ORA FINANCE PRIVATE LIMITED

CIN: U65929DL2021PTC384921

KNOW YOUR CUSTOMER (KYC) AND PREVENTION OF MONEY LAUNDERING ACTIVITIES POLICY

Policy: Know Your Customer (KYC) and Prevention of Money Laundering Activities Policy	Policy version: V.1
Date of issue: February 01, 2023	Authorized by: Board of Directors
Effective from: February 01, 2023	Adopted by: Board Resolution dated February 01, 2023

1) INTRODUCTION

Reserve Bank of India has issued Master Direction- Know Your Customer (KYC) Direction, 2016 including comprehensive guidelines on Know Your Customer (KYC) norms and Anti- money Laundering (AML) standards and has advised all NBFCs to ensure that a proper policy framework on KYC and AML measures be formulated and put in place with the approval of the Board.

Accordingly, in compliance with the guidelines issued by RBI from time to time, the following KYC & AML policy of the Company is approved by the Board of Directors of the Company.

Applicability of this policy shall be on all categories of products and services offered by the Company.

2) OBJECTIVE

The main objectives of this policy are as follows:

• ❖ To prevent criminal elements from using Company for money laundering activities;
• ❖ To put in place an effective system and procedure for Customer identification and verifying its / his / her identity and residential address;
• ❖ To enable Company to know and understand its customers and their financial dealings better which, in turn, would help the Company to manage risks prudently;
• ❖ To put in place appropriate controls for detection and reporting of suspicious activities in accordance with applicable laws/laid down procedures;
• ❖ To comply with applicable laws and regulatory guidelines.

3) DEFINITIONS

i. “Act” and “Rules” means the Prevention of Money-Laundering Act, 2002 and the Prevention of Money-Laundering (Maintenance of Records) Rules, 2005, respectively and amendments thereto.

ii. "Authentication” in the context of Aadhaar authentication, means the process as defined under sub-section (c) of section 2 of the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016.

iii. “Central KYC Records Registry” (CKYCR) means an entity defined under Rule 2(1) of the Rules, to receive, store, safeguard and retrieve the KYC records in digital form of a customer.

iv. “CKYC Identifier” Upon successful submission/registartion of KYC Documents of the Borrower on CERSAI Portal, a 14- digit KYC Identifier Number (KIN) is issued. An SMS/email will be sent to the Borrower, once the KIN is generated. The Company need to ensure that the KIN is communicated to the Customer (either individual/Legal Entity) as the case may be.

v. “Certified Copy” (Original Seen & Verified/OSV) - Obtaining a certified copy or OSV by the Company shall mean comparing the copy of the proof of possession of Aadhaar number where offline verification cannot be carried out or officially valid document so produced by the customer with the original and recording the same on the copy by the authorised officer of the Company.

vi. “Customer” For the purpose of KYC Guidelines, a “customer” is defined as:

• 1. A person or entity that maintains an account and/or has a business relationship with the Company including customers associated with the selling/marketing of permitted insurance business of the NBFC;
• 2. One on whose behalf the account is maintained (i.e. the beneficial owner);
• 3. Beneficiaries of transactions conducted by professional intermediaries such as Stock Brokers, Company Secretaries, Chartered Accountants, Solicitors etc. as permitted under the law, and
• 4. Any person or entity connected with a financial transaction which can pose significant reputation or other risks to the Company, say a wire transfer or issue of a high value demand draft as a single transaction.

vii. “Customer Due Diligence (CDD)” means identifying and verifying the customer and the beneficial owner.

viii. “Customer identification” means undertaking the process of CDD.

ix. “Digital Signature” shall have the same meaning as assigned to it in clause (p) of subsection (1) of section (2) of the Information Technology Act, 2000 (21 of 2000).

x. “Equivalent e-document” means an electronic equivalent of a document, issued by the issuing authority of such document with its valid digital signature including documents issued to the digital locker account of the customer as per rule 9 of the Information Technology (Preservation and Retention of Information by Intermediaries Providing Digital Locker Facilities) Rules, 2016.

xi. “FATCA” means Foreign Account Tax Compliance Act of the United States of America (USA) which, inter alia, requires foreign financial institutions to report about financial accounts held by U.S Tax payers or foreign entities in which U.S Tax payers hold a substantial ownership interest.

xii. “Know Your Client (KYC) Identifier” means the unique number or code assigned to a customer by the Central KYC Records Registry.

xiii. "Non-face-to-face customers" means customers who open accounts without visiting the branch/ offices of the company or meeting the officials/ authorized representatives of the Company.

xiv. “Offline verification” means the process of verifying the identity of the Aadhaar number holder without authentication, through such offline modes as may be specified by regulations.

xv. “On-going Due Diligence” means regular monitoring of transactions in accounts to ensure that they are consistent with the customers’ profile and source of funds.

xvi. “Periodic Updation” means steps taken to ensure that documents, data or information collected under the CDD process is kept up-to-date and relevant by undertaking reviews of existing records at periodicity prescribed by the Reserve Bank.

xvii. “Politically Exposed Persons” (PEPs) are individuals who are or have been entrusted with prominent public functions in a foreign country, e.g., Heads of States/Governments, senior politicians, senior government/judicial/military officers, senior executives of state- owned corporations, important political party officials, etc.

xviii. “Principal Officer” means an officer nominated by the Company, responsible for furnishing information as per rule 8 of the Rules.

4) CUSTOMER ACCEPTANCE POLICY

The Company shall follow the following norms while accepting and dealing with its customers:

I. No account is opened in anonymous or fictitious / benami name.

II. The Company shall carry out full scale customer due diligence (CDD) before opening an account. When the true identity of the applicant is not known or the Company is unable to apply appropriate CDD measures, no transaction or account based relationship will be undertaken with such person / entity.

III. ‘Optional’/additional information, is obtained with the explicit consent of the customer after the account is opened.

IV. The Company shall apply CDD measures at the Unique Customer Identification Code (UCIC) level. Thus, if an existing KYC compliant customer of a RE desires to open another account with the same RE, there shall be no need for a fresh CDD exercise.

V. CDD Procedure is followed for all the joint account holders, while opening a joint account.

VI. Where Permanent Account Number (PAN) is obtained, the same shall be verified from the verification facility of the issuing authority.

VII. Parameters of risk perception are clearly defined in terms of the nature of business activity, location of customer and his clients, mode of payments, volume of turnover, social and financial status etc. to enable categorization of customers into low, medium and high risk. The illustrative list of such risk categorisation is provided in Exhibit – I.

VIII. The customer profile contains mandatory information to be sought for KYC purpose relating to customer’s identity, address, social/financial status, nature of business activity, information about the clients’ business and their location etc. The natur e and extent of due diligence will depend on the risk perceived by the Company. However, while preparing customer profile the Company will seek only such information from the customer which is relevant to the risk category and is not intrusive. The customer profile will be a confidential document and details contained therein will not be divulged for cross selling or any other purpose. The Company shall maintain secrecy regarding customer information except where the disclosure is under compulsion of law, there is a duty to the public to disclose, the disclosure is made with express or implied consent of the customer.

IX. The Company shall ensure that the identity of the customer does not match with any person or entity whose name appears in the sanction lists circulated/prescribed by RBI from time to time.

X. The intent of the Policy is not to result in denial of financial services to general public, especially to those, who are financially or socially disadvantaged. While carrying out due diligence, the Company will ensure that the procedure adopted does not result in denial of services to any genuine customers.

XI. When the true identity of the account holder is not known, the Company shall file Suspicious Transaction Reporting (STR) as provided below in clause 9.

5) CUSTOMER IDENTIFICATION PROCEDURE

I. The Company shall undertake identification of customers before commencement of an account based relationship. Customer identification means identifying the customer and verifying his / her identity by using reliable and independent source of documents, data or information to ensure that the customer is not a fictitious/ anonymous/ benami person. The Company shall obtain sufficient information necessary to establish, to its satisfaction, the identity of each customer and the purpose of the intended nature of business relationship.

II. An effective Customer Identification Program (“CIP”) is an important part of the effort by the Company to know its customers. The Company’s CIP is integrated into the AML (Anti Money Laundering) program for the company in terms of the Prevention of Money Laundering Act, 2002 and the relevant rules notified there under (PMLA), which contains provisions requiring the business processes to:

A) Verify the identity of any Person transacting with the Company to the extent reasonable and practicable

B) Maintain records of the information used to verify a customer’s identity, including name, address and other identifying information and

C) Consult sanctions lists/ FATF statements of known or suspected terrorists: The Company shall ensure that, in terms of Section 51A of the Unlawful Activities (Prevention) (UAPA) Act, 1967 and amendments thereto, the Company does not have any account in the name of individuals/entities appearing in the lists of individuals and entities, suspected of having terrorist links, which are approved by and periodically circulated by the United Nations Security Council (UNSC) and whose names appears in the sanctions lists circulated by Reserve Bank of India.

The Company may ensure the aforesaid, verifying the name of person or entity through the website of the concerned entity or through the service provider, who provide the said service of third party verification, in compliance applicable provisions/guideline of Reserve Bank of India, the Prevention of Money Laundering Act and rules made there under in this regard.

Details of accounts/ customers bearing resemblance with any of the individuals/ entities in the list, shall be treated as suspicious and reported to the FIU-IND, apart from advising Ministry of Home Affairs as required under UAPA notification.

The Credit Head, will be responsible to ensure that, the name of Borrower is not reflecting in the aforesaid list.

The Company will perform appropriate, specific and where necessary, Enhanced Due Diligence on its customers that is reasonably designed to know and verify the true identity of its customers and to detect and report instances of criminal activity, including money laundering or terrorist financing. The procedures, documentation, types of information obtained and levels of KYC due diligence to be performed will be based on the level of risk associated with the relationship (products, services, business processes, geographic locations) between the Company and the customer and the risk profile of the customer.

III. The Company shall undertake identification of customers in the following cases:

• a. Commencement of an account-based relationship with the customer.
• b. When there is a doubt about the authenticity or adequacy of the customer identification data it has obtained.
• c. Selling third party products as agent.

IV. The Company shall take reasonable measures to ascertain and verify the true identity of all customers who transact with the Company. Each business process shall design and implement specific due diligence standards and procedures that are appropriate given the nature of the respective businesses, customers and the associated risks. Such standards and procedures shall include, at a minimum, the following elements.

V. Identification: All the customers shall be identified by a unique identification code to identify customers, track the facilities availed, monitor financial transactions in a holistic manner and to have a better approach to risk profiling of customers.

