Preamble
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
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.