• privacy and policy


What we collect

At Vikas Money Limited, we may collect the following information:

Salient Features

  • Name and job title
  • Including contact information email address
  • Demographic information such as postcode, preferences and interests
  • Other information relevant to customer surveys and/or offers

What we do with the information we gather

We require this information to understand your needs and provide you with a better service, and in particular for the following reasons:

  • Internal record keeping.
  • demographic information such as postcode, preferences and interests.
  • We may periodically send promotional emails about new products, special offers or other information which we think you may find interesting using the email address which you have provided.
  • From time to time, we may also use your information to contact you for market research purposes. We may contact you by email, phone, fax or mail. We may use the information to customise the website according to your interests.


We are committed to ensuring that your information is secure. In order to prevent unauthorised access or disclosure, we have put in place suitable physical, electronic and managerial procedures to safeguard and secure the information we collect online.

How to use cookies

A cookie is a small file which asks permission to be placed on your computer’s hard drive. Once you agree, the file is added and the cookie helps analyse web traffic or lets you know when you visit a particular site. Cookies allow web applications to respond to you as an individual. The web application can tailor its operations to your needs, likes and dislikes by gathering and remembering information about your preferences.

We use traffic log cookies to identify which pages are being used. This helps us analyse data about web page traffic and improve our website in order to tailor it to customer needs. We only use this information for statistical analysis purposes and then the data is removed from the system. Overall, cookies help us provide you with a better website, by enabling us to monitor which pages you find useful and which you do not. A cookie in no way gives us access to your computer or any information about you, other than the data you choose to share with us. You can choose to accept or decline cookies. Most web browsers automatically accept cookies, but you can usually modify your browser setting to decline cookies if you prefer. This may prevent you from taking full advantage of the website.

Links to other websites

Our website may contain links to other websites of interest. However, once you have used these links to leave our site, you should note that we do not have any control over that other website. Therefore, we cannot be responsible for the protection and privacy of any information which you provide whilst visiting such sites and such sites are not governed by this privacy statement. You should exercise caution and look at the privacy statement applicable to the website in question.

Controlling your personal information

You may choose to restrict the collection or use of your personal information in the following ways:

  • Whenever you are asked to fill in a form on the website, look for the box that you can click to indicate that you do not want the information to be used by anybody for direct marketing purposes.
  • If you have previously agreed to us using your personal information for direct marketing purposes, you may change your mind at any time by writing to or emailing us.

We will not sell, distribute or lease your personal information to third parties unless we have your permission or are required by law to do so. We may use your personal information to send you promotional information about third parties which we think you may find interesting if you tell us that you wish this to happen.

If you believe that any information we are holding on you is incorrect or incomplete, please write to us or email us as soon as possible. We will correct any information found to be incorrect.

Security Tips

Mobile Security – Do’s and Dont’s

  • Password protect the mobile phone and never give your mobile phone to anyone.
  • Choose a strong password to keep your account and data safe.
  • Change your mobile PIN regularly at least once in every 60 days.
  • Report a lost or stolen phone immediately to the MAFIL, your mobile service providers (For
  • eg: Airtel / Vodafone / Idea /BSNL etc.) and law enforcement authorities.
  • Use anti-virus, anti-spyware and personal firewalls and keep them updating regularly.
  • Use licensed software. Software purchased from untrustworthy sources could have virus or
  • trojans that could corrupt your files and reveal your confidential data.
  • Don’t store sensitive information such as credit card details, mobile banking password and
  • user ID on your phone
  • Be cautious while open/download emails or attachments from known or unknown sources
  • Be cautious while using Bluetooth/WiFi in public places as someone may access your
  • confidential data/information
  • Don’t click on links embedded in emails/social networking sites claiming to be from the bank
  • or representing the bank
  • Be careful about the websites you are browsing, if it does not look authentic, do not
  • download anything from it
  • Update your mobile with latest security patches for your operating system, browser and
  • email client.

