- INTRODUCTION
Hindon Mercantile Limited (Herein after referred as “HML” or “MufinPay” or “the Company”) is a Non-Banking Financial Company (NBFC) registered with the Reserve Bank of India. The Customer Grievance Redressal of MufinPay is set out as a mechanism available within the organization to enable the customers to lodge their complaints / grievances or give their feedback /suggestions in relation to their transactions/dealings with the Company.
SEGMENT A:
Prepaid Wallet business: Issuance of multipurpose prepaid MUFINPAY Wallet as a payment option alternative to cash for large segment of population in the country that is unable to use e-payment/ m-payment facility since they do not have debit/credit cards.
(Prepaid MUFINPAY Wallet business is governed by the PSS Act and the RBI Guidelines).
The Company offers safe and easy payment options to every customer for seamless transactions across M- Commerce and E-Commerce domains. The Company has introduced multi-purpose prepaid MUFINPAY Wallet (known as “MUFINPAY Wallet”) which can be used to purchase various goods and services Online/On-mobile/IVRS from affiliated merchants based on “anywhere-anytime” concept which would result in increased sales for all affiliated merchants and safety and convenience for the customer. The Company is helping business organizations to expand markets by supporting sales channels convergence with its payment options.
The Company is in the business of issuance of Prepaid MUFINPAY Wallet and is authorized by the Reserve Bank of India (RBI) to operate a Payment System. It is governed by the Payment and Settlement Systems Act, 2007(“the PSS Act”), Regulations made under and the Issuance and Operation of Prepaid Payment Instruments in India (Reserve Bank) Directions, 2009 (“the RBI Guidelines”) laid down by the RBI.
- OBJECTIVES
This policy document lists various means available for the customers of Hindon Mercantile Limited (hereinafter referred to as “MufinPay”) to reach out to the Company, the service guarantee, and timelines by which MufinPay will try and ensure resolution to the customer concerns. As a service provider industry, customer satisfaction are the prime concerns, and the objective of this policy is to minimize instances of customer complaints through proper service delivery & review mechanism and prompt redressal of customer grievances / complaints effectively.
1. DEFINITIONS
- ‘Company’ shall mean Hindon Mercantile Limited which is carrying on the business of issuance of Prepaid Payment
Instruments under the brand name of MUFINPAY. - ‘Complainant’ shall mean the Customer who has a Grievance.
- ‘Customer’ shall mean the user of prepaid payment instruments provided by HML.
iv. ‘ MUFINPAY Wallet’ shall mean the activated and valid Prepaid wallet and all variants of the same issued by the Company.
v. ‘Payment System’ means a system that enables payment to be affected between a payer and a beneficiary involving clearing,
payment or settlement service or all of them but Customer Grievance Redressal Policy does not include a stock exchange.
vi. ‘System Participant’ shall mean Bank or any other person participating in a payment system and includes the system provider as per the PSS Act.
vii. ‘System Provider’ shall mean a person who operates and authorizes payment system. ‘Week’ shall mean consecutive seven Working Days.
viii. ‘Working Day’ shall mean any day (other than Sunday & Public Holiday) on which the Company’s Corporate Office is open for business.
- ‘Grievance’ shall mean communication in any form by a customer that expresses dissatisfaction about an action or lack of action by, or about the standard of service of the Company and/or its representative, in relation to use of prepaid payment instruments provided by HML.
- ‘Redressal’ shall mean the disposal of the Grievance of the Complainant by the Company.
4. PRINCIPLES OF POLICY
- Customers remain the Key focus for all initiatives and strategies developed at MufinPay;
- To ensure that all customers are treated fairly and in a professional manner;
- Complaints raised by customers are dealt with courtesy and in a timely manner;
- To ensure that all customers are fully informed of the grievance redressal mechanism including the mode of lodging complaints, escalation matrix with all the contact details, and timelines for redressal at every level;
- MufinPay endeavors to simplify the customers’ lives through innovations and product offerings;
- Customers and their Feedback is treated as the most valuable asset for the company;
- The employees work in good faith and without prejudice towards the interests of the customers.
Our Commitment
- MufinPay tries to resolve the Grievances faced by the customers and resolve them within the communicated time frame.
- Grievances will be dealt with utmost importance.
- MufinPay work in good faith and without prejudice towards the interests of the customers.
Steps Involved to manage Customer Grievances
Level 1: Customer Support
1.Registration of Complaints:
- Over Website- Customers can register complaint with MufinPay Customer Support by clicking on the Customer Support Section which is appended on homepage at https://mufinpay.com/.
- Over Call- We offer customer support service from Monday to Saturday (excluding second Saturday) from 10 am to 6pm on our customer care number 011-43094301.
