below- 

The interest rates would be offered on fixed, floating - (variable) basis. The floating rates would be decided on periodic intervals at monthly / bi monthly / quarterly intervals depending upon various market factors and also on an ad-hoc basis, in case of some specific events leading to a change in the cost of borrowing or profitability of the company. Any revision in the Company’s interest rates applicable to business would be reviewed and approved by the ALCO Committee.

While determining Business Schemes, Rate of Interest (ROI), Processing Fees (PF), Documents Charges and other Charges, following factors will be considered:

  1. Weighted Average Cost of Funds/Borrowings – incremental and overall; Fixed &   Variable Costs; Reasonable Margin to cover regulatory requirements of provisioning, Capital charge & Profit margin to sustain in the business; Risk Premium; Prevailing Competitive Economic and Financial Scenario; Conformity to Asset Liability Guidelines of the Company.

  2.  Profile of the customers, qualification, Subventions, Schemes, Promotion Campaign, Subsidies available, permitted deviations, Ancillary business opportunities and the future potential business anticipated by the Management.

  3. Group strength and value to lender group, overall customer yield, nature and value of primary and collateral security, past repayment track record of the customers; Risk strategy of each business and product vertical, prevalent market trends on interest rates and charges; 

  4. Various risk factors associated with each customer segment; overall micro and macroeconomics pertinent from time to time; forward looking forecast basis past trends; the overall behaviour of the portfolio, its bucket movements and collections efficiencies; losses arising out of recoveries and repossession cum sale of assets; customer segment and individual customer level profitability, 

  5. Fixed and Floating rates both to be considered and reviewed /reset every month/bi-monthly/quarter considering the strategy, company performance, market dynamics and Risks (market, operational, customer risks). 

  6. The benchmark for floating interest rates would be the FRR (Floating Rate Reference), which would be SBI MCLR rate and is proposed at SBI MCLR + 900 basis points, which is to be reviewed from time to time. Fixed rate of interest for some products would be decided based on the customer segment, product tenure, and product specific risks, besides being in line with market rates being offered to similar customer segment on these product categories. 

4. Internal Procedure/Appropriate System for Determining the ROI

To decide ROI and Schemes, periodically ALCO will review various factors (as mentioned above) and will decide Company's benchmark lending rates. 

5. Principles of Transparency, Fairness, Incentive to Service the Debt on Time

  1. Interest rates would be intimated to the customers in English and in vernacular or in the language understood by the customer at the time of sanction/ availing of the loan.

  2. Interest rate would also be mentioned  in the Statement of Account sent to the Customer from time to time . 

  3. The interest reset period in case of variable loans would be decided by Arthmate Financing India Private Limited (Formerly Mamta Projects Pvt Ltd), from time to time. At the time of interest reset, wherever applicable (for instance in Floating Home loan rates), the customer would be offered either a change in tenor or a change in the EMI amount, as decided by the ALCO or prevalent regulatory guidelines. 

  4. The interest could be charged on either daily, or monthly or longer rests based on the product, market dynamics, competitive practices and risk strategy of the company. 

  5. The interest shall be deemed payable immediately on the due date as communicated and no grace period for payment of interest is allowed unless communicated to the customer explicitly in the sanction letter, specific to some products, with a defined period of any principal and/or interest moratorium. 

  6. Interest changes would be prospective in effect and intimation of change of interest or other charges would be communicated to customers in a mode and manner deemed fit by Arthmate Financing India Private Limited (Formerly Mamta Projects Pvt Ltd), as also in line with any regulatory conditions and in case of the Floating interest rate, change of interest will be communicated one month in advance in a mode and manner deemed fit by Arthmate Financing India Private Limited (Formerly Mamta Projects Pvt Ltd), as also in line with any regulatory conditions, and the revised rates will be applicable from subsequent month.

  7. Uniformity in the Schemes will be maintained for the rate of interest & charges for all the Customers covered under particular scheme, profile and category. However, they may vary based on Risk Gradation, Portfolio Performance etc.

  8. In case of staggered disbursements, the rates of interest would be subjected to review and the same may vary according to the prevailing rate at the time of disbursements or as may be decided by Arthmate Financing India Private Limited (Formerly Mamta Projects Pvt Ltd).

