In these Loan Terms and Conditions, unless there is anything repugnant to the subject or context thereof, the expressions listed below shall have the following meanings:
"Affiliate" means, with respect to an Applicant, another person which is (a) Controlled, directly or indirectly, by such Applicant; or (b) Controlling, directly or indirectly, and singly or together with other Affiliates, such Applicant; or (c) directly or indirectly under the same Control as such Applicant.
"Applicable Law" means any statute, law, regulation, ordinance, rule, judgement, order, decree, ruling, bye-law, approval of any Competent Authority, directive, guideline, policy, requirement or other governmental restriction or any similar form of decision of or determination by, or any interpretation or administration having the force of law of any of the foregoing by any Competent Authority having jurisdiction over the matter in question, whether in effect as of the date of the Loan Application or at any time thereafter.
"Application Form" means the application form to which this Loan Terms and Conditions is appended to.
"Authorisations" means all approvals, authorisations, concessions, consents, permits, licenses and all rights granted by and all filings, registrations and agreements with any person (including any Competent Authority) necessary for the business carried on by the Applicant.
"Bounce Charges" means the charges specified as such in the Loan Details.
"Business Day" means a day that is not a Public Holiday.
"Collection Account" means and refers to the account specified as such in the Loan Details.
"Collection Charges" means the charges specified as such in the Loan Details.
"Competent Authority" means any regulatory authority, or the Government of India, or any regional or municipal authority thereof, or other central, state or local Government or any legislature, ministry, department, commission, board, authority, instrumentality, agency, political sub-division or commission under the direct or indirect control of the Government of India, or any State Government or any political sub-division of either of them, or the RBI as to matters of policy or otherwise, owned or controlled by the Government of India or any State Government or any of their sub-divisions or any court, tribunal, judicial or regulatory body within India or any other court, administrative agency or arbitrator.
"Conditions Precedent" shall have the meaning assigned to such term in Clause 2 (Conditions Precedent) below.
"Cooling-off Period" shall have the meaning assigned to such term in Clause 5 (Cooling-off Period) below.
"Credit Information Company" means a company within the meaning of the Companies Act, 2013 and which has been granted a certificate of registration under sub-section (2) of Section 5 of the Credit Information Companies (Regulation) Act, 2005.
"Disbursement Account" means and refers to the account specified as such in the Loan Details into which the Applicant instructs the Lender to disburse the Loan.
"Documentation Charges" means the charges specified as such in the Loan Details.
"Event of Default" means any event or circumstance specified as such in Clause 12 (Events of Default) of this Loan Terms and Conditions.
"Facility Letter" means and refers to the letter issued by the Lender vide which the Loan applied by the Applicant is sanctioned by the Lender.
"Financial Indebtedness" means any indebtedness for or in respect of:
"Foreclosure Charges" shall mean the charges as specified in the Loan Details.
"Insurance Policy" shall mean insurance policy availed by the Applicant financed by the Lender through the Loan.
"Interest Rate" shall mean the rate of interest specified as such in the Loan Details.
"Information Utility" shall have the meaning assigned to it under the Insolvency and Bankruptcy Code, 2016.
"Lender" means Northern Arc Capital Limited, a company incorporated under the Companies Act, 1956 and a non-banking finance company registered with the Reserve Bank of India, having its registered office at IIT-M Research Park, Phase 1, 10th Floor, No. 1 Kanagam Village, Taramani, Chennai – 600 113, Tamil Nadu, India.
"Loan" shall mean the loan specified as such in the Loan Details.
"Loan Details" means the details of the Loan and other charges applicable in relation to the Loan specified under the heading 'DETAILS OF THE LOAN AND OTHER CHARGES' in the Application Form.
"Loan Documents" means the Loan Application, Repayment Schedule, Facility Letter and include all writings and other agreement(s), document(s) or deed(s) executed or entered into, or to be executed or entered into, by the Applicant or, as the case may be, any other person, in relation, or pertaining, to the Loan and each such Loan Document as amended from time to time and "Loan Document" shall mean any one of them.
"Material Adverse Change" means any set of circumstances or events, which is or may, reasonably determined by the Lender, be expected to have a material and adverse effect upon the Applicant or its business, financial condition, results and/or operations.
"Outstanding Amounts" means all amounts payable by the Applicant pursuant to the terms of the Loan Documents, including without limitation:
"Penal Charges" shall mean the charges as specified in the Loan Details.
"Processing Charges" means the charges specified as such in the Loan Details.