- Over Email- Customer can also raise query on our email id care@mufinpay.com
- Over Social Media – Alternatively, Customer can also raise his query on our social media page on Facebook and LinkedIn.
On receiving customer feedback, our executives would reach out to the customers and ensure that all grievances are addressed within a predefined Service Level Agreement as communicated below.
2. Resolution of Complaints:
- We are committed to providing our first response within 24 hours of lodging of complaint.
- We aim to resolve all complaints within 7 business days.
- In some cases, resolution of complaint may get delayed due to operational or technical reasons. In such a scenario, customers will be proactively informed of the timelines during which complaint will be addressed.
- Complaints related to ‘fraud and risk assessment’ may take extra time to investigate due to the involvement of multiple agencies. Customers shall be proactively informed of the timelines in such cases.
- The customer will also be kept informed on the progress towards the final resolution or communicate any delays in redressing the concern.
Note: Users are proactively informed of delays if any, in the resolution. Escalation of Complaints to Level 2, if User is not satisfied at Level 1.
Level 2: Grievance Escalation
As “Customer Delight” is our priority, we are committed to providing Best Payment Solution Experience to all our customers. We extend a level 2 escalation matrix to all our customers.
- Complaints Registration: Customer can access any of the following channels to escalate your complaint.
- Register a complaint at ops@mufinpay.com
- Call our customer support center on 011-43094301
- Resolution of Complaints:
- MufinPay committed to providing a first response within 24 hours of receiving the complaint.
- MufinPay aim to resolve all Level 2 complaints within 5 business days. Any delay in the resolution time shall be proactively communicated to customer in due course.
Level 3: Nodal Escalation
In case the customer is still not satisfied with the resolution provided or delay in response beyond the timelines communicated even after following the escalation steps at Levels1 & 2 respectively, the customer can escalate the concern to the highest level by:
- Complaints Registration:
- In accordance with the Information Technology Act, 2000 and rules made thereunder, the name and contact details of the Grievance Officer is provided below:
Name of Principal Nodal Officer: | Kapil Garg |
Contact No.: | |
Email: | |
Address: | 201, Second floor, Best Sky Tower, Netaji Subhash Place, New Delhi- 110034 |
Resolution of Complaints:–
- Mufinpay committed to providing a first response within 24 hours of receiving the complaint.
- Mufinpay aim to resolve all Level 3 complaints within 7 business days. Any delay in the resolution time shall be proactively communicated to customer in due course.
APPLICATION TO COMPANY BY CUSTOMER FOR REDRESSAL OF GRIEVANCE
(All fields are mandatory)
Date
To,
Customers Grievance Redressal Committee
HINDON MERCANTILE LIMITED
201, 2nd Floor, Best Sky Tower, Netaji Subhash Place, Pitampura, DELHI 110034 IN
- NAME OF THE CUSTOMER
- FULL ADDRESS OF THE CUSTOMER ( With Email Id and Mobile )
- MUFINPAY Wallet ID
- DETAILS OF THE GRIEVANCE,
(If space is not sufficient, please enclose separate sheet)
- DATE OF ORIGINAL INTIMATION OF GRIEVANCE BY THE CUSTOMER TO THE CUSTOMER SUPPORT
- REMEDY PROVIDED BY THE CUSTOMER SUPPORT, IF ANY
(If remedy has been provided, please enclose relevant communication from the Customer Care Centre)
- LIST OF DOCUMENTS ENCLOSED
(Please enclose copies of any relevant documents which support the facts giving rise to the Grievance)
DECLARATION
I/ We, the customer/s herein declare that:
- The information furnished hereinabove is true and correct; and
- I/ We have not concealed or misrepresented any fact stated hereinabove and the documents submitted herewith.
- The present Grievance has been intimated to Committee in the prescribed form and manner prescribed by the Company and I/We am/are not satisfied by the remedy provided by the Customer Support.
OR
No remedy was provided within a period of 7 days from the date of original intimation.
- The subject matter of the present Grievance has never been submitted to the Company by me or by any one of us or by any of the parties concerned with the subject matter to the best of my/our knowledge
- The subject matter of my/our Grievance has not been settled by the Company/ Customer Support in any previous proceedings
- The subject matter of my/our Grievance has not been decided by any competent authority/court/arbitrator and is not pending before any such authority/court/arbitrator.
Yours faithfully (Signature)
(Customer’s name in block letter)
NOMINATION
If the customer wants to nominate his representative to appear and make submissions on his behalf before the Customers Grievance Redressal Committee the following declaration should be submitted:
I/We the above-named customer hereby nominate Shri/Smt., who is not an Advocate and whose address is as my/our REPRESENTATIVE in the proceedings and confirm that any statement, acceptance or rejection made by him/her shall be binding on me/us.
