Ayush Fiscal Private Limited
This Fair Practices Code is intended to provide stakeholders, especially customers, with an effective overview of the practices followed by Ayush Fiscal Private Limited (“the Company”) with respect to the financial facilities and services it offers. This Code has been formulated in accordance with the guidelines prescribed by the Reserve Bank of India (“RBI”).
The domain name ayushfiscal.com (“Website”) is owned by Ayush Fiscal Private Limited, a Non-Banking Financial Company registered with the RBI, having its registered office at 9, Lal Bazar Street, 3rd Floor, Block A, Kolkata, West Bengal, India, 700001. The Company is engaged in providing credit and finance to eligible entities, including partnership firms, companies, and other legal entities for their business requirements such as working capital, vendor/invoice financing, and other allied services.
- To ensure fair and transparent dealings with customers.
- To promote a fair and professional relationship between the Company and its customers.
- To ensure compliance with applicable legal and regulatory requirements in lending and recovery practices.
- To inform customers clearly about terms and conditions of financial products and services.
- To strengthen mechanisms for customer grievance redressal.
This Code applies to all financial facilities and services offered by the Company.
A. Fair Dealings with Customers
- To uphold the highest standards of integrity and transparency.
- To ensure all dealings are compliant with applicable laws.
- To provide fair treatment and timely resolution of customer issues.
- To make the customer aware of the grievance redressal mechanism.
B. Customer Education
- To explain financial implications in a clear and simple manner.
- To ensure the customer receives product information in a language they understand.
- To assist in selecting suitable financial products.
- To disclose the documents required for KYC and credit assessment.
C. Loan Application and Processing
- Loan application forms will include all necessary disclosures.
- Customers will be provided acknowledgment of receipt of applications.
- The expected timeline for processing will be communicated.
D. Loan Appraisal and Terms
- Customers will receive written communication in a language understood by them regarding loan sanction details including terms, interest rates, and penal charges.
- Copies of the loan agreement and annexures will be furnished.
- Any change in terms and conditions will be informed in advance.
- Securities, if any, will be released upon full repayment, subject to any other lawful claims by the Company.
E. Penal Charges
- Penal charges, if applicable, will be clearly disclosed and will not be capitalised.
- A Board-approved policy on penal charges will be followed.
F. Rate of Interest Regulation
- A Board-approved interest rate policy is in place, considering cost of funds, risk premium, and other relevant factors.
- The rate of interest, processing fees, and rationale for risk gradation will be disclosed in the application form and sanction letter.
- No foreclosure or pre-payment charges will be levied on floating rate term loans for non-business purposes (if applicable).
- Loan interest rates and applicable charges may vary from business to business, depending on the Borrower's industry type, financial profile, creditworthiness, business model, risk assessment, and other relevant factors.
G. Confidentiality
- Customer information will be kept confidential, unless disclosure is mandated by law, regulation, or required for service delivery on a "need-to-know" basis.
- Credit history may be shared with Credit Information Companies after due intimation.
H. General Conduct
- The Company will not interfere in the customer's affairs unless contractually or legally required.
- Recovery efforts will be undertaken ethically and professionally.
- Staff will be trained to handle customer concerns and treat them with respect and professionalism.
A multi-tier grievance redressal system is in place, including a Nodal Grievance Redressal Officer:
Name: Mr. Bapan Sarkar
Address: 9, Lal Bazar Street, 3rd Floor, Block A, Kolkata, West Bengal, India, 700001
Email: nodal.grievance@ayushfiscal.com
The grievance redressal mechanism is reviewed periodically and reported to the Board.
This Code shall be reviewed and approved annually by the Board of Directors.