Password Security tips

  • When you receive your OTP, change it immediately.
  • Never use the following for your password:
  • Your kids’ or loved ones’ date of birth or anniversary
  • Consecutive numbers like 123456 or 987654
  • Same numbers like 111111 or 444444 or 000000
  • First or last digits of your card number / mobile number
  • Same password as of your mobile pin or password
  • Never share your password with anyone not even with MAFIL employees.
  • Avoid using the same password for several different accounts. Once hackers have guessed
  • one password, they’ll often try to see if it works on other accounts.
  • Memorize your password. Don’t write down your password anywhere.
  • Change your password at regular intervals at least once in 60 days.
  • If you suspect that someone knows your PIN/Password, change it immediately.
  • Don’t send your password to anyone via email or text message.
  • Don’t say your password aloud in public where other people can hear you.
  • Don’t have your browser/mobile remember your account password.

Secure Online Banking

  • Review your account statements frequently to check for any unauthorized transactions
  • Don’t transfer funds without due validation of the recipient, as funds once transferred cannot
  • be reversed
  • Immediately inform the MAFIL in case of changes in your mobile number to ensure that SMS
  • notifications and OTP are not sent to someone else.
  • Never reveal or write down OTP/password, never retain any email or paper communication
  • from the MAFIL with regard to the OTP/password
  • Avoid accessing internet banking from shared computer networks such as cyber cafes or
  • public Wifi network like hotel/airport etc.
  • Disable “Auto Complete” and “Remember Password” feature on your browser.
  • Always logout when you exit application. Do not directly close the application.
  • Read privacy policy of the website before entering personal information such as name and
  • email ID. Be aware of how your information would be used by the website owner.

Secure Online Shopping tips

  • Always shop or make payments through trusted/reputed websites.
  • Do not click on links in emails. Always type the URL in the address bar of the browser.
  • Before entering your private details, always check the URL of the site for HTTPS.
  • If you are a frequent online shopper, signup for Verify by Visa and Master Card secure code
  • program.
  • Check for PAD LOCK symbol / HTTPS on the webpage before starting to transact.
  • Do not enter your confidential account information on any pop-up windows.
  • Use One Time Password (OTP) received on the mobile phone instead of static Visa and
  • Master Card secure code password as OTP are more secure.
  • Never share OTP with any one, OTP is a temporary password which need to be kept secret
  • same as password.

Fraud Scenarios

Forged Phone Calls

Forged phone call is one such attempt where fraudsters possess as your relative / friend and ask you transfer the funds on immediate basis in their bank account/wallet.

How do fraudsters operate?

Secure Online Shopping tips

  • Fraudster collects information about you from social networking sites like Facebook, Linkedin, twitter etc.
  • Fraudster calls customer and poses as a relative or friend and talk to you about few scenarios which recently happened with you so that they can trick you in thinking that you actually know them.
  • Once they get confidence that you are in trap, they ask you to transfer some money (usually small amount ranging between INR 500 to 5000) in their bank account or wallet account citing medical reasons.
  • Once customer transfer the amount fraudster further transfer that money to their some other account so that transaction cannot be reversed.

How to protect yourself from fraud:

  • Never share personal details on social networking sites.
  • Never transfer the funds without confirming the identity of the recipient as the money once transferred cannot be reversed.
  • Report all such incidents immediately on MAFIL customer care number +91-9388312100 [Call- 8.00 AM to 8.00 PM]


Phishing is a type of fraud that involves stealing personal information such as Customer ID, OTP/Password, etc. through emails that appear to be from a legitimate source.

How do fraudsters operate?

  • Fraudsters send fake emails to customers which appears legitimate, asking them to urgently
  • verify or update their account information by clicking on a link in the email.
  • Clicking on the link directs the customer to a fake website that looks like the official website –
  • with a web form to fill in his/her personal information.
  • Information so acquired is then used to conduct fraudulent transactions on the customer’s
  • account.

How to protect yourself from fraud:

  • Always check the web address carefully.
  • For logging in, always type the website address in your web browser address bar.
  • Install the anti-virus, antispyware, firewall and security patches on your computer and mobile
  • phones and keep updating them regularly.
  • DO NOT click on any suspicious link in your email.
  • DO NOT provide any confidential information via email, even if the request seems to be from
  • authorities like Income Tax Department, Visa or MasterCard etc.
  • DO NOT open unexpected email attachments or instant message download links
  • DO NOT access NetBanking or make payments using your Credit/Debit Card from
  • computers in public places like cyber cafés or even from unprotected mobile phones.

How to identify fake Phishing website / Mails?