6. Default in Payment of Instalments / Other Dues

Customers shall be liable to pay all applicable charges including but not limited to Cheque Bouncing Charges (CBC), Late Payment Penalty (LPP), Recovery / Legal Charges etc., in case of default in payment of Instalments / other dues. Company shall disclose these charges to its Applicants / Borrowers via various types of documents like Application Form, Sanction Letter, and Loan Agreement, which would also be displayed on the company’s website in the Schedule of charges.

If any change is introduced in the above charges based on economic or financial scenario etc., Company shall notify the Customer in the language as understood by the Customer about such changes as also the effective date from when the revised rates are being made applicable.

7. Schemes as per Credit worthiness of the Customer

On the basis of credit worthiness of the Customer, Quantum of Loan, Interest, Charges and Schemes prevalent shall be disclosed to the Customer with a view to help them in choosing the Scheme as per their interest. The company endeavours to have a risk-based pricing which could lead to different rates for different customers for the same product offering.

8.Processing / Documentation and Other Charge

All processing / documentation and other charges recovered are expressly stated in the Sanction Letter and Loan Agreement. They vary based on the asset financed, the exposure limit, tenor, expenses incurred in the geographical location, customer segment and generally represent the cost incurred in rendering services to the customers. 

Besides interest and Processing / Documentation fees, other financial charges like origination fees, cheque bouncing charges, late payment charges, re-scheduling charges, pre-payment / foreclosure charges, part disbursement charges, cheque/NACH swap charges, security swap charges, charges for issue of statement account etc., would be levied by the company wherever considered necessary. Besides these charges, stamp duty, Goods and Service Tax and other cess would be collected at applicable rates from time to time as communicated in the documentation provided. Any revision in these charges would have a prospective effect and will be communicated with the borrower, in line with the RBI guidelines.  While deciding the charges, the practices followed by the competitors in the market would also be taken into consideration in addition to the factors listed in Clause 3 above.

9. WAIVERS/REFUNDS

No claims for refund or waiver of such charges/ penal interest / additional interest would normally be entertained by Arthmate Financing India Private Limited (Formerly Mamta Projects Pvt Ltd), and it is the sole discretion of Arthmate Financing India Private Limited (Formerly Mamta Projects Pvt Ltd) to deal with such requests, if any, which would be decided by authorised officials/committees on a case to case basis. 

10. EXCEPTION APPROVAL & REVIEW

The Board of Directors of Arthmate Financing India Private Limited (Formerly Mamta Projects Pvt Ltd) would review the policy based on business requirements. Any deviations to the policy would be approved as per Board approved Delegation of Authority. Claims for refund or waiver of charges / penal interest / additional interest would normally not be entertained by the company and it is at the sole discretion of the company to deal with such requests.

11. DISPLAY

In conformity to the Fair Practice Code, this policy shall be displayed at the Company’s website for the information of the Customers of the Company. 

Grievance Redressal Policy

4464899f-2b53-4e49-bc6e-28e171794187

Arthmate Financing India Private Limited

(formerly known as Mamta Projects Private Limited)

(CIN : U23209WB1994PTC063940)
Regd. Office : EM03, Unit 1528, 15th Floor, Bengal Eco Intelligent Park, Sector V,
Saltlake, Kolkata West Bengal – 700091
Email: [email protected] [email protected]
Mob.: 07835009643 Website: www.arthmate.com


Policy on Grievance Redressal Mechanism



Arthmate Financing India Private Limited

(Formerly known as Mamta Projects Private Limited)
(CIN: U23209WB1994PTC063940)

Regd. Office: EM03, Unit 1528, 15th Floor, Bengal Eco Intelligent Park, Sector V, Saltlake, Kolkata

West Bengal – 700091

Email: [email protected]


Document Control


Document Name Policy on Grievance Redressal Mechanism
Version No. 4.0
Document Status Released
Compliance Status Mandatory


Change Control, Review and Approval


S. No: Date Change Description Approved by
1 14-05-2019 Version 1 Board
2 05-07-2022 Version 2 Board
3 03-05-2023 Version 3 Board
4 28-03-2024 Version 4 Board


Table of Contents

1 Introduction 4
2 Objective of the policy 4
3 Key Commitments 4
4 Grievance Redressal Mechanism 5
4.1 Escalation Matrix 5
5 Responsibilities of the Grievance Redressal Officer/Principal Nodal Officer 6
6 Internal machinery to handle Customer complaints 7
6.1 Resolution of grievances 7
6.2 Time Frame 7
7 Monitoring 7
8 Annexure 8
8.1 Working days 8
8.2 List of holidays 8
8.3 Details of website 8
8.4 Key officials and their address and email ID’s 8
8.5 Contact Numbers 8

1.    Introduction

Arthmate Financing India Pvt. Ltd. (hereinafter referred to as “Company”) endeavors to be a customer centric organization. In keeping with this value, we have devised a mechanism that aims at minimizing the instances of customer complaints and grievances, whilst ensuring prompt redressal. In order to make the Company's redressal mechanism more meaningful and effective, a structured system has been put in place.