"Public Holiday" means Saturday, Sunday or a public holiday for the purpose of Section 25 of the Negotiable Instruments Act, 1881 (26 of 1881), and days on which banks are not open for business in Chennai.
"RBI" means the Reserve Bank of India.
"Repayment Schedule" means the repayment schedule set out under the heading 'Repayment Schedule' in the Loan Details or as may be communicated by the Lender from time to time.
"Tax" or "Taxes" means any and all present or future claims for tax, levy, impost, duty, cess, surcharge or other charge of a similar nature (including any penalty or interest payable in connection with any failure to pay or any delay in paying any of the same) including on gross receipts, sales, turn-over, value addition, use, consumption, property, income, franchise, capital, occupation, license, excise, documents (such as stamp duties) and customs duty, import duty and other taxes, duties.
"Tenor" means the period as specified in the Loan Details, for which the Loan has been provided and within which period the Loan along with accrued interest and other additional interest, charges and payments shall be paid/repaid to the Lender.
In these Loan Terms and Conditions, unless the context otherwise requires:
1.1. Sanction and disbursement of the Loan being the amount specified as such in the Loan Details shall be at the absolute discretion of Lender, subject to consideration of this Loan Application and all other particulars / documents (whether in relation to KYC or otherwise) furnished by me to the Lender and compliance of all formalities and terms and conditions (including these Loan Terms and Conditions) by the Applicant in connection with the availing / disbursement of the Loan to the satisfaction of Lender. The Lender will only be obliged to fund a Loan in accordance with Loan Documents if there no Event of Default.
1.2. Notwithstanding anything contained in the Loan Documents, the Lender shall have the unconditional right to cancel all or any undrawn portion of the Loan, in whole or in part, at any time during the subsistence of the Loan, without giving any prior notice to Applicant, for any reason whatsoever, including but not limited to occurrence of an event which in the opinion of the Lender constitutes or may constitute deterioration in the creditworthiness of the Applicant, or non-compliance of any terms and conditions of any Loan Document.
2.1. Lender shall not be obliged to disburse the Loan unless and until the Applicant has fulfilled the following requirements (Conditions Precedent):
3.1. The Applicant shall repay the outstanding principal amount under the Loan and pay the interest thereon in Indian Rupees in accordance with the Repayment Schedule. The interest on the Loan shall be paid at the Interest Rate and shall accrue from the date of disbursement of the Loan to the Applicant and shall be computed at such periodicity as stated in the Loan Details taking the basis of 365 days in a year/366 day for a leap year at the Interest Rate as stated in the Loan Details. Any change in the Interest Rate or fees or charges shall be subject to mutual agreement between the parties and shall only take effect prospectively.
3.2. In the event of delay on the part of the Applicant in making any payment to Lender as contemplated in the Loan Documents, the Applicant shall, without prejudice to the other rights or remedies of Lender under the Loan Documents, pay Penal Charges on the amount overdue from the date of such payment default till the date such default is cured. The Applicant agrees that the copy of the statement of accounts issued by the Lender duly certified as correct shall be binding on the Applicant as sums due and payable under the Loan Documents.
3.3. In the event a date mentioned in the Repayment Schedule, as the case may be, falls on a Public Holiday then the instalment pertaining to that date shall be paid by the Applicant on the succeeding Business Day.
3.4. Repayment of principal, accrued interest and other monies payable under the Loan Terms and Conditions and the Loan Documents; and in relation to the Loan shall be by way of post-dated cheques, electronic payment instructions or by Applicant's remittance by cash or by demand drafts or any other accepted modes of transfer of funds permitted under the Indian banking system and towards this purpose the Applicant shall deliver to the Lender duly filled post-dated cheques (PDCs) / electronic clearing services (ECS) / automated clearing house (ACH) mandates in a manner required by the Lender from time to time. In case of dishonor of any cheque/electronic payment instruction delivered to the Lender as aforesaid, Bounce Charges as stated in the Loan Details shall be payable by the Applicant to the Lender.
3.5. The levy of charge upon dishonoring of the cheque or electronic payment instructions is without prejudice to the rights of Lender under of the Negotiable Instruments Act, 1881 or the Payment and Settlement Systems Act, 2007, as the case may be, and without prejudice to the other rights, which Lender have under the Loan Documents or under Applicable Law or equity.
