Fair Practices Code

Introduction

This has reference to Master circular – Fair Practices Code dated July 01, 2015, Refer to DNBR (PD) CC.No.054/03.10.119/2015-16 dated July 01, 2015 Master Circular - Fair Practices Code wherein the Reserve Bank of India (RBI) has revised the guidelines on Fair Practices Code for NBFCs to implement the same.

The Fair Practices Code, as mentioned herein below, is in conformity with these Guidelines on Fair Practices Code for NBFCs-AA as contained in the aforesaid RBI Circular. This sets minimum Fair Practice standards for the Company to follow when dealing with customers. It provides information to customers and explains how the Company is expected to deal with them on a day-to-day basis.

This policy applies to all customers including those with any complaints / enquiries as posted on social / any other media and we encourage all customers to reach out to the below platforms as required.

Objective of the Code

The code has been developed with an objective of:

  • Ensuring fair practices while dealing with customers;
  • Greater transparency enabling customers in having a better understanding of the product and taking informed decisions;
  • Building customer confidence in the company.

Applications for Services:

  • The Company offers various services of account aggregator and to undertake the service of, retrieving or collecting financial information pertaining to the customer and consolidating, organizing and presenting such information to the customer or any other financial information user(s).
  • The 'Application Form / appropriate documents' of OMS FINTECH ACCOUNT AGGREGATOR PRIVATE LIMITED for each of these products offered by the Company is different depending upon the requirement of each product and will include all information that is required to be submitted by the Customer. Necessary information will be provided by OMS FINTECH ACCOUNT AGGREGATOR PRIVATE LIMITED to facilitate the Customer in making a meaningful comparison with similar terms and conditions offered by other Non-Banking Finance CompaniesAccount Aggregator (NBFCs-AA) and taking an informed decision based on the aforesaid comparison.
  • The 'Application Form/ appropriate documents' of OMS FINTECH ACCOUNT AGGREGATOR PRIVATE LIMITED may also indicate the list of documents required to be submitted by the Customer along with the Application form.
  • OMS FINTECH ACCOUNT AGGREGATOR PRIVATE LIMITED has a mechanism of giving an acknowledgement for receipt of Application form to its customer for availing services. OMS FINTECH ACCOUNT AGGREGATOR PRIVATE LIMITED would inform the Customer about its decision within reasonable period of time from the date of receipt of all the required information in full.

Working of OMS FINTECH ACCOUNT AGGREGATOR PRIVATE LIMITED shall be:

  1. OMS FINTECH ACCOUNT AGGREGATOR PRIVATE LIMITED will share the data securely between FIP and FIU
  2. It will facilitate the process of consent, much like how a UPI app facilitates the transfer of funds from one bank account to another. Similarly, it will transfer financial data rather than funds
  3. OMS FINTECH ACCOUNT AGGREGATOR PRIVATE LIMITED’s app will fetch your account information from banks, financial institutions, insurance company, & FIP(s) in an encrypted form.
  4. OMS FINTECH ACCOUNT AGGREGATOR PRIVATE LIMITED-AA will be data blind.
  5. OMS FINTECH ACCOUNT AGGREGATOR PRIVATE LIMITED AA will deliver your data to the insurance agency. There's no need to follow up or send clarifications about your data. The insurance agency will be given all the information it needs- the consent to access your bank statements, how long the consent lasts for, how many months of statements you've shared, whether all your statements are available, etc.

General:

  • OMS FINTECH ACCOUNT AGGREGATOR PRIVATE LIMITED will refrain from interference in the affairs of its customers except for the purposes provided in the terms and conditions of the respective service agreement (unless new information, not earlier disclosed by the customers, which may come to the notice of OMS FINTECH ACCOUNT AGGREGATOR PRIVATE LIMITED).
  • In case of receipt of request from the Customer for transfer of Service account, the consent or otherwise i.e., objection of OMS FINTECH ACCOUNT AGGREGATOR PRIVATE LIMITED, if any, is generally conveyed to such customer within 21 days from the date of receipt of the customer’s request. Such transfer will be as per transparent contractual terms in consonance with all the applicable laws.

Grievance Redressal Mechanism

Refer to Grievance Redressal Policy