2.    Objective of the policy

The Policy on Grievance Redressal Mechanism (hereinafter referred to as “Policy”) is being formed with an aim to provide quick amends to customer issues. In case of a complaint, we have a detailed review mechanism to identify the company’s shortcomings and overcome them quickly, reducing as far as possible inconvenience to our customers. This Policy also covers issues relating to services provided by the outsourced agency, engaged by the Company for providing some of the services.


3.    Key Commitments

Arthmate Financing India Pvt. Ltd., through its management, intends to uphold the following commitments:

  • 3.1.    To act fairly and reasonably in all dealings with its customers by ensuring that:
    • 3.1.i.    It’s products and services will meet all relevant laws and regulations as applicable, for the time being in force
    • 3.1.ii.    Its dealings with its customers will be based on principals of transparency and fairness
  • 3.2.    The Company will assist its customers in understanding its products and services by
    • 3.2.i.    Providing information in Hindi, English, or few other local languages.
    • 3.2.ii.    Explaining their financial implications and helping the customer choose the one that best meets his / her needs.
  • 3.3.    The Company will make every attempt to ensure that its customers have a trouble free experience in dealing with us. However, in case of any instances of disagreement with the service provided by the Company to its customers, the same will be dealt with utmost care and in a reasonable time frame.
  • 3.4.    In case the customer is not satisfied with the way their complaint is handled, to provide detailed procedure of grievance redressal.

4.    Redressal Mechanism

Complaint”- A complaint means an expression of dissatisfaction made to the Company by any borrower or someone legally representing their interests, about our products, services or our complaint-handling process, where a response or resolution is explicitly or implicitly expected.

4.1    Escalation Matrix

  • The company has a structured grievance redressal mechanism in practice where all complaints/grievances will be attended as per a defined time schedule. Customers may follow the below mentioned matrix in order to escalate their concerns. This facility has been provided to the customers to register complaints for speedy redressal.
  • Level 1 Escalation: Customers are requested to follow either of the below mentioned steps for any complaints / grievances:
    Email us at [email protected]
    [email protected]
    Call us at* 07835009643
    Write / Meet us at* Customer Service Cell,
    Arthmate Financing India Pvt. Ltd.,
    The Circle Work, 3rd Floor,
    Huda City Center, Sector – 29,
    Gurugram, Haryana – 122002
  • *Monday to Friday during 10:00 AM to 6:00 PM
  • Level 2 Escalation: If the complaint/grievance addressed to the Customer Service is not taken up or resolved within 15 days or customer is not satisfied with response received from the Customer Service, may approach the Grievance Redressal Officer / Principal Nodal Officer.:
  • Grievance Redressal Officer Principle Nodal Officer
    Ms. Deepika Rawat
    Arthmate Financing India Private Limited
    The Circle Work, 3rd Floor,
    Huda City Center, Sector – 29,
    Gurugram, Haryana – 122002
    Email: [email protected]
    Mr. Yogesh Rohilla
    Arthmate Financing India Private Limited
    The Circle Work, 3rd Floor,
    Huda City Center, Sector – 29,
    Gurugram, Haryana – 122002
    Email: [email protected]
  • Level 3 Escalation: If the complaint/grievance/dispute is not redressed within a period of one month after the date of representation or complaint to the Company, the borrower / customer may approach to the Ombudsman of RBI (not later than one year after the reply received from the Company).

    Details of RBI Ombudsman available on:
    https://rbi.org.in/Scripts/AboutUsDisplay.aspx?pg=BankingOmbudsmen.htm

5.    Responsibilities of the Grievance Redressal Officer / Principal Nodal Officer

  • 5.1.    After receiving customers’ complaint through e-mail or written letters, or calls at the designated Customer Service number the GRO (Grievance Redressal Officer) / PNO (Principal Nodal Officer) will examine the matter and respond to all complaints within 30 days from the date of receipt of such complaint.
  • 5.2.    Ensure adherence to the process laid down in this Policy and process laid down in this document, monitor its implementation and initiate corrective action wherever needed.
  • 5.3.    Decide upon matters requiring immediate attention and follow up for timely redressal of grievances wherever delay is observed.
  • 5.4.    Take appropriate action to avoid any such delays in future, through a monthly report submission to the management and a quarterly submission to the Board of the company.