3.6. If any or all of the post-dated cheque(s)/demand promissory note delivered to the Lender as aforesaid by the Applicant in terms hereof is/are lost, destroyed or misplaced while in the custody of the Lender or become(s) non encashable due to death, insolvency, lunacy, termination of authority or otherwise of the signatory or any or more of the signatories (if more than one) thereof or for any other reason whatsoever, then in such an event, the Applicant shall, on receipt of the intimation of such loss, destruction or misplacement (as the case may be) from the Lender or immediately on the said post-dated cheques/demand promissory note or any of those being non encashable, deliver to the Lender such numbers of post-cheques/demand promissory note as are adequate to replace those that have been lost, destroyed, misplaced or become non encashable, or make such suitable alternative arrangement for repayment of Loan as is acceptable to and is approved by the Lender.
3.7. Lender shall have a right to apply towards amounts due and payable under the Loan Documents any payments received by Lender from the Applicant in the order Lender deem fit, towards (i) Foreclosure Charges; (ii) costs, charges, expenses and other monies including cost of maintaining legal proceedings, if any; (iii) interest on costs, charges, expenses and other monies; (iv) service charges and fees, if any; (v) interest, including additional interest, if any; (vi) repayment of installments of principal due and payable in related to the Loan.
3.8. The Applicant acknowledges that any delay or default in payment of any amount due and payable under the Facility might adversely affect the Applicant's credit score. The Applicant further acknowledges that the Facility might be classified in the Lender's books as a special mention account (SMA) if any amount due and payable thereunder is overdue.
For example, if any principle, interest, or any other amount is scheduled to be paid on the 31st day of a given month ("Scheduled Date") and such amount is not fully paid on or before such day, then the relevant loan account will be classified as SMA-0 as of such day. If the overdue continues for more than 30 days from the Scheduled Date up to 60 days from the Scheduled Date, then the account will be classified as SMA-1. If the overdue continues for more than 60 days from the Scheduled Date up to 90 days from the Scheduled Date, then the account will be classified as SMA-2. If the overdue continues for more than 90 days from the Scheduled Date, then the account will be classified as Non-Performing Asset (NPA). Once a loan is classified as a NPA, it shall remain as such till the time all overdue amounts are paid.
Illustration:
| Scheduled Date: March 31, 2021 | ||
|---|---|---|
| Classification | Date of classification | Condition for classification |
| SMA-0 | Scheduled Date | If the amount(s) scheduled to be paid on the Scheduled Date is not paid on the Scheduled Date. |
| SMA-1 | April 30, 2021 | If any amount remains overdue for more than 30 days from the Scheduled Date. |
| SMA-2 | May 30, 2021 | If any amount remains overdue for more than 60 days from the Scheduled Date. |
| NPA | June 29, 2021 | If any amount remains overdue for more than 90 days from the Scheduled Date. |
3.9. If there is more than one Applicant, each one of them shall be jointly and severally liable for payment of Outstanding Amounts.
3.10. The Applicant hereby acknowledges and agrees that any refund by the Insurance Company of the insurance premium that is financed by this Loan shall be transferred by such Insurance Company to the Lender and the Lender shall at its sole discretion be entitled to adjust such refund against any Outstanding Amounts of the Applicant under this Loan and the Applicant hereby agrees and undertakes to irrevocably instruct the Insurance Company accordingly.
4.1. The Applicant may prepay the Outstanding Amounts, in full and not in part, upon providing the Lender with a written notice of 7 (seven) Business Days subject to payment of Foreclosure Charges.
4.2. If it becomes unlawful for the Lender to provide the Loan as set out in Loan Terms and Conditions due to any change in the Applicable Laws:
Applicant shall be entitled to require the Lender to cancel the Loan within (3) days of the disbursement of the Loan or any part thereof into the Disbursement Account ("Cooling-off Period") subject to payment of Outstanding Amounts and Cancellation Charges into the Collection Account within the said Cooling-off Period, in which event the Loan shall stand cancelled.
6.1. Lender shall have the right of lien and set-off and apply any and all assets, security, credits, money or properties of the Applicant in the possession or control of Lender against any obligation of the Applicant to the Lender.
6.2. In addition to any general lien or similar right to which Lender may be entitled by law, Lender may at any time and without notice to the Applicant, combine or consolidate all or any of the Applicant's accounts with and liabilities to Lender and set off or transfer any sum or sums standing to the credit of any one or more of such accounts in or towards satisfaction of any of the Applicant's liabilities to Lender on any other account or in any other respect, whether such liabilities be actual or contingent, primary or collateral and several or joint.