  • Always check for the salutations in the mail, phishing mails are normally targeted to large
  • audience so they put generic salutation like below, genuine mail always comes with your name.
    • Dear Sir / Madam
    • Dear Customer
  • Check the domain or email ID from where mail has come, generally fraudster try to build look
  • alike email ID with some spelling changes.
  • Such mails comes with some kind of urgency and they threat you for some consequence if
  • you ignore the mail.
  • When you click on URL it will redirect you to some website which will look alike the bank site
  • but if you check the URL address then it would be different from bank site address.
  • Most fake web addresses start with ‘http://’. Legitimate site will always start with HTTPS, the ‘s’ at the end of ‘https://’ stands for ‘secure’ – meaning the page is secured with an encryption.
  • Check the Padlock symbol. This depicts the existence of a security certificate, also called the digital certificate for that website.
  • Establish the authenticity of the website by verifying its digital certificate. To do so, go to File
  • > Properties > Certificates or double click on the Padlock symbol at the upper right or bottom corner of your browser window.


Vishing is one such attempt where fraudsters try to seek your personal information like Customer ID, Net Banking password, ATM PIN, OTP, Card expiry date, CVV etc. through a phone call

How do fraudsters operate?

  • The fraudster poses as an employee from the bank or a Government / Financial institution and ask customers for their personal information.
  • They cite varied reasons as to why they need this information. For e.g. reactivation of
  • account, encashing of reward points, sending a new card etc.
  • These details thus obtained are then used to conduct

How to protect yourself from fraud:

  • The fraudster poses as an employee from the bank or a Government / Financial institution and ask customers for their personal information.
  • They cite varied reasons as to why they need this information. For e.g. reactivation of account, encashing of reward points, sending a new card etc.
  • These details thus obtained are then used to conduct

Identity Theft

Identity Theft occurs when someone wrongfully uses your personal information to obtain credit, loans and other services in your name.

How do fraudsters operate?

  • They try to gather customer’s details through Phishing, Vishing, Smishing or any other means.
  • They call customers and try to collect details by posing as a Bank Staff.
  • They might visit customers posing as bank staff and collect personal information like Name,Father’s Name, Address, Permanent Address, Date of Birth, Aadhaar number, PAN Number etc.

How to protect yourself from fraud:

  • Destroy any piece of paper holding details of your identity.
  • Never share your personal information with a stranger or any third party, posing as bank representative.
  • Update your bank records whenever you change your contact numbers, address or email ID.

SIM Swap

Under SIM Swap, fraudsters manage to get a new SIM card issued against your registered mobile number through the mobile service provider. With the help of this new SIM card, they get One Time Password (OTP) and alerts, required for making financial transactions through your bank account.

How do fraudsters operate?

  • Fraudsters gather customer’s personal information through Phishing, Vishing, Smishing or any other means.
  • They then approach the mobile operator and get the SIM blocked. After this, they visit the mobile operator’s retail outlet with the fake ID proof posing as the customer.
  • The mobile operator deactivates the genuine SIM card and issues a new one to the fraudster.
  • Fraudsters then generates One Time Password (OTP) required to facilitate transactions using the stolen banking information. This OTP is received on the new SIM held by the fraudster.

How to protect yourself from fraud:

  • If your mobile no. has stopped working for a longer than usual period, enquire with your mobile operator to make sure you haven’t fallen victim to the Scam.
  • Register for SMS and Email Alerts to stay informed about the activities in your account.
  • Regularly check your bank statements and transaction history for any irregularities.

Money Mule

Money Mule is a term used to describe innocent victims who are duped by fraudsters into laundering stolen/illegal money via their bank account(s).

How do fraudsters operate?

  • Fraudsters contact customers via emails, chat rooms, job websites or blogs, and convince them to receive money into their bank accounts, in exchange of attractive commissions.
  • The fraudsters then transfer the illegal money into the money mule’s account.
  • The money mule is then directed to transfer the money to another money mule’s account –starting a chain that ultimately results in the money getting transferred to the fraudster’s account.
  • When such frauds are reported, the money mule becomes the target of police investigations.

How to protect yourself from fraud:

  • Do not respond to emails asking for your account details.
  • For any overseas job offer, first confirm the identity and contact details of the employing company.
  • Do not get carried away by attractive offers/commissions or consent to receive unauthorized money.


A Trojan is a harmful piece of software that users are typically tricked into loading and executing on their computers. After it is installed and activated, Trojan attacks the computer leading to deletion of files, data

How do fraudsters operate?