6.    Internal machinery to handle Customer complaints

6.1 Resolution of grievances

  • 6.1.a.    The Customer Service Cell is responsible for the resolution of concerns/grievances at the earliest. They would be responsible for sending an acknowledgment to the customers with Service Request Number and tentative timelines for resolution, with timely updates to the customer on the progress of the complaint.
  • 6.1.b.    It is their foremost duty to see that the concern should be resolved completely to the customer's satisfaction and if the customer is not satisfied, then he should be provided with alternate avenues to escalate the issue.
  • 6.1.c.    If the customer service manager feels that it is not possible at his level to solve the problem, he may refer the case to Customer Service Head / GRO / PNO for the resolution.
  • 6.1.d.    Upon resolution, a reply will be sent to the customer through telephone, email or post

6.2 Time Frame

  • 6.2.a.    If a complaint is received from a customer through any of the above channels, Company shall send an acknowledgement within two days
  • 6.2.b.    After examining the matter, the company will send final response or explain the reason for taking more time to respond with expected time lines for resolution, and shall endeavor to do so within 5 working days of receipt of complaint.

7.    Monitoring

  • 7.1    The customer complaints received along with resolution TAT and ageing analysis. shall be placed before the Customer Service Committee.
  • 7.2    Complaints received through the Reserve Bank of India along with resolution TAT shall be placed before the Customer Service Committee.
  • 7.3    Grievance Redressal Officer/Principal Nodal Officer shall place the Grievance Redressal report before the Customer Service Committee.
  • 7.4    Summary Analysis of Customer Complaints received directly and through Reserve Bank of India and the Grievance Redressal Report, shall be placed before the Board of Directors on quarterly basis for its review.

Corporate Social Responsibility

Document Control

Document Name Corporate Social Responsibility (CSR) Policy & Committee Charter
Version No. 4.0
Document Status Released
Compliance Status Mandatory

Change of Control / Review and Approval

Sr. No. Date Version Approved by
1 23-11-2020 Version 1.0 Board
2 05-07-2022 Version 2.0 Board
3 03-05-2023 Version 3.0 Board
4 07-06-2024 Version 4.0 Board

1. Introduction

1.1 As per the provisions of the Companies Act, 2013 (“Act”) more specifically Section 135 of the Act and rules made thereunder, every Company having net worth of Rupees Five Hundred Crore or more, or turnover of Rupees One Thousand Crore or more or a net profit of Rupees Five Crore or more during the immediately preceding financial year shall constitute a Corporate Social Responsibility (CSR) Committee of the Board consisting of two or more directors (“CSR Committee”). The Board of Directors of Arthmate Financing India Private Limited (“Company” or “AFIPL”) has constituted and adopted , a Corporate Social Responsibility Policy & Committee Charter (“CSR Policy” or “Policy”) and also constituted the CSR Committee of the Company.

1.2 The Board's report under sub-section (3) of section 134 shall include the composition of the Corporate Social Responsibility Committee.

1.3 The CSR Committee shall, —

i) Recommend the amount of expenditure to be incurred on the activities specified in Schedule VII of the Act; and

ii) Monitor the Corporate Social Responsibility Policy of the company from time to time.

2. Policy Objectives

This Policy reflecting the philosophy and mission of the Company and its affiliates demonstrate our commitment to be a responsible corporate citizen. It outlines our strategies and methods for undertaking social programs for well-being and sustainable development of the local community in which it operates. This policy applies to all CSR initiatives and activities taken up by Arthmate Financing India Pvt. Ltd. (hereafter referred to as the “Company” or “AFIPL”), for the benefit of various segments of the society, with the emphasis on the under privileged sections of the society.

2.1. The objectives of CSR Policy of the Company are to:

i) build a framework of CSR activities with a philanthropic approach in line with business objectives.

ii) shape sustainability for the organization by 'Engaging the Community'.

iii) build a reliable reputation and name for effectively carrying out the CSR activities; and

iv) for other stakeholders, make it "an integral part of the Company's DNA, so much so that it has to be an organic part of the business".