He/ She has signed below in my presence.
(Signature of Representative)
(Signature of Customer)
Level 4: Escalation to RBI Ombudsman
If customers query or complaint has not been satisfactorily resolved at previous levels within 30 days, customer can reach out to the digital ombudsman.
- Complaint lodging portal of the Ombudsman: https://cms.rbi.org.in/
- Email ID: crpc@rbi.org.in
- The complaint, if submitted in physical form, shall be duly signed by the complainant or by the authorized representative. The complaint shall be submitted in electronic or physical mode in RBI specified format and containing such information as may be specified by Reserve Bank.
- Additionally, a Contact Centre with a toll-free number – 14448 (9:30 am to 5:15 pm) – is also being operationalized in Hindi, English and in eight regional languages to begin with and will be expanded to cover other Indian languages in due course. The Contact Centre will provide information/clarifications regarding the alternate grievance redress mechanism of RBI and to guide complainants in filing of a complaint.
For more details, please refer to the link below: https://rbi.org.in/Scripts/Complaints.aspx
Reporting of Unauthorized Transaction
To Block and Report Unauthorized Transaction customer may Report via MufinPay Website or App:
- Visit https://mufinpay.com or Help Section of your Mufinpay App and choose Contact Us option.
- Fill in the required details and click on Create Ticket.
- Please use the Ticket Id generated for future reference or communication with MufinPay.
- to report Fraud on your Mufinpay Wallet account please keep the transaction details (Order Id, Amount, Date and Time) handy for quick assistance
Customer Protection – Limited Liability in Unauthorized Transaction
Limited Liability in Unauthorized Electronic Payment Transactions in Prepaid Payment Instruments (PPIs) issued by Authorized Non-banks: https://www.rbi.org.in/scripts/BS_CircularIndexDisplay.aspx?Id=11446
Customer Liability in the event of Unauthorized Payment Transaction
In accordance and subject to RBI guidelines and directions made available at – https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11446&Mode=0 , a customer’s liability arising out of an unauthorized payment transaction will be limited to:
A customer’s liability arising out of an unauthorized payment transaction will be limited to :
Customer liability in case of unauthorized electronic payment transactions through a PPI | ||
SNO. | Particulars | Maximum Liability Of Customers |
(a) | Contributory fraud / negligence / deficiency on the part of the PPI issuer, including PPI-MTS issuer (irrespective of whether or not the transaction is reported by the customer) | Zero |
(b) | Third party breach where the deficiency lies neither with the PPI issuer nor with the customer but lies elsewhere in the system, and the customer notifies the PPI issuer regarding the unauthorized payment transaction. The per transaction customer liability in such cases will depend on the number of days lapsed between the receipt of transaction communication by the customer from the PPI issuer and the reporting of unauthorized transaction by the customer to the PPI issuer – |
|
i. Within three days# | Zero | |
ii. Within four to seven days# | Transaction value or ₹ 10,000/- per transaction, whichever is lower | |
iii. Beyond seven days# | As per the Board approved policy of the PPI issuer | |
(c) | In cases where the loss is due to negligence by a customer, such as where he / she has shared the payment credentials, the customer will bear the entire loss until he / she reports the unauthorized transaction to the PPI issuer. Any loss occurring after the reporting of the unauthorized transaction shall be borne by the PPI issuer. | |
(d) | PPI issuers may also, at their discretion, decide to waive off any customer liability in case of unauthorized electronic payment transactions even in cases of customer negligence. | |
# The number of days mentioned above shall be counted excluding the date of receiving the communication from the PPI issuer. |
Refund TAT & Complaints Pertaining to Failed Transactions
In line with the guidelines issued by RBI from time to time regarding Harmonization and Compensation for failed transactions using authorized payment systems, the applicable TAT is to be maintained. (As per Annexure)
A ‘failed transaction’ is a transaction which has not been fully completed due to any reason not attributable to the customer such as failure in communication links, non-availability of cash in an ATM, time-out of sessions, etc. Failed transactions shall also include the credits which could not be affected to the beneficiary account on account of lack of full information or lack of proper information and delay in initiating a reversal transaction.