  • Fraudsters use spamming techniques to send e-mails to numerous unsuspecting people
  • Customers who open or download the attachment in these emails get their computers / mobiles infected.
  • When the customer performs account/card related transactions, the Trojan steals personal information and sends them to fraudsters.
  • These details will then be used to conduct fraudulent transactions on the customer’s account.

How to protect yourself from fraud:

  • Never open e-mails or download attachments from unknown senders. Simply delete such emails
  • Installing antivirus helps. It scans every file you download and protects you from malicious files.
  • Enable automatic OS updates or download OS patch updates regularly to keep your Operating System patched against known vulnerabilities.
  • Install patches from software manufacturers as soon as they are distributed. A fully patched computer / mobile behind a firewall are the best defence against Trojan.
  • Download and use the latest version of your browser.
  • If your computer / mobile gets infected with a Trojan, disconnect your Internet connection and remove the files in question with an antivirus program or by reinstalling your operating system. If necessary, get your computer serviced.

These terms and conditions apply to the Customer who uses this Online Payment Services for repayment of Loan or any other charges to VIKAS. Kindly read these terms and conditions carefully. By authorizing a payment to VIKAS through the online payment service (“the service”), it would be treated as a deemed acceptance to these terms and conditions. VIKAS reserves all the rights to amend these terms and conditions at any time without giving prior notice. It is the responsibility of the Customer to read the terms and conditions before using the Service.


The following is a summary of the key terms of this service:

  • Payment(s) through this Service may only be made with a Debit card (Master / Visa / RuPay / Maestro), Net-Banking, Google Pay & UPI (Unified Payments Interface)
  • 2. Before using this Service, it is recommended that the Customer shall make necessary enquiry about the charges or fees payable against the Debit card / Net – banking, Google Pay & UPI 
  • 3. The Debit card, Net-Banking, Google Pay & UPI information supplied at the time of using the service is processed by the payment gateway of the service provider and is not supplied to VIKAS. It is the sole responsibility of the Customer to ensure that the information entered in the relevant fields is correct. It is recommended that you take and retain a copy of the Transaction Acknowledgement for record-keeping purposes, which might assist in resolution of any disputes that may arise out or usage of the service
  • 4. The Customer agrees, understands and confirms that his/ her personal data including without limitation details relating to Debit card / Net – banking / Google Pay & UPI transmitted over the Internet Payment Gateway may be susceptible to misuse, hacking, theft and/ or fraud and that VIKAS or the Payment Service Provider(s) have no control over such matters.
  • 5. The service is provided using a Payment Gateway Service Provider through a secure website. However, neither the payment gateway service provider nor the VIKAS gives any assurance, that the information so provided online by the Customer is secured or may be read or intercepted by a third party. VIKAS does not accept or assume any liability in the event of such unauthorized interception, hacking or other unauthorized access to information
  • provided by a Customer of the service.
  • 6. VIKAS and/or the Payment Service Providers shall not be liable for any inaccuracy, error or delay in, or omission of (a) any data, information or message, or (b) the transmission or delivery of any such data, information or message; or (c) any loss or damage arising from or occasioned by any such inaccuracy, error, delay or omission, non-performance or interruption in any such data, information or message. Under no circumstances shall VIKAS and/or the Payment Service Providers, its employees, directors, and its third party agents involved in processing, delivering or managing the Services, be liable for any direct, indirect, incidental, special or consequential damages, or any damages whatsoever, including punitive or exemplary arising out of or in any way connected with the provision of or any inadequacy or deficiency in the provision of the Services or resulting from unauthorized access or alteration of transmissions of data or arising from suspension or termination of the Service.
  • 7. The Customer agrees that VIKAS or any of its employees will not be held liable for any loss or damages arising from the use of Internet Payment ateway, or reliance upon the information contained on the Website, or any failure to comply with these Terms and Conditions where such failure is due to circumstance beyond VIKAS’s reasonable control.