2.2. Implementation of CSR Activities / Projects

Each CSR activity/project of the Company to be undertaken/executed either directly by the Company or channelized through implementing agencies, to be approved by the Board.

Planning and implementing various CSR activities shall be in line with the established objectives of the Company and its CSR Policy.

3. CSR Activities Framework

a. Enhancing environmental and natural capital.

b. Supporting rural development.

c. Promoting education.

d. Providing preventive healthcare.

e. Creating livelihoods for people, especially those from disadvantaged sections of society

f. Women Empowerment and upliftment of the under-privileged children.

g. Any such other matter as mentioned in Schedule VII of the Companies Act, 2013 read with rules made thereunder and as amended from time to time.

h. Preference will be given to local areas wherein AFIPL is carrying out its business activities for spending the amount earmarked for CSR.

i. Any other activities as specified in Schedule VII of the Act.

Aligning with its vision, AFIPL will continue to increase value creation in the community in which it operates, through its services and CSR initiatives planning and implementation, so as to stimulate wellbeing for the community, in fulfilment of its role as a responsible, corporate citizen.

The framework of CSR activities will guarantee full compliance with the CSR requirements mandated by the new Companies Act, 2013 and the Companies (Corporate Social Responsibility Policy) Rules, 2014.

The planning and execution of various CSR activities and projects shall involve, to the extent possible, the participation of staff members and other stakeholders of the Company including its group companies.

AFIPL will apply its CSR activities in a way that also contributes to India’s progress towards achieving the millennium development goals by skills improvement, entrepreneurship development, employment generation, health care improvement and application of environmental by sustainable growth.

The below activities don’t include under the CSR activities of the Company

a. Business runs in the normal course.

b. Outside the territory of the India or abroad.

c. For the welfare of the employees and their families.

d. Political party contribution of any amount directly and indirectly as defined u/s 182 of the Act.

4. Implementation

The above-described CSR activities will be implemented by AFIPL either directly or through other implementing agencies and in collaboration with other non-profit organisations.

The duration of any project or program will be related to the nature of that project or program and their impact on the society.

The programs will be implemented either directly or in collaboration with specialised organisations or with its other group companies.

4.1 Powers for Approval

CSR programmes for each financial year as may be identified by the Company will be considered, and recommend to the Board for approval. After Board’s approval, the CSR programme shall be implemented. Any change in such programme shall be approved by the Board.

5. Governance

A meaningful engagement of the Board of Directors and Management in CSR will be ensured so that AFIPL’s Leadership recognizes the Company’s social concerns and the strategic value of its CSR initiatives.

Board & CSR Engagement:

Responsibilities of Board of Directors (BOD) include:

i) To approve the CSR policy for the Company.

ii) To ensure that only the activities that are in line with the CSR Policy of AFIPL and are related to the activities included in Schedule VII of the Companies Act are undertaken.

iii) To approve the CSR Budget in line with regulations.

iv) To ensure that funds committed by the Company for CSR activities are utilized effectively and monitored regularly.

v) To ensure that the reasons for any under spending and / or not spending of the allocated CSR budget are explained in the Directors Report.

vi) Disclosing the content of the Policy in its report and placing the Policy on the Company’s website in the manner prescribed under section 135 of the Act read with CSR Rules.

6. CSR Committee

A. Composition of CSR Committee

i. Chairman

The Chairman of the Committee shall be elected at the meeting and shall preside over all meetings.

ii. Members

The Committee shall comprise of the following Members, namely:

1. Managing Director

2. Director

iii. Secretary and Observer(s) / Invitee(s)

Company Secretary shall act as the Secretary of the Committee.

Other persons may be invited as observers / invitees to attend and participate at the meetings of the Committee, but they shall not have the right to vote.

B. Procedure of Convocation of Meetings

i. Calling of Meeting

Meeting can be called by any Committee Member or any other person in accordance to the provisions of the Act. The Committee shall meet as often as necessary.

ii. Quorum of the meeting

The quorum shall be 2 (two) directors.

iii. Adoption of a resolution

A matter or proposal shall be adopted by the Committee if proposal is approved by majority members including members present in the meeting, if any and members who are not present but sent their decision on acceptance or non-acceptance of the proposal. The matter or proposal may also be adopted by circulation if the proposal is approved by majority members.

7. CSR Team

CSR Team of AFIPL will consist of a minimum of three members and maximum of seven members. Three departments namely: Human Resources, Compliance and Accounting will have permanent representation in the team. CSR Team members (except permanent members) will function for two continuous fiscal years.