The customer identification requirement is detailed in Exhibit - II to this policy. Each business process shall implement procedures to obtain from each Customer, prior to transacting, the following information as may be relevant, to that business:

a) Name : procedures require business processes to use reasonable efforts to ensure that the name recorded on the Company systems as the customer will be exactly the same as (and not merely similar to, or a variation of) the name that appears on any identifying documentation reviewed in connection with the loan;

b) For individuals - age / date of birth; For a person other than individual (such as corporation, partnership or trust) - date of incorporation;

c) Address including the documentary proof thereof:

i. For an individual, a residential or business street address;

ii. For a Person other than an individual (such as a corporation, partnership, or trust), the principal place of business, local office, or other physical location;

d) Telephone/Fax number/E-mail ID;

e) Identification number:

i) A taxpayer identification number; passport number and country of issuance; proof of possession of Aadhaar number; alien identification card number; or number and country of issuance of any other government-issued document evidencing nationality or residence and bearing a photograph or similar safeguard or the unique number or code assigned by the Central KYC Records Registry. When opening an account for a person (other than an individual) that does not have an identification number, the business process must request alternative government-issued documentation certifying the existence of the business or enterprise; Where a customer submits proof of possession of Aadhaar number, the Company shall ensure that such customer redacts or blackout his Aadhaar number before submitting the same to the Company.

The submission of Aadhaar is mandatory only when the customer is desirous of receiving any benefit or subsidy under any scheme notified under Section 7 of the Aadhaar Act or as per the Notification, Circular, Guidelines, as may be issued by RBI read with Directions/Guidelines, issued UIDAI from time to time, otherwise Aadhaar is not mandatory and the Company not to insist for the same. However, the individual, if so desires, may provide the same out of volition. The customer, at their option, shall submit one of the OVDs.

ii) For a customer who has applied for, but has not received an identification number, loan may be sanctioned, but each business process shall implement procedures to confirm that the application was filed before the loan is sanctioned to customer and to obtain the identification number within a reasonable period of time before disbursal of loan.

f) One recent photograph of the individual customer. Fresh photographs will be obtained from minor customer on becoming major.

For undertaking CDD, the list of documents that can be accepted as proof of identity and address from various customers across various products offered by the Company is given as Exhibit-III to this policy. These are appropriately covered in the credit policies of the respective businesses and communicated to the credit approving authorities.

6) CUSTOMER DUE DILIGENCE (CDD)/VERIFICATION

Each business process as a part of the credit policy will document and implement appropriate risk-based procedures designed to verify that it can form a reasonable belief that it knows the true identity of its customers. Verification of customer identity should occur before transacting with the customer. Procedures for each business process shall describe acceptable methods of verification of customer identity, which may include verification through documents or non-documentary verification methods that are appropriate given the nature of the business process, the products and services provided and the associated risks.

I. Verification through Officially Valid Documents:
Comparing the copy of the proof of possession of Aadhaar number where offline verification cannot be carried out or Officially Valid Document so produced by the customer with the original and recording the same on the copy by the authorised officer of the Company. These documents may include, but are not limited to the list of documents that can be accepted as proof of identity and address from customers across various products offered by the Company as provided in Exhibit - III to this policy. These are appropriately covered in the credit policies of the respective businesses. The customer verification processes will be covered in detail in the credit policies of every business.

II. Verification through Non-Documentary Methods: These methods may include, but are not limited to:
i. Contacting or visiting a customer;
ii. Independently verifying the customer’s identity through the comparison of information provided by the customer with information obtained from a consumer reporting agency, public database, or other source;
iii. Checking references with other financial institutions; or
iv. Obtaining a financial statement.

III. Offline Verification:
The Company may carry out offline verification of a customer under the Aadhaar (Targeted Delivery of Financial and Other subsidies, Benefits and Services) Act, 2016, Directions/Guidelines issued by the Unique Identification Authority of India (hereinafter referred as Aadhaar Regulations) if the customer is desirous of undergoing Aadhaar offline verification for identification purpose.
Offline Verification can be done by following two ways:

Option 1: Using the Quick Response (QR) codes:
Seek the Aadhaar QR code from the customers. The same has to be download and printed by the customer and submitted to the company who shall read it using a QR code reader. Scanning of QR code, from the QR code reader will provide the name, address and photograph of the customer, without providing the Aadhaar number.

Option 2: Using paperless e-KYC:
The paperless e-KYC involves generation of a digitally signed XML which can be stored in a laptop or phone and be communicated by the customer to the company, as and when required. Companies can receive the Aadhaar Paperless Offline e-KYC XML from the customers. The XML file provides the name, address and photograph of the customer, without providing the Aadhaar number.

No such offline verification will be performed without obtaining the written consent of the customer in the manner prescribed in the Notification, Circular and Guideline issued by RBI read with Aadhaar Regulations.

Except in accordance with the Notification, Circular, Guidelines issued by RBI read with Aadhaar Regulations , the Company shall not collect, use or store an Aadhaar number of its customer for any purpose.

IV. Verification of equivalent e-document:
Where the customer submits an equivalent e-document of any Officially Valid Document (OVD), issued by the issuing authority of such document with its valid digital signature including documents issued to the digital locker account of the customer, the Company shall verify the digital signature as per the provisions of the Information Technology Act, 2000 and take live photo of the customer as specified under digital KYC in RBI regulations.

V. Verification based on Digital KYC:
Ora Finance Private Limited can undertake the Digital KYC process for CDD in which live photo of the customer will be captured and officially valid document or the proof of possession of Aadhaar to be taken, where offline verification cannot be carried out, along with the latitude and longitude of the location where such live photo is being taken by an authorised officer of the Ora Finance Private Limited, as per the provisions contained in the Prevention of Money Laundering Act, 2002 and the rules made thereunder read with RBI Directions. The detailed procedure for Digital KYC is annexed as Exhibit -IV.

VI. Video based customer identification process (V-CIP): A method of customer identification by an official of Ora Finance Private Limited by undertaking seamless, secure, real-time, consent based audio-visual interaction with the customer to obtain identification information including the documents required for CDD purpose, and to ascertain the veracity of the information furnished by the customer. Such process shall be treated as face-to-face process.

The Company may undertake live V-CIP for establishment of an account based relationship with an individual customer after obtaining his informed consent and adhering to the procedures prescribed in RBI regulations. This process shall be treated as face to face process for the purpose of customer identification.

In case of offline verification of Aadhaar using XML file or Aadhaar Secure QR Code, it shall be ensured that the XML file or QR code generation date is not older than 3 days from the date of carrying out V-CIP. The Company to comply the applicable provisions of RBI Master Direction- Know Your Customer (KYC) Directions, 2016 w.r.t. V-CIP. The entire data and recordings of V-CIP shall be stored in a system / systems located in India. Ora Finance Private Limited shall ensure that the video recording is stored in a safe and secure manner and bears the date and time stamp that affords easy historical data search. The extant instructions on record management, as stipulated in the RBI Master Direction on KYC, shall also be applicable for V-CIP.

The activity log along with the credentials of the official performing the V-CIP shall be preserved.
The Procedure of V-CIP is given in Exhibit -V.

VII. Accounts Opening through OTP based e-KYC:
Ora Finance Private Limited may provide an option for One Time Pin (OTP) based e-KYC process for on-boarding of customers. Accounts opened in terms of this proviso i.e., using OTP based e-KYC, are subject to the following conditions:

a. There must be a specific consent from the customer for authentication through OTP
b. Only term loans shall be sanctioned. The aggregate amount of term loans sanctioned shall not exceed rupees sixty thousand in a year
c. Account, opened using OTP based e-KYC shall not be allowed for more than one year unless identification as per Section 16 or as per Section 18 (V-CIP) is carried out. If Aadhaar details are used under Section 18, the process shall be followed in its entirety including fresh Aadhaar OTP authentication.
d. If the CDD procedure as mentioned above is not completed within a year, in respect of borrower accounts no further debits shall be allowed.
e. A declaration shall be obtained from the customer to the effect that no other account has been opened nor will be opened using OTP based KYC in non-face-to-face mode with any other Regulated Entity (RE). Further, while uploading KYC information to CKYCR, REs shall clearly indicate that such accounts are opened using OTP based e-KYC and other REs shall not open accounts based on the KYC information of accounts opened with OTP based e-KYC procedure in non-face-to-face mode.
f. Ora Finance Private Limited shall have strict monitoring procedures including systems to generate alerts in case of any non-compliance/violation, to ensure compliance with the above mentioned conditions.

Ora Finance Private Limited may apply for getting licence of KYC User Agency (KUA) or Sub KUA to e-KYC Authentication as per the applicable Notification, Circular and Guidelines issued by RBI, UIDAI and other Regulatory or Statutory Authority for the doing the CDD by way authentication of Aadhaar, as may be permitted by RBI.

7) RESOLUTION OF DISCREPANCIES

Each business process shall document and implement procedures to resolve information discrepancies and to decline or cease to do business with a customer when it cannot form a reasonable belief that it knows the true identity of such customer or cannot adequately complete necessary due diligence. These procedures should include identification of responsible decision makers and escalation paths and detailed standards relating to what actions will be taken if a customer's identity cannot be adequately verified.

8) REPORTING

The business shall have a system of internal reporting of suspicious transactions, counterfeit transactions and cash transactions greater than Rs.10 lakhs, whether such transactions comprise of a single transaction or a series of transactions integrally connected to each other, and where such series of transactions take place within a month.

“Suspicious transaction” means a transaction whether or not made in cash which, to a person acting in good faith:
a) gives rise to a reasonable ground of suspicion that it may involve the proceeds of crime; or
b) appears to be made in circumstances of unusual or unjustified complexity; or
c) appears to have no economic rationale or bona fide purpose; or
d) gives rise to a reasonable ground of suspicion that it may involve financing of the activities relating to terrorism.
e) Where the transactions are abandoned by customers on being asked to give some details or to provide documents.

Branch Sales Manager/Branch Credit Manager/ Branch In-charge to give the required details of Cash Transactions [Rs.10 lakhs and above or its equivalent in foreign currency in one transaction or series of related transaction in any account(s)] and Suspicious Transaction(s), to the Compliance Officer of the Company, promptly upon detecting the same and the Compliance Officer, to report the said Transaction(s) to FIU-India, as per the PMLA Act and the rules made thereunder.