  • 1.The information provided by the user related to payments using debit card or Net-Banking is not accessed or stored by VIKAS on this website
  • 2. If payment is made by means of a card that you do not personally own, the permission of the card owner must always be obtained to make payments using the card. In using the system you confirm that you have such permission.
  • 3. No Warranty: The information and materials contained in this site including, graphics, links or other items are provided as on “As Is” and “As Available” basis by VIKAS which is organized and tries to provide information accurately and expressly disclaims liability for error or omission in this information and materials. No warranty of any kind, implied, express or statutory shall be given by VIKAS shall not be limited to the warranty of fitness for a particular purpose and freedom from computer virus is given in conjunction with the information and materials.
  • 4. Limitation of Liability: In no event, VIKAS will be liable for any damage direct or indirect losses or expenses arising in connection with site or use thereof inability to use by any person delay of operation or transaction, computer virus etc
  • 5. The Customer authorizes VIKAS to exchange, share, part with all information related to the details and transaction history of the Customers to its Affiliates / Subsidiaries / banks / financial institutions / credit bureaus / agencies/participation in any telecommunication or electronic clearing network as may be required by law, customary practice, credit reporting, statistical analysis and credit scoring, verification or risk management and shall not hold VIKAS liable for use or disclosure of this information.

All payment details which are entered through this Payment Gateway are encrypted. The site is secure and uses 128-bit encryption to offer secure communications by encrypting all data to and from the site. VIKAS shall not be liable for any failure by the Customer making payment to properly protect data from being seen on their screen by other persons or otherwise obtained by such other persons, during the Online Payment processor or in respect of any omission to provide accurate information in the Course of the Online Payment Process.


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


While using this Site, you agree not to, by any means (including hacking, cracking or defacing any portion of the Site) indulge in illegal or unauthorized activities including the following:

  • Restrict or inhibit any authorized user from using this Site
  • Use the Site for unlawful purposes
  • Harvest or collect information about Site users without their express consent
  • “Frame” or “mirror” any part of the Site without our prior authorization
  • Engage in spamming or flooding
  • Transmit any software or other materials that contain any virus, time bomb, or other harmful or disruptive component
  • Remove any copyright, trademark or other proprietary rights notices contained in the Site
  • Use any device, application or process to retrieve, index, “data mine” or in any way reproduce or circumvent the navigational structure or presentation of the Site

The transaction charges will be borne by VIKAS VARIATIONS TO THE TERMS AND CONDITIONS

VIKAS reserves the right to vary these Terms and Conditions from time to time and the current version will be that published on this website. We reserve the right to decline the acceptance of an online payment if your account is in default for any reason. VIKAS may also make additions/deletions/alterations to the services offered, at its sole discretion. VIKAS reserves the right to withdraw the service at any time at its discretion. VIKAS retains the right to change the terms and conditions for Online Payments, without any prior notice.


  • Introduction

  • The Reserve Bank of India (RBI) has issued model guidelines for adoption of Fair Practices Code by the Non Banking Finance Companies (NBFCs) thereby setting standards for fair business and corporate practices while dealing with their customers. Vikas Money Limited (hereinafter referred as “VIKAS”) shall adopt all the best practices prescribed by RBI from time to time and shall make appropriate modifications, if any, issued by the RBI in order to this Code to conform to the guidelines standards prescribed.
  • VIKAS has a policy to treat all the clients fairly. The employees of VIKAS will offer assistance, encouragement and services in a fair, equitable and consistent manner. VIKAS will also communicate its Fair Practices Code (FPC) to its customers by uploading the same on its website.
  • VIKAS will ensure that the implementation of the FPC is the responsibility of the entire organization. VIKAS fair lending practices shall apply across all aspects of its operations including marketing, loan origination, processing, servicing and collection activities. Its commitment to FPC will be demonstrated in terms of employee accountability, training, counseling, and monitoring, auditing programs and internal controls, and optimal use of technology.
  • VIKAS’s Board of Directors and the management team are responsible for implementing the fair practices hereinafter detailed and also to ensure that its operations reflect its strong commitment to all the stakeholders for offering in a fair and equitable manner, the various financial services and products including lending and that all employees are aware of this commitment.
  • A. LOANS


  • (a) All communications to the borrower shall be in a vernacular languageor a language that is understood by the borrower.
  • (b) Loan application forms shall include necessary information which affects the interest of the borrower, so that a meaningful comparison with the terms and conditions offered by other NBFC’s can be made and informed decision can be taken by the borrower. The loan application forms will indicate the documents required to be submitted with the application form.
  • (c) VIKAS shall devise a system of giving acknowledgement for receipt of all loan applications. Preferably, the time frame within which loan applications will be disposed of shall also be indicated in the acknowledgement.