The Human Resource department will initiate new appointment process basis requirement so that the term of new team will start at the beginning of the new fiscal year. The existing members can be re-nominated for selection. The nomination of the new team will be recommended by the existing team.

The CSR team will be responsible:

i) To execute and monitor the CSR activities approved by the Company’s Board of Directors.

ii) To ensure systematic development of a set of processes, procedures and guidelines for CSR activities.

iii) To submit an annual comprehensive report of all the activities and projects to the Board.

iv) To submit a quarterly progress report of the CSR activities and projects to the Board.

v) To monitor the budget and spends.

vi) To seek guidance from the Board whenever needed.

8. Monitoring and Feedback

The CSR Team will be responsible for monitoring approved projects/programmes. The monitoring system will include:

i) Regular field visits to project/programme sites by designated teams.

ii) Comprehensive documentation/compilation of field reports.

iii) Regular interaction with beneficiary communities to obtain feedback.

iv) Monitoring of timely fund utilization to ensure that projects/programmes as budgeted are actually being carried out and/or; and

v) Any other activity that the Board may deem necessary in the larger initiatives.

AFIPL will conduct impact studies on a regular basis, especially on the “flagship programs”.

AFIPL will communicate with the beneficiaries in order to obtain feedback about the programs.

The CSR programs and their impact will also be reported in the Annual Report of AFIPL.

9. Amendments to the Policy

In case of any subsequent changes in the provisions of the Companies Act, 2013 or any other laws and regulations which makes any of the provisions in the Policy inconsistent with such laws or regulations, then the provisions of the such enacted laws or regulations would prevail over this Policy and the provisions of this Policy would be modified in due course to make it consistent with the prevalent law.

This Policy shall be reviewed amended or modified by the Board of Directors.

10. General

Any term or aspect not specifically defined or set out in this Policy shall be construed to mean what is laid down in respect thereof under the Company Act or the CSR Rules, as the case may be.

Fair Practices Code Policy

FAIR PRACTICE CODE POLICY_5.0

Arthmate Financing India Private Limited

(formerly known as Mamta Projects Private Limited)

(CIN : U23209WB1994PTC063940)
Regd. Office : EM03, Unit 1528, 15th Floor, Bengal Eco Intelligent Park, Sector V,
Saltlake, Kolkata West Bengal – 700091
Email: [email protected] / [email protected]
Mob.: 07835009643 Website: www.arthmate.com


Fair Practices Code
Arthmate Financing India Private Limited

(Formerly known as Mamta Projects Private Limited)
(CIN: U23209WB1994PTC063940)
Regd. Office: EM03, Unit 1528, 15th Floor, Bengal Eco Intelligent Park, Sector V, Saltlake, Kolkata West Bengal – 700091
Email: [email protected]

Document Control

Document Name Fair Practices Code
Version No. 5.0
Document Status Released
Compliance Status Mandatory


Change Control, Review and Approval

S. No Change Description Change Date Approved by
1 Version 1 14-05-2019 Board
2 Version 2 23-11-2020 Board
3 Version 3 07-01-2022 Board
4 Version 4 03-05-2023 Board
5 Version 5 28-03-2024 Board

1.    Introduction

Arthmate Financing India Pvt. Ltd. (formerly known as Mamta Projects Private Limited) herein referred to as “AFIPL” or “the “Company”, a Non-Banking Finance Company (“NBFC”) registered with Reserve Bank of India (“RBI”) is presently in the business of offering various kinds of financial products and services to its customers. The Fair Practice Code (“Code”) will facilitate the customers to take informed decisions in respect of the financial products and services to be availed by them from the Company and will apply to all loan that the Company may sanction and disburse.

The standards set out in this Code are minimum requirements based on applicable legal and regulatory requirements as issued by Reserve Bank of India.

Pursuant to the Notification issued by the Reserve Bank of India by its Circular no. RBI/2015-16/16 DNBS (PD) CC No. 054/03.10.119/2015-16 dated July 01, 2015, and Master Direction DNBR.PD.008/03.10.119/2016-17 (circular no. RBI/DNBR/2016-17/45) dated 1st September,2016 (as amended from time to time) and Master Direction – Reserve Bank of India (Non-Banking Financial Company – Scale Based Regulation) Directions, 2023 dated October 19, 2023 (as amended from time to time) has prescribed the guidelines on fair practices that are to be framed and approved by the Board of Directors of all NBFC’s. The Fair Practices Code so framed and approved by the Board of Directors should be published and disseminated for the information of the public at the website of the Company as well as at the Registered / Corporate offices of the Company in English in the vernacular language of the place where the Registered / Corporate offices is located.