The Company to place the details of Cash Transactions and Suspicious, as above before the Audit Committee/Board of Director, on periodically basis, as per the applicable provisions of Act and the Rules and the Board of Directors to ensure the compliance of the same.

Illustrative list of activities which would be construed as suspicious transactions are given in Exhibit-VI to this policy.

Further, the Principal officer shall furnish information of the above mentioned transactions to the Director, Financial Intelligence Unit – India (FIU-IND) at the prescribed address in the formats prescribed in this regard including the electronic filing of reports.

Provided that where the Principal officer, has reason to believe that a single transaction or series of transactions integrally connected to each other have been valued greater than Rs.10 lakhs so as to defeat the provisions of the PMLA regulations, such officer shall furnish information in respect of such transactions to the Director within the prescribed time.

The Company shall not put any restriction on operations in the accounts where a suspicious transaction report (STR) has been filed. The Company shall keep the fact of furnishing of STR strictly confidential and shall ensure that there is no tipping off to the customer at any level.

The Company shall upload the KYC information pertaining to individuals / legal entities, as applicable from time to time, with Central KYC Records Registry (CKYCR) within 10 days of commencement of account based relationship with the customer, in terms of provisions of the RBI Directions read with Prevention of Money Laundering (Maintenance of Records) Rules, 2005.

9) RECORDS RETENTION

Each business process shall document and implement appropriate procedures to retain records of KYC due diligence and anti-money laundering measures. The business process shall implement, at a minimum, the following procedures for retaining records:

a. Transactions for which records need to be maintained:
i. All cash transactions of the value of more than Rs.10 lakhs or its equivalent in foreign currency.
ii. All series of cash transactions integrally connected to each other which have been individually valued below Rs.10 lakhs or its equivalent in foreign currency where such series of transactions have taken place within a month and the monthly aggregate exceeds Rs.10 lakhs or its equivalent in foreign currency.
iii. All cash transactions where forged or counterfeit currency notes or bank notes have been used as genuine and where any forgery of a valuable security has taken place.
iv. All suspicious transactions whether or not made in cash.

b. Information to be preserved:
The information required to be preserved with respect to the above transactions are the nature of transactions, amount and the currency in which it was denominated, date of transaction and the parties to the transaction.

c. Periodicity of retention:
The following records shall be retained for a minimum period of five years after the business relationship is ended:
i. The customer identification information and residence identification information including the documentary evidence thereof.
ii. All other necessary records pertaining to the transactions that could be produced as evidence for prosecution of persons involved in criminal activity. Further, a description of the methods used to verify customer identity as well as a description of the resolution of any discrepancies in verification shall be maintained for a period of at least Ten (10) years after such record was created. The above records shall be maintained either in hard or soft format and shall be made available to the competent authorities upon request.

10) EXISTING CUSTOMERS

The requirements of the earlier sections are not applicable to accounts opened by existing customers, provided that the business process has previously verified the identity of the customer and the business process continues to have a reasonable belief that it knows the true identity of the customer. Further, transactions in existing accounts should be continuously monitored and any unusual pattern in the operation of the account should trigger a review of the due diligence measures.

11) ENHANCED DUE DILIGENCE

The Company is primarily engaged in retail finance. It does not deal with such category of customers who could pose a potential high risk of money laundering, terrorist financing or political corruption and are determined to warrant enhanced scrutiny. The Company shall conduct Enhanced Due Diligence in connection with all customers or accounts that are determined to pose a potential high risk and are determined to warrant enhanced scrutiny. Each business process in its credit policy shall establish appropriate standards, methodology and procedures for conducting Enhanced Due Diligence, which shall involve conducting appropriate additional due diligence or investigative actions beyond what is required by standard KYC due diligence. Enhanced Due Diligence shall be coordinated and performed by the Company, who may engage appropriate outside investigative services or consult appropriate vendor sold databases when necessary. Each business process shall establish procedures to decline to do business with or discontinue relationships with any customer when the Company cannot adequately complete necessary Enhanced Due Diligence or when the information received is deemed to have a significant adverse impact on reputational risk.

The following are the indicative list where the risk perception of a customer may be considered higher:
(i) Customers requesting for frequent change of address/contact details
(ii) Sudden change in the loan account activity of the customers
(iii) Frequent closure and opening of loan accounts by the customers

Enhanced due diligence may be in the nature of keeping the account monitored closely for a re categorisation of risk, updation of fresh KYC documents, field investigation or visit of the customer, etc., which shall form part of the credit policies of the businesses.

12) RELIANCE ON THIRD PARTY DUE DILIGENCE

For the purpose of identifying and verifying the identity of customers at the time of commencement of an account-based relationship, the Company may rely on a third party; subject to the conditions that- the Company obtains records or information of such customer due diligence carried out by the third party within two days from the third party or from Central KYC Records Registry;

a) the Company takes adequate steps to satisfy itself that copies of identification data and other relevant documentation relating to the client due diligence requirements will be made available from the third party upon request without delay;
b) the Company is satisfied that such third party is regulated, supervised or monitored for, and has measures in place for compliance with client due diligence and record-keeping requirements in line with the requirements and obligations under the Act;
c) the third party is not based in a country or jurisdiction assessed as high risk; and
d) the Company is ultimately responsible for client due diligence and undertaking enhanced due diligence measures, as applicable.

13) RISK CATEGORISATION

The Company shall put in place a system of periodical review of risk categorization of accounts and the need for applying enhanced due diligence measures in case of higher risk perception on a customer. Such review of risk categorization of customers will be carried out from time to time.

The Company shall have a system in place for periodical updation of customer identification data after the account is opened. Full KYC exercise will be done at a periodicity not less than once in ten years in case of low risk category customers, not less than once in eight years in case of medium risk category customers and not less than once in two years in case of high risk category customers.

Low risk category customers need not submit fresh proofs of identity and address at the time of periodic updation, in case of no change in status with respect to their identities and addresses and a self-certification by the customer to that effect shall suffice in such cases. In case of change of address of such ‘low risk’ customers, they can forward a certified copy of proof of address by mail/post, etc.
In case any existing customer fails to submit PAN or equivalent e-document or Form No.60, the Company may temporarily cease operations in the account till the time the same is submitted by the customer. For the purpose of ceasing the operation in the account, only credits shall be allowed.

However, the for customer who are unable to provide PAN or equivalent e-document or Form No.60 owing to injury, illness or infirmity on account of old age or such like causes, the Company will continue operation of accounts for such customers subject to enhanced monitoring of the accounts.

All the customers under different product categories are categorized into low, medium and high risk based on their profile. The Credit manager while appraising the transaction and rendering his approval will prepare the profile of the customer based on risk categorization. An indicative categorization for the guidance of businesses is provided in Exhibit - I. Each business process adopts the risk categorization in their respective credit policies subject to confirmation by compliance based on the credit appraisal, customer’s background, nature and location of business activity, country of origin, sources of funds, client profile, etc., Where businesses believe that a particular customer falling under a category mentioned below is in his judgement falling in a different category, he may categorise the customer so, so long as appropriate justification is provided in the customer file.

14) MONITORING OF TRANSACTIONS

Ongoing monitoring is an essential element of effective KYC procedures. The Company can effectively control and reduce the risk only if it has an understanding of the normal and reasonable activity of the customer so that they have the means of identifying transactions that fall outside the regular pattern of activity. However, the extent of monitoring will depend on the risk sensitivity of the account. The different business divisions should pay special attention to all complex, unusually large transactions and all unusual patterns which have no apparent economic or visible legitimate purpose. High-risk accounts have to be subjected to intensified monitoring.

15) RISK MANAGEMENT

The Company has put in place appropriate procedures to ensure effective implementation of KYC guidelines. The implementation procedure covers proper management oversight, systems and controls, segregation of duties, training and other related matters.
Company’s internal audit function play a role in evaluating and ensuring adherence to the KYC policies and procedures. Internal Auditors specifically check and verify the application of KYC procedures at the branches and comment on the lapses observed in this regard.
The compliance in this regard is put up before the Audit Committee / Board from time to time.
The Company ensures that the decision-making functions of determining compliance with KYC norms are not outsourced.

16) EMPLOYEE TRAINING

The Company on an ongoing basis educates the front line staff, the branch staff and the new joinees on the elements of KYC/AML through various training programmes and/or e-mails.

17) APPLICABILITY TO BRANCHES AND SUBSIDIARIES OUTSIDE INDIA

The above guidelines shall also apply to the branches outside India.

18) APPOINTMENT OF DESIGNATED DIRECTOR / PRINCIPAL OFFICER

Board will appoint the Designated Director and Principal Officer as required under PMLA Act and the Rules.

19) In case of any discrepancy or amendment/change in the RBI Directions with respect to KYC & AML, the said Directions shall automatically applied to the Company.

Exhibit I

INDICATIVE LIST FOR RISK CATEGORISATION

Low Risk Category
Individuals (other than High Net Worth) and entities whose identities and sources of wealth can be easily identified and transactions in whose accounts by and large conform to the known profile, shall be categorised as low risk.
Illustrative examples are:
(a) Salaried employees whose salary structure is well-defined
(b) People belonging to lower economic strata of the society whose accounts show small balances and low turnover
(c) People working in Government departments and Government-owned companies
(d) People working in Statutory bodies & Regulators

Medium & High Risk Category
Customers that are likely to pose a higher than average risk may be categorized as medium or high risk depending on customer's background, nature and location of activity, country of origin, sources of funds and his client profile etc.
Illustrative examples of medium risk category customers are:
a) Non Resident customers
b) High Networth Individuals
c) Trust, charities, NGO’s and Organization receiving donations
d) Companies having close family shareholding or beneficial ownership
e) Firms with ‘sleeping partners’
Illustrative examples of high risk category customers are:
1. Politically Exposed Persons (PEPs) of Indian/Foreign Origin
2. Non face-to-face customers
3. Those with dubious reputation as per public information available
4. Accounts of bullion dealers and jewellers.

Exhibit II

CUSTOMER IDENTIFICATION REQUIREMENTS

Trust/Nominee or Fiduciary Accounts
In the case of any application from trust/nominee or fiduciary accounts, the Company determines whether the customer is acting on behalf of another person as trustee/nominee or any other intermediary.
If in doubt of the persons behind the customer, the Company may insist on receipt of satisfactory evidence of the identity of the intermediaries and of the persons on whose behalf they are acting, as also obtain details of the nature of the trust or other arrangements in place. Company takes reasonable precautions to verify the identity of the trustees and the settlors of trust (including any person settling assets into the trust), grantors, protectors, beneficiaries and signatories.