6.3. It is agreed, acknowledged and understood by the Applicant that if the Applicant commits a default in related to the Loan, then such default shall be and deemed to be a default of all the other loans availed of by the Applicant, and notwithstanding anything contrary elsewhere contained in any writing or otherwise, and Lender shall regard all the borrowings of the Applicant as immediately due and payable and Lender shall be entitled to recall all the facilities granted to the Applicant.
6.4. Lender shall not be obliged to exercise any right given to it under this Clause 6 (Lien and Set-off).
The Applicant expressly recognizes and accepts that Lender shall, without prejudice to its right to perform such activities itself or through its officers or servants, be absolutely entitled and have full powers and authority to appoint one or more third parties of their choice and to transfer and delegate to such third parties the right and authority to collect on behalf of Lender the amounts payable by the Applicant to Lender in relation to the Loan and to perform and execute all acts, deeds, matters and things connected therewith or incidental thereto including sending notices of demand, attending the residence or office of the Applicant or otherwise contacting the Applicant; or receiving the amounts due and recovering the amounts overdue.
All notices, requests, consents, approvals, agreements, authorizations, acknowledgements, waivers and other communications required or permitted herein will be in writing and will be deemed duly served: (i) upon receipt, when delivered personally; (ii) upon receipt, when sent by facsimile (provided confirmation of transmission is mechanically or electronically generated and kept on file by the sending party) or electronic mail; (iii) on the expiry of 3 (three) Business Days after posting if sent by registered post or speed post with acknowledgement due; or (iv) upon actual receipt, if sent by reputable courier, to the addresses as set forth below or at such other address as the Party to be served may have notified as its address for service of notices to be given in terms hereof, provided however, no notice to Lender shall be effective until actually received by them:
For Lender:
The address for service of any notice to the Lender in relation to the Loan will be the address(es) set out in the definition 'Lender' under Clause I (Definitions).
For Applicant:
The address for service of notices to the Applicant will be the address(es) set out in the Application Form. If Applicant is more than one person, a notice to any one of them shall be deemed to be given to all of them.
9.1. Lender be entitled at their absolute discretion and in the manner they deem fit to disclose/publish any information about the Applicant, his/her account relationship with Lender and/or any default committed by him/her in repayment of amounts/payment of interest (whether such information is provided by the Applicant or obtained by Lender themselves and whether in form or repayment conduct, rating or defaults) to its affiliated entities, its auditors, RBI, Banks, financial institutions, credit information companies, any refinancing agency and such third parties including rating agencies as Lender may, in their absolute discretion, deem fit and proper.
9.2. Lender shall have the right to inspect books of accounts and other records maintained by the Applicant.
9.3. The Applicant acknowledge(s) that certain services may be outsourced by Lender to various service provider/third parties and in pursuance of which Applicant information may be disclosed by Lender to such service provider/third parties. The Applicant hereby gives its consent to disclosure by Lender to such service provider/third parties confidential information relating to Applicant and disclaims any liability that may arise by such disclosure by Lender. Further, the Applicant accepts and recognizes that Lender shall enter into outsourcing arrangement and that any such arrangement shall comply with the regulations/directions provided by the RBI from time to time.
9.4. In the event of default in payments or other obligations under the Loan Documents, Lender and their representatives shall have the right to visit, call at his/her office and/or residence.
9.5. Lender may collect information about applicant preferences, behaviour and interactions from third-party sources, including but not limited to its partners, and may process, analyse and use such information for the purpose of providing personalised recommendations and offers for financial products. For this purpose, Lender may share my unique identifiers with such third-party service providers solely to enable secure identification of my profile.
10.1. The Applicant hereby represents, warrants and undertakes as follows and acknowledges that any decision of Lender to grant the Loan to the Applicant will be in reliance of the following representations, warranties and undertakings:
11.1. The Applicant hereby covenants and undertakes:
12.1. Each of the events or circumstances set out in the following sub-clauses of this Clause is an Event of Default:
12.2. On and at any time after the occurrence of an Event of Default, Lender may:
13.1. The Applicant hereby agrees to indemnify, keep indemnified and hold harmless Lender against any injury, loss, liability, claim, damage including stamp duty, penalty and court fees, if any or other liability (including legal fees), or demands of any nature whatsoever Lender may incur or suffer on account of:
13.2. The amounts payable by the Applicant to Lender pursuant to Clause 13.1 above shall be paid forthwith on receipt of notice from the Lender, as the case may be.
