Fair Practice Code

Overview

In compliance of the Reserve Bank of India regulations on Guidelines on Fair Practices Code for NBFCs, PayMe India Financial Services Private Limited (“PayMe”) has enacted this Fair Practice Code (the “Code”).

The Code shall be applicable to all the offices of PayMe; and, shall be binding on all the employees, officers, directors and consultants of PayMe.

Objectives

The objectives of the Code are:

• Adopt the best practices in dealings with customers.
• Set challenging benchmarks and strive to achieve high operating standards for ensuring customer satisfaction.
• Follow transparent, fair, ethical and legally tenable practices while conducting business.
• Provide all necessary information and inputs to customers / prospective customers and promote a mutually beneficial long-term relationship.
• Facilitate a continuously growing base of satisfied customers while scrupulously avoiding acquisition of customers having doubtful credentials or criminal background.

Commitments

PayMe undertakes to abide by all applicable laws, regulations and guidelines passed / issued by the government and regulatory bodies (Reserve Bank of India, SEBI etc.)

• PayMe commits itself to full customer satisfaction through efficient, professional and courteous services.
• PayMe shall consistently strive to meet with and improve upon the internally set benchmarks and practices and be ahead of the standards prevalent in the industry.
• PayMe undertakes not discriminate customers on grounds of religion, caste, gender, language, sexual orientation or physical disability.
• PayMe will provide clear and full information about its products and services to its customers / prospective customers and will not resort to any misleading or potentially misguiding advertisement or publicity.
• PayMe will communicate in the local language or English at the request of the customer.
• PayMe undertakes not to take advantage of any unintentional or clerical error made by the customer while transacting business.
• PayMe is committed to put in place a system for promptly addressing complaints and suggestions of the customers supplemented with a structured Grievance Redressal Mechanism having an escalation matrix.
• PayMe shall display the Code on its website and mobile apps; and, also make available to the Customer, on request, a copy thereof.
• Personal information of the customer will not be shared with unauthorized persons or agencies or third parties by PayMe. However, PayMe will be bound to honour and comply with legal or regulatory requirements, if any, in this matter obligating it to part with such information even without notice to the customer.

Loans, Terms & Conditions, Interest Rate & Changes

• PayMe shall make available loan application forms to all prospective customers free of cost mentioning also the supporting documents to be submitted along with. An acknowledgement for receipt of duly completed loan application forms will be given to the customer in all cases. As a matter of policy and customer service loan applications are sanctioned / rejected as soon as practicable. Disbursement of the loan and acceptance of security will be carried out nearly simultaneously.
• PayMe shall disclose all relevant information relating to a loan / product such as eligible loan calculation methodology, rebate on interest etc. before sanction of the loan to enable the customer / prospective customer to take an informed decision. The Customer / prospective customer will also be provided, on request, the detailed terms and conditions of the loan before sanction.
• PayMe shall ensure that a loan sanction letter (pawn ticket) is given to the customer containing all the terms and conditions governing the loan facility. The loan sanction letter will also mention the loan amount, loan account number, interest rate, charges, loan processing fees etc.
• PayMe shall not in the normal course make any changes / modifications in the terms and conditions of the loan, including rate of interest, which could adversely affect the customer financially or otherwise. In abnormal circumstances when such changes / modifications are inevitable, keeping in view the new circumstances, adequate and proper notice shall be given to the customer about any such change/modification.

Marketing & Promotion

• PayMe shall not deliberately promote a product with any ulterior / selfish motives or contrary to the customer requirements or expectations as disclosed by the customer. PayMe will ensure that its personnel engaged in marketing and operations are suitably trained and instructed so as to preclude selling of its products by misrepresentation to the customer / prospective customer.
• The rates of interest will be based on variables such as cost of funds, risk premium, loan scheme, profit margin etc. and shall also, by and large, be in tune with industry practices and benchmarks.

Recovery of Dues

• PayMe will not, as a matter of fair dealing, normally recall the loan before the initially agreed tenure.
• PayMe does not accept nor will it encourage the use any coercive or hard measures to recover its dues from the customer.
• Even though the loan sanction letter contains all applicable terms and conditions of the loan, PayMe shall, nevertheless, endeavour, on a best effort basis, to send advices, reminders etc. regarding due date for payment of interest, principal etc. by letter, courier service, telephone, SMS etc.
• PayMe shall, on demand, provide the customer with a statement of the loan account at any time during the currency of the loan or immediately upon closure.
• PayMe will not interfere in the affairs of the customers except for the purposes mentioned in the terms & conditions of the loan or when constrained to do so due to inadequate or false disclosures made by the borrower at the time of putting through the transactions.
• PayMe shall resort only to remedies which are legally and legitimately available to it and will avoid using recovery measures during odd hours of the day, undue harassment, use of muscle power for recovery of loans. PayMe shall ensure that the staff are adequately trained to deal with the customers in an appropriate manner.

Customer service & Grievance Redressal

• PayMe will implement all possible steps to prevent and minimize customer complaints / grievances
• PayMe will facilitate the customer to pay the whole or part of the dues at its office or through its app.
• In the event that a customer has a grievance, the following Grievance Redressal Mechanism shall apply:
  • Level 1: The customer must lodge a complaint by initiating service request / ticket through PayMe mobile app. The working hours are 10:00 am to 6:00 pm Monday to Friday.
  • Level 2: In the event that the complaint remains pending at Level 1 for a period of more than 7 working days, or if the customer is not satisfied with the outcome of Level 1 resolution, the customer can mail on: grievance@paymeindia.in
  • Level 3: In the event that the complaint remains pending at Level 2 for a period of more than 7 working days, or if the customer is not satisfied with the outcome of Level 2 resolution, the customer can contact the following official of PayMe: shalini.rai@paymeindia.in
  • Level 4: In the event that the complaint remains pending at Level 3 for a period of more than 7 working days, or if the customer is not satisfied with the outcome of Level 3 resolution, the customer can contact the Regional Office of the Reserve Bank of India (or via RBI’s website www.rbi.org.in):

• PayMe will put in place an effective training system to ensure that employees are customer friendly and do not resort to rude, inappropriate or unethical behaviour.
• PayMe will endeavour to work out and display the time norms for putting through and completing the various transactions.
• PayMe will have a sympathetic approach to the problems faced by the customer especially the poor and underprivileged sections.
• PayMe India Financial Services Private Limited Grievance Redressal Officer