Accounts of companies and firms
Company needs to be vigilant against business entities being used by individuals as a ‘front’ for transactions. Company should examine the control structure of the entity and identify the natural persons who have a controlling interest and who comprise the management.
These requirements may be moderated according to the risk perception e.g. in the case of a public company.

Client accounts opened by professional intermediaries
Where the transaction is with a professional intermediary who in turn is on behalf of a single client, that client must be identified. The Company shall not open accounts with such professional intermediaries who are bound by any client confidentiality that prohibits disclosure of the client details to the Company.

Accounts of Politically Exposed Persons (PEPs) resident outside India
Politically exposed persons are individuals who are or have been entrusted with prominent public functions in a foreign country, e.g., Heads of States or of Governments, senior politicians, senior government/judicial/military officers, senior executives of state-owned corporations, important political party officials, etc.
The Company offers products primarily to Indian residents only. The Company if extending any finance to non-residents should check if he is PEP and check all the information available about the person in the public domain. The decision to transact with the PEP should be taken only by the Head of credit of the respective businesses supported by appropriate verification. The Company is also required to subject such accounts to enhanced monitoring on an ongoing basis. The above norms shall also be applied to the contracts of the family members or close relatives of PEPs.
In the event of an existing customer or the beneficial owner of an existing account, subsequently becoming PEP, the approval of the Head of respective businesses shall be obtained to continue the business relationship and subject the account to the KYC due diligence measures as applicable to the customers of PEP category including enhanced monitoring on an ongoing basis.

Accounts of non-face-to-face customers
The Company will not do any transactions with non-face-to-face customers.

Identity of Beneficial Owner
The Company shall identify the beneficial owner and take all reasonable steps to verify his identity. The term "beneficial owner" has been defined as the natural person who ultimately owns or controls a customer and/or the person on whose behalf the transaction is being conducted and includes a person who exercises ultimate effective control over a juridical person. Government of India has since examined the issue and has specified the procedure for determination of Beneficial Ownership
(a) where the customer is a company, the beneficial owner is the natural person(s), who, whether acting alone or together, or through one or more juridical person, has a controlling ownership interest or who exercises control through other means.
Explanation:
I. "Controlling ownership interest" means ownership of or entitlement to more than twenty- five percent of shares or capital or profits of the company;
II. "Control" shall include the right to appoint majority of the directors or to control the management or policy decisions including by virtue of their shareholding or management rights or shareholders agreements or voting agreements;
(b) where the customer is a partnership firm, the beneficial owner is the natural person(s), who, whether acting alone or together, or through one or more juridical person, has ownership of/entitlement to more than fifteen percent of capital or profits of the partnership;
(c) where the customer is an unincorporated association or body of individuals, the beneficial owner is the natural person(s), who, whether acting alone or together, or through one or more juridical person, has ownership of or entitlement to more than fifteen percent of the property or capital or profits of such association or body of individuals;
(d) where no natural person is identified under (a) or (b) or (c) above, the beneficial owner is the relevant natural person who holds the position of senior managing official;
(e) where the customer is a trust, the identification of beneficial owner(s) shall include identification of the author of the trust, the trustee, the beneficiaries with fifteen percent or more interest in the trust and any other natural person exercising ultimate effective control over the trust through a chain of control or ownership. In case the customer is acting on behalf of another person as trustee / nominee, the Company shall obtain satisfactory evidence of the identity of the persons on whose behalf they are acting; and
(f) where the customer or the owner of the controlling interest is a company listed on a stock exchange, or is a subsidiary of such a company, it is not necessary to identify and verify the identity of any shareholder or beneficial owner of such companies.

Exhibit-III

Customer Identification Procedure – KYC documents that may be obtained from customers (Officially Valid Documents)

Type of customer	List of applicable documents
Individual	The Company shall obtain the following from an individual while establishing an account based relationship or while dealing with the individual who is a beneficial owner, authorised signatory or the power of attorney holder related to any legal entity; a) proof of possession of Aadhaar number where offline verification can be carried out; or b) a certified copy of any OVD containing details of his identity and address; and c) the Permanent Account Number (PAN) or Form no.60; and d) such other documents as specified by the Company from time to time. List of OVDs: i) Passport (Valid) ii) Driving license iii) Proof of possession of Aadhaar number/ Aadhaar (Optional) iv) Voter’s identity card issued by the Election Commission of India v) Job card issued by NREGA duly signed by an officer of the State Govt. vi) Letter issued by the National Population Register containing details of name and address. Provided that: a. where the customer submits his proof of possession of Aadhaar number as an OVD, he may submit it in such form as are issued by the UIDAI. b. where the OVD furnished by the customer does not have updated address, the following documents shall be deemed to be OVDs for the limited purpose of proof of address:- 1) utility bill which is not more than two months old of any service provider (electricity, telephone, post-paid mobile phone, piped gas, water bill); 2) property or Municipal tax receipt; 3) pension or family pension payment orders (PPOs) issued to retired employees by Government Departments or Public Sector Undertakings, if they contain the address; 4) letter of allotment of accommodation from employer issued by State Govt. or Central Govt. Departments, statutory or regulatory bodies, public sector undertakings, scheduled commercial banks, financial institutions and listed companies and leave and licence agreements with such employers allotting official accommodation; c. the customer shall submit OVD with current address within a period of three months of submitting the documents specified at ‘(2)’ above d. where the OVD presented by a foreign national does not contain the details of address, in such case the documents issued by theGovernment departments of foreign jurisdictions and letter issued by the Foreign Embassy or Mission in India shall be accepted as proof of address. Explanation: A document shall be deemed to be an OVD even if there is a change in the name subsequent to its issuance provided it is supported by a marriage certificate issued by the State Government or Gazette notification, indicating such a change of name.
Sole Proprietary firms	I. Customer due diligence of the individual proprietor shall be carried out as applicable / specified for Individual. II. In addition to the above, any two of the following documents or the equivalent e-documents there of as a proof of business/ activity in the name of the proprietary firm shall also be obtained: a) Registration certificate b) Certificate/licence issued by the municipal authorities under Shop and Establishment Act. c) GST and income tax returns. d) GST certificate (provisional/final). e) Certificate/registration document issued by Sales Tax/Service Tax/Professional Tax authorities. f) IEC (Importer Exporter Code) issued to the proprietary concern by the office of DGFT or Licence/certificate of practice issued in the name of the proprietary concern by any professional body incorporated under a statute. g) Complete Income Tax Return (not just the acknowledgement) in the name of the sole proprietor where the firm's income is reflected, duly authenticated/acknowledged by the Income Tax authorities. h) Utility bills such as electricity, water, landline telephone bills, etc. Explanation: In cases where the Company is satisfied that it is not possible to furnish two such documents, the Company may, at its discretion, accept only one of those documents as proof of business/activity after recording the appropriate reason for accepting one document. The Company shall undertake contact point verification and collect such other information and clarification as would be required to establish the existence of such firm, and shall confirm and satisfy itself that the business activity has been verified from the address of the proprietary concern.
Company	Certified copies of each of the following documents shall be obtained: a. Certificate of incorporation b. Memorandum and Articles of Association c. Permanent Account Number of the company d. Any specific license e. A resolution from the Board of Directors and power of attorney granted to its managers, officers or employees to transact on its behalf f. Documents, as specified for Individual, relating to beneficial owner, the managers, officers or employees, as the case may be, holding an attorney to transact on the company’s behalf.
Partnership Firm	Certified copies of each of the following documents shall be obtained: a. Registration certificate b. Partnership deed c. Permanent Account Number of the partnership firm d. Documents, as specified for Individual, relating to beneficial owner, managers, officers or employees, as the case may be, holding an attorney to transact on its behalf
Trust	Certified copies of each of the following documents shall be obtained: a) Registration certificate b) Trust deed c) Permanent Account Number or Form No.60 of the trust d) Documents, as specified for Individual, relating to beneficial owner, managers, officers or employees, as the case may be, holding an attorney to transact on its behalf
Unincorporated Association or a Body of Individuals	Certified copies of each of the following documents shall be obtained: a) Resolution of the managing body of such association or body of individuals b) Permanent Account Number or Form No. 60 of the unincorporated association or a body of individuals c) Power of attorney granted to transact on its behalf d) Documents, as specified for Individual, relating to beneficial owner, managers, officers or employees, as the case may be, holding an attorney to transact on its behalf and e) Such information as may be required by the Company to collectively establish the legal existence of such an association or body of individuals. Explanation: I. Unregistered trusts / partnership firms shall be included under the term ‘unincorporated association’. II. Term ‘body of individuals’ includes societies.
Juridical persons not specifically covered above, such as societies, universities and local bodies like village panchayats	Certified copies of the following documents shall be obtained: i) Document showing name of the person authorised to act on behalf of the entity; ii) Documents, as specified for Individual, of the person holding an attorney to transact on its behalf and iii) Such documents as may be required by the Company to establish the legal existence of such an entity/juridical person.

Note: Notwithstanding the list of documents as stated above, in case of change, if any, in the regulations as notified by RBI from time to time, the list of documents as prescribed by RBI shall prevail over the above.

Exhibit -IV

DIGITAL KYC PROCESS

A. Ora Finance Private Limited to develop an application for digital KYC process which shall be made available at customer touch points for undertaking KYC of the customers and the KYC process shall be undertaken only through this authenticated application of Ora Finance Private Limited.

B. The access of the Application shall be controlled by the Ora Finance Private Limited and it should be ensured that the same is not used by unauthorized persons. The Application shall be accessed only through login-id and password or Live OTP or Time OTP controlled mechanism given by Ora Finance Private Limited to its authorized officials.

C. The customer, for the purpose of KYC, shall visit the location of the authorized official of Ora Finance Private Limited or vice-versa. The original OVD shall be in possession of the customer.

D. The Ora Finance Private Limited must ensure that the Live photograph of the customer is taken by the authorized officer and the same photograph is embedded in the Customer Application Form (CAF). Further, the system Application of the RE shall put a water-mark in readable form having CAF number, GPS coordinates, authorized official’s name, unique employee Code (assigned by REs) and Date (DD:MM:YYYY) and time stamp (HH:MM:SS) on the captured live photograph of the customer.