  • (a) VIKAS shall convey in writing to the borrower in the vernacular language or English languageas understood by the borrower by means of sanction letter or otherwise, 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. VIKAS shall mention the penal interest charged for late repayment in bold in the loan agreement.
  • (b) It is understood that in a few cases, borrowers at the time of sanction of loans are not fully aware of the terms and conditions of the loans including rate of interest, either because NBFC’s does not provide details of the same or the borrower has no time to look into detailed agreement.
  • (c) Not furnishing a copy of the loan agreement or enclosures quoted in the loan agreement is an unfair practice and this could lead to disputes between the NBFC’s and the borrower with regard to the terms and conditions on which the loan is granted.
  • (d) VIKAS shall furnish a copy of the loan agreement preferably in the vernacular languageor English languageas understood by the borrower along with a copy each of all enclosures quoted in the loan agreement to all the borrowers at the time of sanction / disbursement of loans.

  • (a) VIKAS shall give notice to the borrower in the vernacular languageor English languageas understood by the borrower of any change in the terms and conditions including disbursement schedule, interest rates, service charges, prepayment charges etc. VIKAS shall also ensure that changes in interest rates and charges are effected only prospectively. A suitable condition in this regard shall also be incorporated in the loan agreement.
  • (b) Decision to recall / accelerate payment or performance under the agreement shall be in consonance with the loan agreement.
  • (c) VIKAS shall release all securities on repayment of all dues or on realisation of the outstanding amount of loan subject to any legitimate right or lien for any other claim VIKAS may have against borrower. If such right of set off is to be exercised, the borrower shall be given notice about the same with full particulars about the remaining claims and the conditions under which VIKAS is entitled to retain the securities till the relevant claim is settled/paid.

  • (a) The Company shall 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 lender).
  • (b) In case of receipt of request from the borrower for transfer of borrowal account, the consent or otherwise i.e. objection of the Company, if any, shall be conveyed within 21 days from the date of receipt of request. Such transfer shall be as per transparent contractual terms in consonance with law.
  • (c) In the matter of recovery of loans, the Company shall not resort to undue harassment viz. persistently bothering the borrowers at odd hours, use of muscle power for recovery of loans, etc. VIKAS shall ensure that the staff are adequately trained to deal with the customers in a polite and appropriate manner.

  • Towards ensuring redressal of disputes arising out of decisions of the functionaries of the Company,the following mechanism is put in place:
  • The decisions of any official below the Branch Manger shall be heard and disposed of by the Branch Manager.Decisions of Branch Managers shall be heard and disposed of by the Area Manager. If not satisfied with the decision of the Area Manager, the customer has the option to escalate the matter to Compliance Officer at Company’s Head Office at , Vikas Money Limited, First Floor, Anjali Complex, Kavuvattam, Cherpulassery, Palakkad – 679503, Kerala, Email Id: cs@vikasmoney.com The contact details of the Grievance Redressal Officer as also that of the Regional Office of the Reserve Bank of India shall be displayed in all the Branches for the benefit of customers. If the complaint/ dispute is not redressed within a period of one month, the customer may appeal to the Officer-in-Charge of the Regional Office of DNBS of RBI as per the contact details displayed in the branch.

  • VIKAS shall display prominently, for the benefit of its customers, at the Registered office, branches and places where business is transacted the following:
  • The name and contact details (Telephone/ Mobile Nos / Email id) of the Grievance Redressal officer who can be approached by the public/ customers for resolution of complaints against the company.
  • If the complaint/ dispute is not redressed within a period of one month, the customer may appeal to:
  • Asst General Manager,
    Department of Non Banking Supervision (DNBS),
    Reserve Bank of India,
    Bakery Junction, P B 6507, Thiruvananthapuram – 695033,
    Tel 0471 – 2338818; Fax 0471 – 2320308;
    Email: dnbsthiro@rbi.org.in

    under whose jurisdiction the registered office of the company falls.

  • The Reserve Bank has been receiving several complaints regarding levying of excessive interest and charges on certain loans and advances by NBFC’s. Though interest rates are not regulated by the Bank, rates of interest beyond a certain level may be seen to be excessive and can neither be sustainable nor be conforming to normal financial practice. The Board of Directors of VIKAShave laid out appropriate internal principles and procedures in determining interest rates and processing and other charges. In this regard the guidelines indicated in the Fair Practices Code about transparency in respect of terms and conditions of the loans are kept in view.