This Fair Practice Code is aimed to provide to all the stakeholders, especially customers effective overview of practices followed by the Company in respect of the financial facilities and services offered by the Company to its customers.

2.    The objectives of the Code are:

  1. a.   To promote and ensure good business practices in dealing with its customers, during on-boarding, loan processing, disbursal and loan service period up to the termination of the loan;
  2. b.   To promote a fair relationship and transparency between the customer and the Company; so that customer can have a better understanding of the level of service that can be expected from our Company, and the charges inclusive of Interest rates, processing fees and all other charges levied by the Company.
  3. c.   To ensure compliance with legal norms in matters relating to recovery of loan amount with other charges including delays and late payments charges, re-possession of assets and repayment mechanism charges;
  4. d.   To strengthen mechanisms for redressal of customer grievances;
  5. e.   To foster customer confidence in the Company.

3.    Applications for loans and their processing

This Code applies to financial products and services offered by the Company currently or which may be introduced at a future date.

  1. a.   All communications to the borrower will be in the vernacular language or a language as understood by the borrower or with an undertaking that the borrower has understood all terms in totality, irrespective of the language in which he has signed the documents, after going through the same in his vernacular language.
  2. b.    Loan application forms would include necessary information related to the loan being advanced to the borrower so that a meaningful comparison with the terms and conditions offered by other NBFCs and lenders can be made and an informed decision can be taken by the borrower. The loan application form would indicate the documents required to be submitted with the application form as also required later for sanctioning and disbursal of the loan/facility.
  3. c.   The Company will have a system of giving acknowledgment for receipt of all loan applications. The time frame within which loan applications will be disposed of will be indicated in the acknowledgment.
  4. d.   The Company will also communicate to the borrower if the loan is rejected.

4.    Loan appraisal and terms/conditions

  1. a.    The Company will ensure that there is a proper assessment of credit applications made by borrowers. The assessment would be in line with the Company's credit policies and procedures.
  2. b.    The Company will convey in writing to the borrower in the vernacular language or a language as understood by the borrower by means of sanction letter, the amount of loan sanctioned along with the terms and conditions including annualized rate of interest and method of application thereof and keep the acceptance of these terms and conditions by the borrower on its record.
  3. c.    The Company will mention the processing fees, other charges, rate of interest and penal interest charged for late repayment in bold in the loan agreement.
  4. d.    The Company will make available a copy of the loan agreement along with a copy of all enclosures quoted in the loan agreement in a vernacular language or a language as understood by the borrower on the Company’s website which can be referred to the borrowers at the time of sanction/disbursement of loans.

The Code is applicable to all the loan products of the Company irrespective of whether the product/service is provided at the dealer point or any agency premises or the Company’s own offices or group.

5.   Disbursement of loans including changes in terms and conditions:

  1. a.    The Company will ensure timely disbursement of loans sanctioned in conformity with the terms and conditions governing such sanction. The Company will give notice to the borrower in the vernacular language or a language as understood by the borrower, of any change in the terms and conditions, including disbursement schedule, interest rates, service charges, prepayment charges, etc.

  2. b.    The Company will ensure that changes in interest rates and charges are effected only prospectively. A suitable condition in this regard shall be incorporated in the loan agreement.

  3. c.    Decision to recall/accelerate payment or performance under the agreement will be in consonance with the loan agreement.

  4. d.    The Company will release all securities on repayment of all dues or on the realization of the outstanding amount of loan subject to any legitimate right or lien for any other claim that the Company may have against the borrower. If such right of set-off is to be exercised, the borrower will be given notice about the same in writing with full particulars about the remaining claims and the conditions under which the Company is entitled to retain the securities till the relevant claim is settled/ paid.