E. The Application of the Ora Finance Private Limited shall have the feature that only live photograph of the customer is captured and no printed or video-graphed photograph of the customer is captured. The background behind the customer while capturing live photograph should be of white colour and no other person shall come into the frame while capturing the live photograph of the customer.

F. Similarly, the live photograph of the original OVD or proof of possession of Aadhaar where offline verification cannot be carried out (placed horizontally), shall be captured vertically from above and water-marking in readable form as mentioned above shall be done. No skew or tilt in the mobile device shall be there while capturing the live photograph of the original documents.

G. The live photograph of the customer and his original documents shall be captured in proper light so that they are clearly readable and identifiable.

H. Thereafter, all the entries in the CAF shall be filled as per the documents and information furnished by the customer. In those documents where Quick Response (QR) code is available, such details can be auto-populated by scanning the QR code instead of manual filing the details. For example, in case of physical
Aadhaar/e-Aadhaar downloaded from UIDAI where QR code is available, the details like name, gender, date of birth and address can be auto-populated by scanning the QR available on Aadhaar/e-Aadhaar.

I. Once the above mentioned process is completed, a One Time Password (OTP) message containing the text that ‘Please verify the details filled in form before sharing OTP’ shall be sent to customer’s own mobile number. Upon successful validation of the OTP, it will be www.orafinance.intreated as customer signature on CAF. However, if the customer does not have his/her own mobile number, then mobile number of his/her family/relatives/known persons may be used for this purpose and be clearly mentioned in CAF. In any case, the mobile number of authorized officer registered with Ora Finance Private Limited shall not be used for customer signature. The Ora Finance Private Limited must check that the mobile number used in customer signature shall not be the mobile number of the authorized officer.

J. The authorized officer shall provide a declaration about the capturing of the live photograph of customer and the original document. For this purpose, the authorized official shall be verified with One Time Password (OTP) which will be sent to his mobile number registered with the Ora Finance Private Limited. Upon successful OTP validation, it shall be treated as authorized officer’s signature on the declaration. The live photograph of the authorized official shall also be captured in this authorized officer’s declaration.

K. Subsequent to all these activities, the Application shall give information about the completion of the process and submission of activation request to activation officer of the Ora Finance Private Limited, and also generate the transaction-id/reference-id number of the process. The authorized officer shall intimate the details regarding transaction-id/reference- id number to customer for future reference.

L. The authorized officer of the Ora Finance Private Limited shall check and verify that:- (i) information available in the picture of document is matching with the information entered by authorized officer in CAF. (ii) live photograph of the customer matches with the photo available in the document.; and (iii) all of the necessary details in CAF including mandatory field are filled properly.;

M. On Successful verification, the CAF shall be digitally signed by authorized officer of the Ora Finance Private Limited who will take a print of CAF, get signatures/thumb-impression of customer at appropriate place, then scan and upload the same in system. Original hard copy may be returned to the customer. Ora Finance Private Limited may use the services of Business Correspondent (BC)/Authorised person for this process.

Exhibit – V

Procedure of V-CIP

A. Ora Finance Private Limited to formulate a clear work flow and standard operating procedure for V-CIP and ensure adherence to it. The V-CIP process shall be operated only by officials of Ora Finance Private Limited specially trained for this purpose. The official should be capable to carry out liveliness check and detect any other fraudulent manipulation or suspicious conduct of the customer and act upon it.

B. If there is a disruption in the V-CIP procedure, the same should be aborted and a fresh session initiated.

C. The sequence and/or type of questions, including those indicating the liveness of the interaction, during video interactions shall be varied in order to establish that the interactions are real-time and not pre-recorded.

D. Any prompting, observed at end of customer shall lead to rejection of the account opening process.

E. The fact of the V-CIP customer being an existing or new customer, or if it relates to a case rejected earlier or if the name appearing in some negative list should be factored in at appropriate stage of work flow.

F. The authorised official of Ora Finance Private Limited performing the V-CIP shall record audio-video as well as capture photograph of the customer present for identification and obtain the identification information using any one of the following:
a) OTP based Aadhaar e-KYC authentication
b) Offline Verification of Aadhaar for identification
c) KYC records downloaded from CKYCR, in accordance with Section 56, using the KYC identifier provided by the customer
d)Equivalent e-document of Officially Valid Documents (OVDs) including documents issued through DigiLocker. Ora Finance Private Limited shall ensure to redact or blackout the Aadhaar number in terms of Section 16.
In case of offline verification of Aadhaar using XML file or Aadhaar Secure QR Code, it shall be ensured that the XML file or QR code generation date is not older than 3 days from the date of carrying out V-CIP.
Further, in line with the prescribed period of three days for usage of Aadhaar XML file / Aadhaar QR code, Ora Finance Private Limited shall ensure that the video process of the V- CIP is undertaken within three days of downloading / obtaining the identification information through CKYCR / Aadhaar authentication / equivalent e-document, if in the rare cases, the entire process cannot be completed at one go or seamlessly. However, Ora Finance Private Limited shall ensure that no incremental risk is added due to this.

G. If the address of the customer is different from that indicated in the OVD, suitable records of the current address shall be captured, as per the existing requirement. It shall be ensured that the economic and financial profile/information submitted by the customer is also confirmed from the customer undertaking the V-CIP in a suitable manner.

H. Ora Finance Private Limited shall capture a clear image of PAN card to be displayed by the customer during the process, except in cases where e-PAN is provided by the customer. The PAN details shall be verified from the database of the issuing authority including through DigiLocker.

I. Use of printed copy of equivalent e-document including e-PAN is not valid for the V-CIP.

J. The authorised official of the Ora Finance Private Limited shall ensure that photograph of the customer in the Aadhaar/OVD and PAN/e-PAN matches with the customer undertaking the V-CIP and the identification details in Aadhaar/OVD and PAN/e-PAN shall match with the details provided by the customer.

K. Assisted V-CIP shall be permissible when Ora Finance Private Limited take help of Business Correspondent (BC)/Authorised person facilitating the process only at the customer end. Ora Finance Private Limited shall maintain the details of the BC/ Authorised person assisting the customer, where services of BC/ Authorised person are utilized. The ultimate responsibility for customer due diligence will be with the Ora Finance Private Limited.

L. All accounts opened through V-CIP shall be made operational only after being subject to concurrent audit, to ensure the integrity of process and its acceptability of the outcome.

M. All matters not specified under the paragraph but required under other statutes such as the Information Technology (IT) Act shall be appropriately complied with by the Ora Finance Private Limited.

Exhibit - VI

Illustrative list of activities which would be construed as suspicious transactions

Activities which are not consistent with the customer's business, i.e. accounts with large volume of credits whereas the nature of business does not justify such credits shall be construed as suspicious transactions.

Any attempt to avoid reporting / record-keeping requirements / provides insufficient / suspicious information:

a. A customer who is reluctant to provide information needed for a mandatory report, to have the report filed or to proceed with a transaction after being informed that the report must be filed.

b. Any individual or group that coerces/induces or attempts to coerce/induce the Company employee from not filing any report or any other forms.

c. An account where there are several cash transactions below a specified threshold level to avoid filing of reports that may be necessary in case of transactions above the threshold level, as the customer intentionally splits the transaction into smaller amounts for the purpose of avoiding the threshold limit.

d. Certain Employees of the Company arousing suspicion:

e. An employee whose lavish lifestyle cannot be supported by his or her salary.

f. Negligence of employees / willful blindness is reported repeatedly.

g. Some examples of suspicious activities/transactions to be monitored by the operating staff:

h. Multiple accounts under the same name

i. Refuses to furnish details of source of funds by which initial contribution is made, sources of funds are doubtful etc;

j. There are reasonable doubts over the real beneficiary of the loan.

k. Frequent requests for change of address.

ORA FINANCE PRIVATE LIMITED

CIN: U65929DL2021PTC384921

FAIR PRACTICES CODE (FPC)

Version: V.1
Date of issue: February 01, 2023	Authorized by: Board of Directors
Effective from: February 01, 2023	Adopted by: Board Resolution dated February 01, 2023

FAIR PRACTICES CODE

PREAMBLE

The Reserve Bank of India (RBI) has issued guidelines on Fair Practices Code for Non- Banking Financial Companies (NBFCs) vide Reserve Bank of India (“RBI”) Circular no. DNBR (PD) CC.No.054/03.10.119/2015-16 dated July 01, 2015, thereby setting standards for fair business and corporate practices while dealing with their customers. This Fair Practice Code is aimed to provide to all the stake holders, especially customers effective overview of practices followed by the Company in respect of the financial facilities and services offered by the Company to its customers.

Ora Finance Private Limited (“The Company”) hereby furnishes the Fair Practices Code (“the FPC”) based on the guidelines issued by RBI. The Company shall also make appropriate modifications in the FPC from time to time to confirm the standards that may be prescribed by RBI. The Fair Practices Code, as adopted herein below, is in conformity with the Guidelines on Fair Practices Code for NBFCs as contained in the aforesaid RBI Circulars.

The Company's business will be conducted in accordance with prevailing statutory and regulatory requirements, with due focus on efficiency, customer-orientation and corporate governance principles.

PURPOSE

The Company has put in place the FPC with an endeavour to achieve synchronization of best practices when the Company is dealing with its stakeholders such as customers, employees, vendors, etc. The Company’s Fair lending practices shall apply across all aspects of its operations including marketing, loan origination, processing, and servicing and collection activities. The Company’s commitment to the FPC would be demonstrated in terms of employee accountability, monitoring and auditing programs, training and technology.

The Company’s Board of Directors and the management are responsible for establishing practices designed to ensure that its operations reflect a strong commitment to fair lending and that all employees are aware of that commitment.

DEFINITION

a.“Board” means Board of Directors of the Company.
b.“Company” means Ora Finance Private Limited.
c."Directors” means individual Director or Directors on the Board of the Company.
d.“FPC” means Fair Practice Code

KEY COMMITMENTS

The essence of the FPC lies in the following aspects that the Company shall strive to follow in spirit and in letter:

1. To act fairly and reasonably in all the dealings with borrowers by ensuring that:
i)The Company’s services, procedures and practices will meet the broad requirements and standards in the FPC;
ii)The Company’s services will be in accordance with relevant laws and regulations as applicable for the time being in force;
iii)The Company’s dealings with its borrowers will rest on ethical principles of honesty, integrity and transparency.

2. The Company will assist its customers in understanding as to what the broad features of its financial products and services are and what are the benefits and risks involved in availing the same by:
i)Providing information about the services in simple manner;
ii)Explaining the financial implications of using the services.