  • (a) The Board of VIKAS shall adopt an interest rate model taking into account all relevant factors such as, cost of funds, margin and risk premium, etc and determine the rate of interest to be charged for loans and advances. 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.
  • (b) The rates of interest and the approach for gradation of risks shall also be made available on the website of the company or published in the notice board of the company or in leading newspapers. The information published in the website or otherwise published should be updated whenever there is a change in the rates of interest.
  • (c) The rate of interest should be annualized rates so that the borrower is aware of the exact rates that would be charged to the account

  • While lending to individuals against Gold Jewellery, VIKAS shall adopt the following in addition to the general guidelines as above:
  • 1. Shall put in place the Board approved policy for lending against gold that inter alia, cover the following:
  • a) Adequate steps to ensure that the KYC guidelines stipulated by RBI are complied with and to ensure that adequate due diligence is carried out on the customer before extending any loan;
  • b) Proper assaying procedure for the jewellery received;
  • c) Internal systems to satisfy ownership of the gold jewellery;
  • d) Adequate systems for storing the jewellery in safe custody, reviewing the systems on an on-going basis, training the concerned staff and periodic inspection by internal auditors to ensure that the procedures are strictly adhered to.
  • e) The jewellery accepted as collateral shall be appropriately insured.
  • f) In case of non repayment, the Board approved policy of auction of jewellery shall be transparent and adequate prior notice to the borrower shall be given before the auction date. The details of auction procedure would be provided to the customer.
  • g) The auction will be announced to the public by issue of advertisements in at least
  • 2 Newspapers, one in vernacular language and another in national daily newspaper.
  • h) The company shall not participate in the auctions
  • i) Gold pledged with VIKAS will be auctioned only through auctioneers approved by the Board.
  • j) VIKAS shall formulate policy that will cover systems and procedures for dealing
  • with fraud including separation of duties of mobilization, execution and approval.
  • 2. The Loan agreement shall disclose the details regarding auction procedure.

  • VIKAS shall make necessary organizational arrangements to assign responsibility for compliance to designated individuals within the company and establish systems of internal control including audit and periodic inspection to ensure the same.

  • a. The Fair Practice Code in vernacular languageor English languageas understood by the customershall be displayed by VIKAS in its office and branch premises;
  • b. A Statement shall be made in vernacular language and displayed by VIKAS in their premises and in loan cards articulating their commitment to transparency and fair lending practices,
  • c. Field staff shall be trained to make necessary enquiries with regard to existing debt of the borrowers;
  • d. Training if any, offered to the borrowers shall be free of cost. Field staff shall be trained to offer such training and also make the borrowers fully aware of the procedure and systems related to loan / other products;
  • e. The effective rate of interest charged and the grievance redressal system set up by VIKAS shall be prominently displayed in all its offices and in the literature issued by it (in vernacular languageor English languageas understood by the borrower) and on its website,
  • f. A declaration that VIKAS will be accountable for preventing inappropriate staff behavior and timely grievance redressal shall be made in the loan agreement and also in the FPC displayed in its office/branch premises,
  • g. The KYC Guidelines of RBI shall be complied with. Due diligence shall be carried out to ensure the repayment capacity of the borrowers,
  • h. As specified in the (Reserve Bank) Directions, 2011, all sanctioning and disbursement of loans shall be done only at a central location and more than one individual would be involved in this function. In addition, there would be close supervision of the disbursement function,
  • i. Adequate steps may be taken to ensure that the procedure for application of loan is not cumbersome and loan disbursements are done as per pre-determined time structure.