14.1. The terms and conditions of the Loan Application and the transactions contemplated therein shall be binding upon and ensure the benefit of each Party hereto and any legal representatives, heirs, executors, administrators, successors and permitted assigns of the Applicant as also the successors and assigns of Lender.
14.2. Applicant shall not, under any circumstance, be entitled to assign, alienate or transfer all or any of its rights, benefits and obligations herein without the prior written consent of Lender.
14.3. Applicant expressly acknowledges and agrees that Lender may, at any time, without requiring the prior consent from the Applicant or any other person and without giving notice to the Applicant any other person, sell, transfer, assign, securitize, novate, part with any or all of its receivables arising in relation to the Loan and its rights and benefits and obligations (if any) under all or any of the Loan Documents, to any third party ("Assignee"), in any manner whatsoever including by direct assignment or by the process of securitization. Applicant irrevocably and unconditionally confirms that it shall continue to be bound by the terms herein and other Loan Documents notwithstanding such transfer or assignment by Lender and that the Assignee shall acquire an interest in the Loan Documents forthwith.
15.1. Applicant accepts, confirms and consents for the disclosure and sharing by the Lender of all or any information and data relating to the Applicant, the Loan, any other transactions that the Applicant has with the Lender, the agreements and documents related to the facilities and transactions, including but not limited to information relating to payments and default, if any, committed by the Applicant, in the discharge of the Applicant's obligations in relation to the facilities or other transactions, as the Lender may deem appropriate and necessary to disclose and furnish, to the RBI; CICs; Information Utility and/or to any other regulatory authority, department, agency or body as authorized in this behalf under Applicable Law.
15.2. Applicant also understands that:
16.1. Loan Terms and Conditions shall be governed and construed in accordance with the laws of India and subject to the provisions of Clause 16.2 below, Applicant and Lender hereby submit to the exclusive jurisdiction of courts and tribunals at Chennai. The submission to the jurisdiction of the courts and tribunals at Chennai is for the benefit of Lender only and shall not (and shall not be construed so as to) limit the right of Lender to take any other action or initiate proceedings in any other court of competent jurisdiction, nor shall the taking of proceedings by Lender in any one or more jurisdictions preclude the taking of proceedings by Lender in any other jurisdiction (whether concurrently or not) if and to the extent permitted by law.
16.2. If any dispute arises between Lender and (any) Applicant, in connection with the validity, interpretation, implementation or alleged breach of any provision of the Loan Documents, the dispute shall be referred to a sole arbitrator who shall be a neutral and suitably qualified third party appointed by Lender.
16.3. The place of arbitration shall be Chennai. The arbitration proceeding shall be governed by the Indian Arbitration and Conciliation Act, 1996. The arbitration proceedings shall be conducted in English and the arbitral award shall be recorded in writing.
The rights and obligations of Applicant under the Loan Terms and Conditions and the Loan Documents may be terminated only by a written release from Lender upon the payment of the Outstanding Amounts under the Loan Terms and Conditions and the Loan Documents and in relation to the Loan, as may be applicable, to the satisfaction of Lender.
18.1. Severability
If any provision of the Loan Terms and Conditions or the application thereof to any person or circumstance is held to be invalid or unenforceable to any extent, the remainder of Loan Terms and Conditions and the application of such provision to persons or circumstances other than those as to which it is held invalid or unenforceable shall not be affected thereby, and each provision of the Loan Terms and Conditions shall be valid and enforceable to the fullest extent permitted by law. Any invalid or unenforceable provision of Loan Terms and Conditions shall be replaced with a provision, which is valid and enforceable and most nearly reflects the original intent of the unenforceable provision.
18.2. Reservation of Rights
Any delay in exercising or omission to exercise any right, power or remedy accruing to Lender under the Loan Terms and Conditions or any other Loan Document or agreement or document shall not impair any such right, power or remedy and shall not be construed to be a waiver thereof or any acquiescence in any default; nor shall the action or inaction of Lender in respect of any default or any acquiescence in any default, affect or impair any right, power or remedy of Lender in respect of any other default.
18.3. Relationship
Nothing contained in this Agreement shall constitute a partnership between the Parties or authorise any Party to act as an agent of the other except to the extent specifically set forth herein.
18.4. Amendment
Any modification, variation or amendment to the Loan Terms and Conditions shall be made only by writing duly executed by Applicant and Lender.