3. The Company will make every attempt to ensure that its customers would have trouble- free experience in dealing with it. However, in case of error of commission and/or omissions, it shall:
i) Deal with the errors promptly and effectively;
ii) Deal with the Grievances redressal in a quick and efficient manner and to the satisfaction of the customers;
iii) Promptly handle Complaints;
iii) Have Escalation process, in the event of dissatisfaction of the borrower in handling his complaint(s);

APPLICABILITY OF FAIR PRACTICE CODE

The FPC will be applicable to the following broad areas:
(i) Loan applications and processing thereof
(ii) Loan appraisal and terms/conditions
(iii) Disbursement of loans including changes, if any, in terms and conditions
(iv) Post disbursement supervision/monitoring
(v) Other general provisions

(i) Loan applications and processing thereof:
a. Loan Application Forms will be made available to the prospective borrowers.
b. Loan documentation set will, inter alia, include the broad features and the terms and conditions governing the loan which would include necessary information, which affects the interest of the borrower, so that a meaningful comparison with the terms and conditions offered by other NBFCs can be made thereby helping the borrower in making an informed decision. The said Form shall also specify the documents required to be submitted by the borrowers.
c. The Company has system of giving acknowledgement for receipt of all loan applications.
d. All the loan applications shall be disposed of within a period of 90 days from the date of receipt of duly completed Loan Application Forms together with the requisite documents www.orafinance.inand subject to receipt of all documents complying with prevailing rules and regulations by the borrower.
e. All communications to the borrower shall be in English language as understood by the Borrower.

(ii) Loan appraisal and terms/conditions:
a. The Company shall consider all the loan applications keeping in mind the risk-based assessment procedures adopted by it and
b. The Company, before sanctioning the loan, would assess the ability of the borrowers to repay the loan and thereby approving the same on merit basis.
c. The grant of the loan shall be communicated to the borrowers in writing in a English language as understood by borrower by means of a Sanction Letter or otherwise, the amount of loan approved along with the terms and conditions, including the annualized rate of interest and method of application thereof.
d. The penal interest charged for late repayment will also be mentioned in the loan agreement.
e. The borrowers shall give their acknowledgement in writing in token of their acceptance of terms and conditions governing the loan.
f. A copy of the loan documents including loan agreement and annexures thereof shall be made available to the borrower.

(iii) Disbursement of Loan and Change in Terms & Conditions:
a. Disbursement of amount of loans sanctioned may be made available to the borrowers on demand subject to completion of all formalities including execution of loan documents.
b. The Company shall give notice to all its borrowers in English language as understood by the Borrower of any change in the terms and conditions – including disbursement schedule, interest rates, service charges, prepayment charges etc.
c. The Company shall also ensure that changes in interest rates and charges are affected only prospectively. A suitable provision in this regard is incorporated in the loan agreement.

(iv) Post Disbursement Supervision:
a. The decision, if any, of the Company to recall/accelerate payment or performance of loan shall be in accordance with the terms and conditions of the Loan Agreement.
b. The Company shall give reasonable time to the borrowers before recall the loan or asking for accelerating the payment or performance subject to the terms and conditions contained in the Loan Agreement and other related documents.
c.The Company shall release all securities on repayment of its full dues or on realization of the outstanding amount of loan along with interest subject to any legitimate right or lien for any other claim the Company may have against its borrowers. 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 till the relevant claim is settled/ paid.

(v) Other General Provisions:
a. The Company will refrain from interference in the affairs of the borrower except for the purposes provided for in the terms and conditions of the loan agreement (unless new information, not earlier disclosed by the customer, has come to the notice of the Company).
b. The Company will not discriminate loan applications based on grounds of gender, caste and religion.
c. In case of receipt of request from the borrower for transfer of borrower account, the consent or otherwise – i.e., objection of the Company, if any – shall be conveyed to the borrower. Such transfer shall be as per transparent contractual terms in consonance with law.
d. In the matter of recovery of loans, our Company staff is adequately trained to deal with customers and shall not resort to any harassment – such as persistently bothering the borrowers at odd hours, use of muscle power for recovery of loans, etc.
e. The Company has laid down appropriate internal principles and procedure in determining interest rates, processing fees and other charges. The Company has adopted an Interest rate policy taking into account relevant factors such as cost of funds, margin, risk premium etc. to determine the rate of interest to be charged on annualised basis for loans and advances and same is disclosed to the borrower in the loan application form and the sanction letter and also provided on the website of the Company.
f. The rate of interest and the approach for gradations of risk and rationale for charging different rate of interest to different categories of customers shall be disclosed in the loan application form and communicated explicitly in the sanction letter.

INTEREST RATE POLICY

Reserve Bank of India (RBI) had vide its Circular DNBS / PD / CC No. 95/ 03.05.002/ 2006- 07 dated May 24, 2007 advised that Boards of Non-Banking Finance Companies (NBFC's) lay out appropriate internal principles and procedures in determining interest rates, processing and other charges.

This was reiterated vide RBI's circular DNBS (PD) C.C. No. 133 / 03.10.001/ 2008-09 January 2, 2009, whereby which RBI advised the NBFCs to adopt appropriate interest rate model taking into account relevant factors and to disclose the rate of interest, gradations of risk and rationale for charging different rates of interest to different category of borrowers.

Ora Finance Private Limited should always be read in conjunction with RBI guidelines, directives, circulars and instructions. The company will apply best industry practices so long as such practice does not conflict with or violate RBI guidelines.

In order to ensure its standards of transparency, in conformity with the stipulations of the RBI's directives, the Company has adopted the following interest rate policy for determining Interest Rates, Processing and Other Charges. This Policy applies to clients whose loans are booked in the Company.

Interest Rate
•Tenor of the Loan – The interest rate charge will depend on the term of the loan; structure of the loan; terms of payment of interest.
•Internal cost loading – The interest rate charged will also take into account costs of doing business.
•Internal and External Costs of Funds - The rate of interest charged is also affected by the rate at which the funds necessary to provide loan facilities to customers are sourced, normally referred to as the Company’s external cost of funds.

Internal cost of funds being the expected return on equity issued, is also a relevant factor. The interest rate charged will also take into account costs of doing business.
• Credit Risk – As a matter of prudence, bad debt provision cost should be factored into all transactions. This cost is then reflected in the final interest rate quoted to a customer. The amount of the bad debt provision applicable to a particular transaction depends on our internal assessment of the credit strength of the customer.
• Other Factors – The rate of interest shall be based on the cost of borrowed funds, matching tenor cost, market liquidity, RBI policies on credit flow, offerings by competition, tenure of customer relationship, market reputation, cost of disbursements, inherent credit and default risk in the products and customer per se arising from customer segment, profile of the customers, stability in earning and employment, deviations permitted, ancillary business opportunities, future potential, group strength and overall customer yield, nature and value of primary and collateral securities, past repayment track record of the customers, external ratings of the customers, industry trends, switchover options, canvassed accounts etc.
• The Company may adopt discrete interest rate model whereby the rate of interest for same tenor availed during same period by customers would not be a standardized one but could be different for different customers depending upon consideration of any or combination of a few or all factors listed out above.
• The annualized rate of interest would be intimated to the customer.
• The interest rates would be offered on fixed, floating, variable basis.
• Interest rates shall be intimated to the customers at the time of sanction/ availing of the loan and the equated instalments/Balloon Payment/Bullet payment apportionment towards interest and principal dues shall be made available to the customer.

PROCESSING / DOCUMENTATION AND OTHER CHARGES

• All processing / documentation and other charges recovered are expressly stated in the Loan documents. They vary based on the loan product, geographical location, customer segment and generally represent the cost incurred in rendering the services to the customers.
• The practices followed by other competitors in the market would also be taken into consideration while deciding the charges.
• Processing charges will be charged on case to case basis. • Service Tax and other applicable taxes shall be charged as per the guidelines issued by the Government from time to time.

PENAL INTEREST / LATE PAYMENT CHARGES

Besides normal interest, the Company may collect penal interest / late payment charges for any delay or default in making payments of any dues. These penal interest / late payment charges for different facilities would be decided by the Company from time to time.

REPOSSESSION OF HYPOTHECATED ASSETS FINANCED BY THE COMPANY:-

The Company has a built-in re-possession clause in the loan agreement with the borrowers which is legally enforceable. To ensure more transparency, the terms and conditions of the loan agreement contains provisions regarding:
i. notice period before taking possession;
ii. circumstances under which the notice period can be waived;
iii. the procedure for taking possession of the security;
iv. a provision regarding final chance to be given to the borrower for repayment of loan before the sale/auction of the security;
v. the procedure for giving repossession to the borrower; and
vi. the procedure for sale / auction of the property.

PRIVACY AND CONFIDENTIALITY

All Personal Information of the borrowers shall be treated as Private and Confidential and shall be guided by the following principles & policies. We shall not reveal Information or data relating to borrower accounts, whether provided by the customers or otherwise, to anyone, including our affiliates other than in the following exceptional cases:

i. If the Company is required to provide the information to any statutory or regulatory body or bodies or otherwise required under any law;
ii. If arising out of a duty towards the public to reveal the information;
iii. If our interests require us to give the Information (for example, to prevent fraud) but it shall not be used as a reason for giving information about the borrower or borrower’s accounts (including customer name & address) to anyone else for marketing purposes;
iv. If the borrower has authorised the Company to provide such information to its group / associate/ entities or companies or any such person/ entity as specifically agreed upon;
v. If we are asked to give a reference about a borrower, we shall obtain his / her written permission before giving it;
vi. The borrower shall be informed the extent of his / her rights under the existing legal framework for accessing the personal records that we hold about him / her;
vii. We shall not use borrower’s personal information for marketing purposes by anyone including ourselves unless the customer specifically authorizes us to do so.

COMPLAINTS

In case of any complaint/grievances of the borrowers, the same shall be intimated by them in writing to the Grievance Redressal Officer. The Grievance Redressal Officer shall immediately make all efforts to redress the grievances within the time frame mentioned in the Grievance Redressal Mechanism.

GRIEVANCE REDRESSAL MECHANISM

The Company believes in speedy redressal of grievances of the borrower and guides its borrowers who wish to lodge a complaint and also provide guidance on what to do in case the borrower is unhappy with the outcome.
After examining the matter, the Company sends a response as soon as possible;
The Company has laid down the Grievance Redressal Mechanism for the speedy disposal/ remedy of its Customer’s Complaints/ Grievance.

