Fair Practice Code


The Reserve Bank of India (RBI) has issued guidelines on Fair Practices Code for Non Banking Finance Companies (NBFCs) thereby setting standards for fair business and corporate practices while dealing with their customers. Pursuant to the Notification issued by the Reserve Bank of India by its Circular No. DNBS.CC.PD.No. 320/03.10.01/2012-13 dated February 18, 2013 amended from time to time, X10 FINANCIAL SERVICES LIMITED, either directly or through its subsidiaries and/or associates (hereafter referred to as ‘X10/The Company’) has formulated this Fair Practices Code to lay down the following procedures/practices in dealing with the business transactions. The Company shall adopt all the best practices prescribed by RBI from time to time and shall make appropriate modifications if any necessary to this Code to conform to the standards so prescribed.

It is, and shall be, the policy of X10 to make available to all eligible qualified applicants, without discrimination on the basis of race, caste, colour, religion, sex, marital status, age or handicap all financial products.

X10’s policy is to treat all the clients consistently and fairly. The employees of X10 will offer assistance, encouragement and service in a fair, equitable and consistent manner. X10 will also communicate its Fair Practices Code (FPC) to its customers by uploading the FPC on its website.

X10 will ensure that the implementation of the FPC is the responsibility of the entire organisation. Its commitment to FPC will be demonstrated in terms of employee accountability, training, counselling, and monitoring, auditing programs and internal controls, and optimal use of technology.

X10’s management team is 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.

The Fair Practice Code (FPC) is intended to cover the following areas:

  • Applications for loans and their processing
  • Loan appraisal and terms/conditions
  • Disbursement of loans, including changes in terms and conditions
  • General provisions and
  • Grievance redressal mechanism

Applications for loans and their processing:

  1. All Communication to the borrower will be in vernacular language or a language as understood by the borrower. All relevant information pertaining to the loan will be made available in the relevant loan application form(s), including the necessary loan information and documents required to be submitted together with the duly completed application form.
  2. Loan application forms of X10 will include necessary information which are likely to affect the interests of the prospective borrower,the approach of X10 for gradation of risk and rationale for charging different rate of interest to different categories of 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 can be taken by the prospective borrower
  3. X10 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.

Loan appraisal and terms/conditions

  1. Loan applications shall be assessed in accordance with the Company’s credit appraisal process.
  2. Upon approval of the loan, an agreement/sanction letter indicating the amount of loan sanctioned, annualised rate of interest applicable, including method of application thereof, along with the terms and conditions, shall be conveyed to the loan applicant in writing along with penal interest rate for late repayment in bold letters. A written acceptance of such terms and conditions shall be retained by the Company.
  3. X10 shall furnish a copy of the loan agreement along with a copy of all enclosures quoted in the loan agreement to the borrower.

Disbursement of loans, including changes in terms and conditions

  1. The Company will refrain itself from changing the terms & conditions after the same have been settled at the time of initial sanction and disbursement of loan unless receipt of any significant information which were not disclosed earlier by the borrower.
  2. Any changes to the terms and conditions, including disbursement schedule, interest rates, service charges, prepayment charges, etc., shall be informed individually to the borrowers in case of account specific changes, and in case of others, the same shall be available at the registered office / corporate office of the Company. All the communication intimating change in terms & conditions shall be in vernacular language or language as understood by the borrower.
  3. Changes in the interest rates and charges shall form part of loan agreement and shall be effected only prospectively.
  4. Decision to recall / accelerate payment or performance under the agreement shall be in accordance with the terms and conditions duly acknowledged by the borrower.
  5. All securities pertaining to the loan would be released on receipt of full and final payment of the loans, subject to any legitimate right or lien and set-off for any other claim that the Company may have against the 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 the Company is entitled to retain the securities until the relevant claim is settled /paid.

General provisions

  1. 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 Company).
  2. 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.
  3. In the matter of recovery of loans, the Company shall not resort to undue harassment and would operate within the legal framework .

Grievance Redressal

  1. X10 will guide customers who wish to lodge a complaint and also provide guidance on what to do in case the customer is unhappy with the outcome.
  2. After examining the matter, X10 will send a response as soon as possible; X10 will also guide a customer on how to take the complaint further if the customer is not satisfied.
  3. A Principal/Nodal Officer has been appointed for the redressal of grievances of the customers including the borrowers, in connection with any matter pertaining to business practices, lending decisions, credit management and recovery. The name and contact details of the Principal/Nodal officer shall be displayed on the website of X10.
  4. In case of any complaint/grievance, the borrowers may contact through any of the following channels:
  5. All grievances shall be heard and disposed off by a person at least one level higher to the person / designation against / relating to whom the grievance is made. After examining the matter, it will be our endeavor to provide the borrower/applicant with our final or other response, within a period of one (1) months from receipt of such complaint / grievance.
  6. 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 at:
    • Officer-in-Charge
    • Department of Non-Banking Supervision
    • Mumbai Regional Office
    • Dr. Annie Besant Road, Near Worli Naka,
    • Worli , Mumbai- 400 018
    • Tel: (91-22) 38-24939930 Fax: (91-22) 24914755
    • Email : dnbs@rbi.org.in
  7. The Nodal Officer shall periodically review the implementation and compliance with this code including the redressal of grievances periodically and in case at least once every calendar quarter. A report to this effect shall be provided by the Nodal Officer for perusal of the Board.

Force Majeure

The various commitments outlined and made by X10 are applicable under the normal operating environment. In the event of Force Majeure, X10 will not be able to fulfill the commitments under the FPC to the entire satisfaction of the customer/s, the other stake holders and the public in general.


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