6.    General:

  1. a)    The Company will refrain from interference in the affairs of the borrower except for the purposes provided in the terms and conditions of the loan agreement (unless new information, not earlier disclosed by the borrower, has come to the notice of the Company), or in line with any compliance or regulatory requirement of inspection and audit of the borrowers business activities.
  2. b)    In case of receipt of a request from the borrower for transfer of borrower’s account, the consent or otherwise i.e. objection of the Company, if any, will be conveyed within 21 days from the date of receipt of the request. Such transfer shall be as per transparent contractual terms in consonance with law.
  3. c)    In the matter of recovery of loans, consistent with its policy, the Company will not resort to undue harassment viz. persistently bothering the borrowers at odd hours, use of muscle power for recovery of loans, etc.
  4. d)    The Company will adequately train the collection executives and other staff to deal with the customers in an appropriate manner.
  5. e)    The Company will call delinquent customers only between 0700 hrs. to 1900 hrs., unless under special circumstances, as decided by the Company, require calling customers outside the hours mentioned above.
  6. f)    The Company may initiate such actions as required for enforcing security charged to it of the delinquent borrower, if required, with the aim only to recover dues, cost and expenses incurred of such enforcement action.
  7. g)    The Company shall ensure that the entire process of enforcing its security, valuation, and realization thereof would be fair and transparent.
  8. h)    With respect to the collection of amounts due from the customers, the Company shall ensure compliance with Code and shall not employ any harsh methods of recovery. Without limiting the general application of the foregoing, the following practices shall be deemed as harsh:
    1. (i)    Use of threatening or abusive language;
    2. (ii)    Persistently calling the Customer and/ or calling the Customer before 7:00 a.m. and after 7:00 p.m.;
    3. (iii)    Harassing relatives, friends, or co-workers of the Customer;
    4. (iv)    Publishing the name of Customers;
    5. (v)    Use or threat of use of violence or other similar means to harm the Customer or Customer’s family/ assets/ reputation;
    6. (vi)    Misleading the Customer about the extent of the debt or the consequences of non-repayment;
    7. (vii)    Any kind, either verbal or physical, against any Customer in the debt collection efforts, including acts intended to humiliate publicly or intrude the privacy of the Customer’s family members, referees and friends, making threatening and anonymous calls or making false and misleading representations.

7.    Responsibility of Board of Directors

  1. a)    A grievance redressal mechanism within the organization has been set up to resolve the disputes with the customers arising out of the decisions of the Company’s functionaries are heard and disposed of at least at the next higher level.
  2. b)    There will be a periodical review of the compliance of the Fair Practices Code and the functioning of the grievance redressal mechanism at various levels of management. A consolidated report of such reviews will be submitted to the Board at regular intervals, as may be prescribed by it.

8.    Grievance Redressal Mechanism

The Company has formulated the “Policy on Grievance Redressal Mechanism” outlining the procedures for addressing customer/borrower grievances. This Policy is available on Company’s website, www.arthmate.com , and also prominently displayed at all branches / places of the Company where business is transacted

9.    Regulation of rate of interest

a.    The Board of Directors has adopted an interest rate model for determining the rate of interest to be charged on loans and advances, processing and other charges taking into account relevant factors such as, cost of funds, margin and risk premium, etc. The rate of interest and the approach for gradations of risk and rationale for charging different rate of interest to different categories of borrowers shall be disclosed to the borrower or customer in the application form and communicated explicitly in the sanction letter, as also displayed on the company’s website and updated from time to time.

b.    The rates of interest and the approach for gradation of risks shall also be made available on the website of the Company. The information published in the website or otherwise published would be updated whenever there is a change in the rates of interest.

c.    The rate of interest would be annualized rates so that the borrower is aware of the exact rates that would be charged to the account.

d.    As a measure of customer protection, Company shall not charge foreclosure charges/ pre-payment penalties on all such floating rate term loans sanctioned to individual borrowers, as prescribed by the concerned regulatory authorities from time to time.

10.    Repossession of vehicles and properties or other moveable assets financed

The Company should include a built-in re-possession clause in the loan agreement with the borrower which must be legally enforceable.

To ensure transparency, the terms and conditions of the loan agreement will contain provisions regarding:

  1. (a)   Notice period before taking possession of the security;
  2. (b)   Circumstances under which the notice period can be waived;
  3. (c)   The procedure for taking possession of the security;
  4. (d)   A provision regarding the final chance to be given to the borrower for repayment of the loan before the sale/auction of the property;
  5. (e)   The procedure for giving repossession to the borrower; and
  6. (f)   The procedure for the sale/auction of the property.
  7. (g)   Any settlement of the dues, either before or post a re-possession will be at the sole discretion of the Company.
  8. (h) Pursuant to the provisions of SARFAESI Act 2002, notice and the incident of repossession shall be published in any Newspaper and/or media (print, social etc.).
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