FORCE MAJEURE

The various commitments outlined and made by the Company shall be applicable under the normal operating environment. In the event of any Force Majeure circumstances, the Company may not be able to fulfil the objectives under the FPC to the entire satisfaction of the borrowers, the stakeholders and the public in general.

--------------- ***** ---------------

Terms & Conditions

Before you access this Website, www.orafinance.in, or avail the services/purchase the produces offered on the Website, we request you to please go through these Terms of Use (“Terms”) and the Privacy Policy. These Terms and the Privacy Policy together constitute a binding legal agreement (“Agreement”) between user and Ora Finance Private Limited.

BY CONTINUING TO ACCESS AND USE THIS WEBSITE YOU CONFIRM THAT YOU ACCEPT OUR TERMS & CONDITIONS SET OUT BELOW. IF YOU DO NOT ACCEPT THE TERMS, YOU MUST LEAVE THIS WEBSITE IMMEDIATELY.

Your access to/use of the Website and Services provided therein will be solely at our discretion.

About us

www.orafinance.in is a website owned, maintained, and provided by Ora Finance Private Limited, An NBFC licensed with the Reserve Bank of India. If you need any information or have a complaint/grievance pertaining to this website or any of our services, please contact us using any of the following methods:

Phone:+91-828 282 0110

Email :care@orafinance.in

Privacy

Your privacy and that of each person whose information you provide to us is important to us. Please see our privacy policy for details of what information we collect and how we will use and protect it.

Registration

By registering for and/or using these services you agree that you are sound minded, at least eighteen years of age and you are not debarred by any law to contract and you agree to have read and accepted the following terms and conditions:

Visitors to this website are encouraged to register in order to use its facilities/ services. We are not under any obligation to accept a request for registration and reserve the right to suspend or terminate access at any time if your continued use is believed to prejudice us or other users. By registering to use this website, you confirm that the information you provide during the registration process is accurate and complete. You agree to update your registration details promptly if they change. All registration information you provide will be kept secure and processed in accordance with our privacy policy.

Ora Finance Private Limited and other third parties with whom we have a business relationship may occasionally promote their goods or services on the website or through other direct marketing initiatives or may make software and other material available to you for purchase or download. We do not endorse the products or services they offer, or give you any assurance that they will be suitable to your needs. It is your responsibility to satisfy yourself in this regard and we have no liability in connection with the same. All promotions are for a limited period and subject to special terms and conditions, which are in addition to and not in derogation of the terms and condition stated herein.

Links from this website

We may, from time to time, provide links from this website to other websites that are owned and controlled by third parties. These links are provided only for your convenience and we have no control over and will have no liability in respect of those websites.

Surveys, Contests & Referrals

From time-to-time our site requests information from users via surveys or contests. Participation in these surveys, contests or referrals programs is completely voluntary and, therefore, you have a choice whether to disclose any information requested. Information requested may include contact information (such as name and delivery address), and demographic information (such as postcode, age level). Contact information will be used to notify the winners and award prizes. Survey information will be used for purposes of monitoring or improving the functionality of the site. The terms and conditions for each survey and contest may differ or may otherwise be amended and cancelled at the sole discretion of Ora Finance Private Limited.

Monitoring

We may monitor activity and content on this website and may take any action we consider appropriate if we suspect that you may be in breach of these Terms, including suspending, attaching conditions to or terminating your access and/or notifying the authorities or relevant regulators of your activities.

Accuracy of Information

We take care to ensure that all information available on our website about our business, services and any products mentioned is accurate. However, these are continuously developing and, occasionally, the information may be out of date. 

Disclaimer

Ora Finance Private Limited does not warrant or represent that the material on this website is accurate, complete or current or that the website will be free of defects or viruses. 

Liability

We will not be liable for any loss or damage (in contract, negligence or otherwise) where, there is no breach of a legal duty of care owed to you by us.

Third party rights

Nothing in these Terms is intended to nor shall it confer a benefit on any third party and a person who is not a party to these terms or any contract formed thereunder has no rights to enforce them. we reserve the right to change these terms at any time. the new version will be posted on this website and will take effect immediately upon posting.

Information Technology Act

Certain laws in India prohibit and impose restriction on use of the Website and you are advised to make familiar with those laws and not to post any information or messages that are, or that may be construed, as being malicious, defamatory, inappropriate, slanderous, pornographic or otherwise sexually oriented or that makes attacks on or otherwise opines or comments on any individuals or groups of individuals, educational institutions or any other entities whatsoever (whether companies, firms, or any other institutions). You also agree not to post any information to which you do not have copyright or other appropriate permissions to post in public forum. Your failure to comply with these terms may result in removal of your posts without prior notice. The IP address of all posts is recorded to aid in enforcing these conditions.

Other Applicable Laws

Certain laws require us to maintain data with respect to goods and services provided and other personal information in a prescribed format and Ora Finance Private Limited will use all information to the extent required for compliance with applicable laws and as may be directed from time to time.

Force Majeure

Ora Finance Private Limited shall not be liable to the extent the performance or delay in performance of any of its obligations are prevented, restricted, delayed or interfered with due to circumstances beyond the reasonable control and without the fault or negligence of such Party, including but not limited to change in legislation, fire, flood, explosion, epidemic, accident, act of God, war, riot, strike, lockout, traffic or other concerted act of workmen and/or act of Government. Ora Finance Private Limited may at its sole discretion withdraw the services or Goods if a Force Majeure event occurs.

Liability for our Services

To the extent permitted by law, Ora Finance Private Limited and its associates/employees will not be responsible for lost profits, revenues, or data, financial losses or indirect, special, consequential, exemplary, or punitive damages.

Governing Law and Jurisdiction

The Terms of Use Agreement is governed by and construed in accordance with the laws of India, without reference to conflict of laws principles and you irrevocably and unconditionally submit to the exclusive jurisdiction of the courts located in Delhi, India.

Privacy Policy

The Privacy Policy governs the use of this website https://orafinance.in/ (Website/Site) of Ora Finance Private Limited values the privacy of the user (User).

In this policy, the words “we”, “our”, and “us” refer to Ora Finance Private Limited and the privacy mechanism outlined herein sets out how your personal data or information and sensitive personal data or information (hereinafter referred to as ‘Personal Data’) may be collected, used and shared, and the choices you have regarding our use of this information. By using the services, accessing the website, https://orafinance.in/ (“Website”), registering yourself on the Website and/or by otherwise giving Ora Finance Private Limited any of your information/Personal Data, it will be deemed that you have carefully read, understood and agreed to the practices and policies outlined in this Privacy Policy and agree to be bound by the Privacy Policy. Ora Finance Private Limited reserves the right to change, modify, add or delete portions of the terms of this Privacy Policy, at its sole discretion, at any time, without any prior or subsequent intimation. It is your duty to update yourself about any change, modification, addition or deletion in any portion of this Privacy Policy made by Ora Finance Private Limited. If you do not agree with any change, modification, addition or deletion made in any portion of this Privacy Policy, at any point in time, do not use any of the services available on the Website or provide us any of your information.

If you use the services or access the Website on behalf of someone else or an entity (such as your employer), you represent that you are duly authorised by such individual or entity to accept and consent, on behalf of such person, to this privacy policy and the collection, use and disclosure of information of such individual or entity by Ora Finance Private Limited. We are committed to protecting your privacy. Authorized representatives of Ora Finance Private Limited use any Personal Data received from you or a registered medical practitioner authorized by you strictly on a need-to-know basis. We constantly review our systems and data to secure your Personal Data. In case of a breach, we will investigate such actions with a view to prosecuting and/or initiating civil proceedings to recover damages against those responsible.

Any User who does not consent to this Privacy Policy or any part thereof is required to leave the Website immediately. Should you disagree with this Privacy Policy and still continue to access the Website, Ora Finance Private Limited disclaims all liabilities arising from your use of the Website in accordance with this Privacy Policy.

Applicability

This Privacy Policy applies to all Users who access the Website of Ora Finance Private Limited and are, therefore, required to read and understand the Privacy Policy before submitting any personal data. Personal Data shall include the information which identifies the User, including name, identification number, email address, age, phone number, password, KYC’s details or any other financial/personal information, provided to Ora Finance Private Limited through our Website, in email, text, forms and other electronic communication received through or in connection with our Website.

This Privacy Policy applies to the website and services that are owned and operated by Ora Finance Private Limited. Ora Finance Private Limited does not exercise control over the third-party websites linked to the Website. Third party websites may place their own cookies or other files on the User’s computer, collect data or solicit personal information from the User, for which Ora Finance Private Limited is not responsible or liable. Accordingly, Ora Finance Private Limited does not make any representation concerning the privacy practices or policies of such third parties or terms of use of such websites, nor does Ora Finance Private Limited guarantee the accuracy, integrity, or quality of the information, data, text, software, sound, photographs, graphics, videos, messages or other materials available on such websites. The inclusion or exclusion of third-party links does not imply any endorsement by Ora Finance Private Limited of the website, the website provider, or the information on the website. Ora Finance Private Limited encourages the User to read the privacy policy and terms of use of any third-party website the User has been directed/redirected/linked to.

Right to Erasure/Modification

Ora Finance Private Limited recognizes your right to have your Personal Data deleted in case you withdraw consent, or the Personal Data is no longer necessary for the purpose for which it was originally collected and processed. For such erasure, Users shall have to make a request to Ora Finance Private Limited in writing.

If any part of the Personal Data provided by you is wrong, you can request us to modify or delete the same. Ora Finance Private Limited will take all reasonable measures to ensure that the information is modified and used for rendering services to you and as otherwise in compliance with law. When editing or deleting personal information, we may ask you to verify your identity before we can act on your request.

Ora Finance Private Limited may at its discretion reject any request that is contrary to law or requires unreasonable technical efforts. We do not assure that we will delete all residual copies and archives made by any third party without our knowledge and consent.

Security

Ora Finance Private Limited has taken all reasonable precautions in accordance with industry standard to treat Personal Data as confidential. Ora Finance Private Limited has implemented security infrastructure to protect from unauthorized access, improper use, disclosure, modification and unlawful destruction or accidental loss of Personal Data. All Ora Finance Private Limited employees and data processors, who have access to and are associated with the processing of personal data, are obliged to respect the confidentiality of every User’s Personal Data.

Privacy of KYC 

Ora Finance Private Limited shall maintain the privacy aspects of KYC’s.