18.5. Cumulative Rights
All remedies of the Applicant and Lender under the Loan Terms and Conditions and other Loan Documents whether provided herein or conferred by statute, contract, civil law, common law, custom, trade, or usage, are cumulative and not alternative and may be enforced successively or concurrently.
In the event of any delay or default in payment of any amount due and payable by the obligor(s) in relation to the loan, the obligor(s) may be reminded or given notice of demand to pay the overdue amounts by making telephone call(s), sending written communications by letters and/or electronic communications or by making personal visits. The lender shall have the right, without further notice to the obligor(s), to surrender the policy and claim residual insurance premium and adjust it against any amount due and payable by the obligor(s) in relation to the loan.
Personal visits may be to the workplace and/or residence/identified place of stay or work of the obligors as per their preference and in case such preference is not communicated/ascertained, obligors will be contacted only at their residence/identified place of stay and if unavailable at residence, at the place of business/occupation/identified place of work. Such personal visits shall ideally be between 8.00 am and 7.00 pm. In the case of personal visits, the identity and authority of persons making such visits for follow-up and recovery would be made known to the obligors at the first instance.
Lender may utilize the services of one or more collection agents for collection of amounts in relation to the loan. The collection agents will be required to follow a code of conduct covering their dealings with the obligors. All the practices adopted for follow-up and recovery of dues and enforcement of security will be in consonance with the law.
In addition to the foregoing, the loan may be recalled, and recovery proceedings may be initiated in accordance with the terms and conditions governing the loan.
The Personal Information collected/shared/uploaded for the provision of Services has been exhaustively covered in our privacy policy ("Privacy Policy"). Our Privacy Policy is available here.
Applicant confirms that his/her annual household income, that is to say, the annual income of the applicant's family unit, i.e., applicant, applicant's spouse and applicant's unmarried children, is more than Rs. 3,00,000/- (Indian Rupees Three Lakhs), and therefore, applicant's borrowing under the present Facility does not qualify to be treated as a microfinance loan under the applicable regulations issued by Reserve Bank of India.
In case of any grievances against Lender or any person acting directly or indirectly on its behalf, you may reach out to our representatives below at any time between 10:00 am and 6:00 pm Monday to Friday except public holidays.
Customers are requested to address all their grievances at the first instance to the Grievance Redressal Officer. The contact details of the Grievance Redressal Officer as on the date are as provided below:
Mr. Madhan Mohan K
Address: IndiQube Golf View Homes, 6th Floor, Tower B, 3rd Cross Road, S R Layout, Murgesh Pallya, Bengaluru-560017
Toll free number: 1800 419 8766
Email ID: gro@northernarc.com
The Grievance Redressal Officer may be reached on the toll-free number provided above anytime between 10:00 am and 6:00 pm on weekdays except public holidays or through the e-mail address above. The Grievance Redressal Officer shall endeavour to resolve the grievance within a period of fifteen days from the date of receipt of a grievance.
If the customer does not receive a response from the Grievance Redressal Officer within 15 days of making a representation, or if the customer is not satisfied with the response received from the Grievance Redressal Officer, the customer may reach the Nodal Officer on the toll free number below anytime between 10:00 am and 6:00 pm on weekdays except public holidays or write to the Nodal Officer at the e-mail address below. The contact details of our Nodal Officer as on date are provided below:
Ms. Deepa Nair
Address: IndiQube Golf View Homes, 6th Floor, Tower B, 3rd Cross Road, S R Layout, Murgesh Pallya, Bengaluru-560017
Toll free number: 1800 258 7010
Email ID: nodal.officer@northernarc.com
In case the customer does not receive a response from the Grievance Redressal Officer or the Nodal Officer within one month from the date of making a representation to the Company, or if the customer is not satisfied with the response so received, a complaint may be made in accordance with the 'The Reserve Bank - Integrated Ombudsman Scheme, 2021' ("Ombudsman Scheme") to the Ombudsman in whose jurisdiction the office of the Company complained against, is located. Complaints can be filed online with the Ombudsman's complaint lodging portal at https://cms.rbi.org.in. For contact details of the Ombudsman and for salient features of the Ombudsman Scheme, please refer to Annexure-A of the Fair Practices Code adopted by the Company and available on our website https://www.northernarc.com/. A copy of the Ombudsman Scheme is available on the website of Reserve Bank of India at www.rbi.org.in and also with our Nodal Officer.
The above mentioned details of the GRO and NO is subject to changes, for any update on the information provided above please refer to https://www.northernarc.com/grievance-redressal-mechanism.