  • The key commitments which VIKAS promises to follow in its dealings with its customers are:
  • To act fairly and reasonably in all dealings with its customers by ensuring that:
  • Its products, services, procedures and practices will meet the commitments and standards in thisFPC.
  • Its products and services will meet relevant laws and regulations as applicable.
  • Its dealings with its customers will rest on ethical principles of honesty, integrity and transparency.
  • VIKAS will assist customers in understanding its financial products and various services offered by:
  • Providing information about them in simple vernacular language or a language that is understood by the borrower.
  • Explaining their financial implications and
  • Helping the customers choose a product /services which meets his/her needs.
  • VIKAS will guide and help the customers in choosing products and services which meets his / her requirements.
  • Before the customer relationship is established, VIKAS will give the customer information explaining the key features of the services and products the customer has shown interest in.
  • Give information on accounts, products and services which may suit the customer’s needs
  • Clearly state the information that VIKAS require to collect from the customer to fulfill its “Know Your Customer” norms and to comply with legal and regulatory requirements in force from time to time.
  • Request for additional information about the customer and his / her family to build a database; but this information may be furnished by the customer only if he / she/it wishes to do so.
  • VIKAS will provide information on the various channels that can be used to access its products and services. The customer will also be informed about the availability of further information.
  • a. Once a customer has chosen a product, VIKAS will tell the customer how it works.
  • b. VIKAS will guide its customer on rights and responsibilities specific to the mode of operation under which the product is taken.
  • c. Before offering any kind of fund based or non fund based non banking facility VIKAS will assess the ability of the customer (prospective borrower) to repay.
  • d. Loan application form of VIKAS will include necessary information which are likely to affect the interests of the prospective borrower, so that a meaningful comparison with the terms and conditions offered by other Non Banking Finance Companies can be made and an informed decision taken by the prospective borrower.
  • e. The Loan application form shall indicate the documents required to be submitted along with the application form.
  • f. VIKAS shall provide to the prospective borrower an acknowledgement for receipt of all loan applications. An indicative time frame within which loan applications will be disposed of will be mentioned in such acknowledgement.
  • g. VIKAS shall convey in writing to the prospective borrower the fate of the loan application by means of sanction letter or otherwise. In the case of sanction of loan, the sanction letter shall contain the terms and conditions including annualized rate of interest and method of application thereof. The acceptance of the terms and conditions communicated by the borrower shall be preserved by VIKAS in its records.
  • h. VIKAS shall give notice to the borrower of any change in the terms and conditions including disbursement schedule, interest rates, service charges, prepayment charges etc. VIKAS shall ensure that changes in interest rates and other charges are effected only prospectively. The loan agreement shall contain a specific clause to this effect.
  • i. When a customer accepts a product or service for the first time, VIKAS will provide the customer with the Rules and Regulations that are relevant to the product / service.
  • j. All Terms and Conditions will be fair and will set the customer’s rights and responsibilities clearly and in plain language. VIKAS will use legal or technical language only wherever necessary.
  • k. VIKAS will make available any charges applicable to products and services applicable at the time a customer signs up for the same.
  • l. If VIKAS increases any charges or introduces a new charge, VIKAS will notify the same to the customers.
  • m. VIKAS will provide the terms and conditions in respect of any product or service whenever a customer requests for the same.
  • n. Change in interest rate and other commercial terms shall be made with prospective effect other than circumstances arising from regulatory instructions. Retrospective changes shall as far as possible be avoided and may be implemented only within the framework defined in the Master Financing Agreement.
  • o. Any decision to recall / accelerate payment or performance under the agreement should be in consonance with the Master Financing Agreement.
  • p. Any set-off of dues against the security may be made only after due notice of the same is provided to the client along with the particulars of the claims and the terms and conditions under which VIKAS is entitled to such set-off. The same will be in consonance with the terms of the Master Financing Agreement.
  • q. VIKAS will ensure that all advertising and promotional material is clear, fair reasonable and not misleading.
  • r. VIKAS will provide the customers with a full range of financial products the customer is eligible for. Some of these products / services will be its own; some others may be the products of the group or associate companies and also companies with which VIKAS may have arrangements with.
  • s. It will be the endeavour of VIKAS to bring synergy between the various financial services, financial products, by cross selling these products to its clientele.
  • t. Unless authorized by the customer, VIKAS will treat all personal information as private and confidential.
  • u. VIKAS will not reveal transaction details to any other entity including within the group other than the following exceptional cases:
  • If VIKAS have to provide the information by statutory or regulatory laws.
  • If there is a duty to the public to reveal this information.
  • If its interest requires us to provide this information (e.g. fraud prevention).
  • VIKAS will not use this reason for giving information about customers to anyone else (including group companies) for marketing purposes.
  • If VIKAS have taken the customers permission (for instance at the time of loan sanctioning) to provide such information to its group / associate / entities or companies for providing other products or services

  • A periodical review of the fair practices code and functioning of the grievances redressal mechanism at various levels of management would be undertaken by the company at yearly intervals and a consolidated report of such reviews shall be submitted to the board of directors in April every year.

34 Years of Trust


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