Amendment

Ora Finance Private Limited may update or amend this Privacy Policy at any time, with or without advance notice. If there are significant changes in the way Ora Finance Private Limited treats sensitive personal data, Ora Finance Private Limited will display a notice on the Website or send Users an email. Ora Finance Private Limited ‘s current Privacy Policy applies to all information that Ora Finance Private Limited has about Users and their account.

Notwithstanding the above, Ora Finance Private Limited shall not be required to notify the Users of any changes made to the Privacy Policy. Should you have any concern or reject the changes in the Privacy Policy. you can refuse to accept the amendments and opt for erasure of your Personal Information by writing to us.

Non-Binding 

Please note that this privacy policy does not create any contractual or other legal rights in or on behalf of any party, nor is it intended to do so.

Prohibited Actions While using this Site, you agree not to, by any means (including hacking, cracking or defacing any portion of the Site) indulge in illegal or unauthorized activities including the following:

• ● Restrict or inhibit any authorized user from using this Site 
• ● Use the Site for unlawful and illegal purposes 
• ● Harvest or collect information about Site users without their express consent 
• ● Transmit any software or other materials that contain any virus or other harmful or disruptive component 

If you have any compliant or grievance with respect to this Website or this Privacy Policy, please write to us at care@orafinance.in.

ORA FINANCE PRIVATE LIMITED

CIN: U65929DL2021PTC384921

GRIEVANCE REDRESSAL POLICY

Policy: Grievance Redressal Policy	Policy version: V.1
Date of issue: February 01, 2023	Authorized by: Board of Directors
Effective from: February 01, 2023	Adopted by: Board Resolution dated February 01, 2023

Introduction:

Customer service is extremely important for sustained business growth and as an organization we strive to ensure that our customers receive exemplary service across different touch points. Customer complaints constitute an important voice of customer, and this policy details complaint handling through a structured grievance redressal framework. Complaint redressal is supported by a review mechanism, to minimize the recurrence of similar issues in future.

In compliance with the guidelines issued by the Reserve Bank of India (“RBI”), as applicable to non-banking financial companies, for maintenance of an appropriate grievance redressal mechanism within the organisation to resolve the complaints and grievances of its customers, the Company has formulated this Grievance Redressal Policy (“Policy”) setting out the procedure for receiving, registering and disposing of the complaints and grievances of the Customers with respect to the products and services of the Company (“Complaints”), including but not limited to the Complaints in relation to the services provided by the third party agents or business facilitators appointed by the Company for providing such services on behalf of the Company.

Brief Description of the Policy:

The Policy framework lays down requirements related to grievance assessment, registration of complaints, escalation of complaints, redressal, resolution of complaints and periodic review of records of the complaints.

Objective:
The Grievance Redressal Policy follows the following principles:

• • Customers are treated fairly at all times.
• • Complaints raised by customers are dealt with courtesy and in a timely manner.
• • Customers are informed of avenues to escalate their complaints within the organization, and their rights if they are not satisfied with the resolution of their complaints.
• • The employees work in good faith and without prejudice, towards the interests of the customers.

Principles of the Grievance Redressal:

The Company shall be guided by the following principles while handling and redressing the Customer’s Grievances:

• a) The Customers will be provided required information on how to raise their grievances over phone, designated e- mail ID, on-line (i.e., on the website of the Company) or by directly contacting the Grievance Redressal Officer.
• b) The process to raise a complaint / escalation / grievance would involve only relevant investigative questions without any kind of hassle to the customer.
• c) The Resolutions would follow the simple principle of ensuring an effective resolution of the Grievance.
• d) The responses would be consistent with the applicable RBI guidelines at all times as applicable to mitigate impact on customer on account of the grievance.
• e) The Company is committed to remain quick and consistent at all times in providing necessary information or process requested by the customer.

Responsibilities of the Board of Directors of the Company:

The Board of Directors of the Company shall be responsible for:

• a) laying down the appropriate grievance redressal mechanism within the Company / organization which ensures that all disputes arising out of the decisions of Company functionaries are heard and disposed of at least at the next higher level.
• b) periodical review of the functioning of the Grievance Redressal Mechanism at various levels of management.
• c) reviewing consolidated report and status of the Grievances from time to time.

Registration of complaint:

The Company shall enable registration of complaints by Customers through multiple channels. The various channels available to customers are as under:

• a) Over dedicated phone numbers,
• b) Designated e-mail ID: Customers can send an email for redressal of their Grievance
• c) on-line (i.e., on the website of the Company),
• d) by directly contacting the Grievance Redressal Officer / In Person at the Registered

Office or corporate office of the Company and the Customers can speak to the officials-in charge of the Company for resolution of their issues or register their grievances at the Office. Customers can reach out directly to Grievance Redressal officer over phone and / or designated e-mail.

Recording and tracking of Complaints:

For recording and tracking the Complainants from the borrowers / customers, the Company shall maintain the Complaints Register wherein all the complaints received by the Company shall be recorded and tracked for end-to-end resolution, and Complaint MIS which shall be placed before the Management of the Company on a monthly basis.

Resolution of Complaints:

The department and business heads are responsible for resolution provided by their teams and for closure of borrowers / customers issues.

Time frame for response and Complaints Redressal:

Types of Complaints	Complaints Redressal time Period
Normal cases (other than the one mentioned Herein below)	7 working days
Fraud cases, Legal cases and cases which need retrieval of documents and exceptionally old records	10 working days
EMI related cases	15 working days
Cases involving 3rd party (other financial institutions dealership etc.)	20 working days
Complaints received from the regulator	Within timelines as may be mandated by the respective regulator

If any case needs additional time, the Company will inform the borrower/customer/regulator requirement of additional time with expected time lines for resolution of the issue.

Escalation Matrix:

In order to effectively understand and address customer grievances, the Company shall open multiple channels of communication. These modes will be adequately displayed on notice board of the organisation.

Primary Level:

Customers can write to at care@orafinance.in.
OR
Customers can also contact the Nodal Officer Team between 09:00 A.M to 06:00 P.M, Monday to Friday on contact number:+91-828 282 0110.

Secondary Level:

If the customers are not satisfied with the resolution received or if the customer does not hear from primary level in 7 working days from the date of the Complaint, we request customer to write to our Principal Nodal Officer / Grievance Redressal Officer, at compliance@orafinance.in

Third Level:

If the customer is not satisfied with the resolution received or if the customer does not hear from secondary level in 20 working days from the date of the Complaint, then he/she may lodge their complaint on RBI CMS portal - https://cms.rbi.org.in or reach them on the dedicated e-mail id - crpc@rbi.org.in Or send your complaint to the below mentioned address:

Officer-in-Charge
Reserve Bank of India, RBI Byculla Office Building,
Opp. Mumbai Central Railway Station, Byculla, Mumbai - 400 008
Email: nbfcomumbai@rbi.org.in

and/or

Officer-in-Charge
Reserve Bank of India Sansad Marg, New Delhi - 110001 STD Code: 011,
Tel. No. 23724856 Fax No. 23725218 - 19
Email: nbfconewdelhi@rbi.org.in

Monitoring:

All new and pending Customer complaints along with ageing analysis and complaints received from the Reserve Bank of India shall be placed before the Board of Directors of the Company on a quarterly basis for the review by the Board.

Review:

A review of compliance with this Policy and the functioning of the Grievance Redressal Mechanism would be done by the Management regularly. The Board shall review the policy annually and otherwise as it deems appropriate. An updated copy of this code shall be made available on the website of the Company.

Refund and Cancellation Policy

Ora Finance Private Limited does not provide refund & cancellation as we are a Non-banking Finance Company. We have integrated payment Gateway to receive EMI from our borrowers.

1. Amount once paid through the payment gateway shall not be refunded other than the following conditions:

• - Multiple debit of amount from Borrower’s Bank Account / Debit Card due to technical error OR borrower's account being debited with excess amount in a single transaction due to technical error. In such cases, excess amount excluding Payment Gateway charges would be refunded to the borrower.
• - Due to technical error, payment being charged on the borrower’s Bank Account/ Card but the transaction is unsuccessful.

2. The borrower will have to make an application for refund along with the transaction number and original payment receipt if any generated at the time of making payments.

3. The application in the prescribed format should be sent to care@orafinance.in / or a ticket raised via customer login.

4. The application will be processed manually and after verification, if the claim is found valid, the amount received in excess will be refunded by NEFT/RTGS through electronic mode in favour of the borrower and confirmation sent to the mailing address given to us, within a period of 7 calendar days on receipt of such claim. It will take 3-7 days for the money to show in your bank account depending on your bank’s policy.

5. The company assumes no responsibility and shall incur no liability if it is unable to affect any Payment Instruction(s) on the Payment Date owing to any one or more of the following circumstances:

• a. If the Payment Instruction(s) issued by you is/are incomplete, inaccurate, and invalid and delayed.
• b. If the Payment Account has insufficient funds/limits to cover for the amount as mentioned in the Payment Instruction(s).
• c. If the funds available in the Payment Account are under any encumbrance or charge.
• d. If your Bank refuses or delays honouring the Payment Instruction(s).
• e. Circumstances beyond the control of Company (including, but not limited to, fire, flood, natural disasters, bank strikes, power failure, systems failure like computer or telephone lines breakdown due to an unforeseeable cause or interference from an outside force)
• f. In case the payment is not affected for any reason, you will be intimated about the failed payment by an e-mail.

6. User agrees that the Company, in its sole discretion, for any or no reason, and without penalty, may suspend or terminate his/her account (or any part thereof) or use of the Services and remove and discard all or any part of his/her account, user profile, or his/her recipient profile, at any time. Company may also in its sole discretion and at any time discontinue providing access to the Services, or any part thereof, with or without notice. User agrees that any termination of his/her access to the Services or any account he/she may have or portion thereof may be affected without prior notice and also agrees that Company will not be liable to User or any third party for any such termination. Any suspected, fraudulent, abusive, or illegal activity may be referred to appropriate law enforcement authorities. These remedies are in addition to any other remedies Company may have at law or in equity. Upon termination for any reason, the user agrees to immediately stop using the Services.

7. The company may elect to resolve any dispute, controversy, or claim arising out of or relating to this Agreement or Service provided in connection with this Agreement by binding arbitration in accordance with the provisions of the Indian Arbitration & Conciliation Act, 1996. Any such dispute, controversy or claim shall be arbitrated on an individual basis and shall not be consolidated in any arbitration with any claim or controversy of any other party.