Harmonisation of Turn Around Time (TAT) and customer compensation for failed transactions using authorized Payment Systems
Sl. no. | Description of the incident | Framework for auto-reversal and compensation | |
Timeline for auto-reversal | Compensation payable | ||
I | II | III | IV |
1 | Automated Teller Machines (ATMs) including Micro-ATMs | ||
a | Customer’s account debited but cash not dispensed. | Pro-active reversal (R) of failed transaction within a maximum of T + 5 days. | ₹ 100/- per day of delay beyond T + 5 days, to the credit of the account holder. |
2 | Card Transaction | ||
a | Card to card transfer | Transaction to be reversed (R) latest within T + 1 day, if credit is not effected to the beneficiary account. | ₹ 100/- per day of delay beyond T + 1 day. |
b | Point of Sale (PoS) (Card Present) including Cash at PoS | Auto-reversal within T + 5 days. | ₹ 100/- per day of delay beyond T + 5 days. |
c | Card Not Present (CNP) (e-commerce) | ||
3 | Immediate Payment System (IMPS) | ||
a | Account debited but the beneficiary account is not credited. | If unable to credit to beneficiary account, auto reversal (R) by the Beneficiary bank latest on T + 1 day. | ₹100/- per day if delay is beyond T + 1 day. |
4 | Unified Payments Interface (UPI) | ||
a | Account debited but the beneficiary account is not credited (transfer of funds). | If unable to credit the beneficiary account, auto reversal (R) by the Beneficiary bank latest on T + 1 day. | ₹100/- per day if delay is beyond T + 1 day. |
b | Account debited but transaction confirmation not received at merchant location (payment to merchant). | Auto-reversal within T + 5 days. | ₹100/- per day if delay is beyond T + 5 days. |
5 | Aadhaar Enabled Payment System (including Aadhaar Pay) | ||
a | Account debited but transaction confirmation not received at merchant location. | Acquirer to initiate “Credit Adjustment” within T + 5 days. | ₹100/- per day if delay is beyond T + 5 days. |
b | Account debited but beneficiary account not credited. | ||
|
| ||
6 | Aadhaar Payment Bridge System (APBS) | ||
a | Delay in crediting beneficiary’s account. | Beneficiary bank to reverse the transaction within T + 1 day. | ₹100/- per day if delay is beyond T + 1 day. |
7 | National Automated Clearing House (NACH) | ||
a | Delay in crediting beneficiary’s account or reversal of amount. | Beneficiary bank to reverse the uncredited transaction within T + 1 day. | ₹100/- per day if delay is beyond T + 1 day. |
b | Account debited despite revocation of debit mandate with the bank by the customer. | Customer’s bank will be responsible for such debit. Resolution to be completed within T + 1 day. | |
8 | Prepaid Payment Instruments (PPIs) – Cards / Wallets | ||
a | Off-us transaction | ||
|
| ||
b | On-Us transaction | Reversal effected in Remitter’s account within T + 1 day. | ₹100/- per day if delay is beyond T + 1 day. |
Guidelines for Handling of Customer Grievances:
The following guidelines have been established to ensure an effective response, timely resolution, proper record-keeping, tracking, and analysis of recurring customer issues:
- All complaints must comply with record-keeping requirements, as well as applicable local laws and regulations. Customer interactions related to complaints or requests should be documented and retained for future reference.
- Customers will be provided with a reference ID to enable easy follow-up, if needed.
- Defined timelines are in place to ensure the resolution of complaints.
- Regular reporting and reviews will be conducted by the Grievance Redressal Committee.
- Recurring issues and trends will be analyzed to identify root causes and areas for improvement.
- Turnaround Time (TAT) and customer compensation for failed transactions under authorized Payment Systems shall adhere to the guidelines specified in the RBI Circular DPSS.CO.PD No.629/02.01.014/2019-20, dated September 20, 2019.
- The Company will comply with the defined TAT to the extent applicable; however, delays may occur due to dependencies on external factors or third parties beyond MufinPay’s control.
Roles & Responsibilities of MufinPay:
- MufinPay shall ensure that the Terms and Conditions or Customer Grievance Redressal Policy is available on its website for the reference of customers.
- MufinPay will regularly conduct awareness on carrying out safe electronic payment transactions to its customers and staff. Such information will include the rights and obligations of the customers as well as non- disclosure of sensitive information e.g., password, PIN, OTP, etc.
- MufinPay shall communicate to its customers to mandatorily register for SMS alerts. MufinPay will send SMS alerts to all valid registered mobile numbers for all debit electronic payment transactions.
- MufinPay shall respond to customer’s notification of unauthorized electronic payment transaction with acknowledgment specifying the date and time of receipt of customer’s notification.
- On receipt of the customer’s notification, MufinPay will take immediate steps to prevent further unauthorized electronic payment transactions in the account.
- MufinPay shall ensure that all such complaints are resolved and liability of customer if any, established within a maximum of 90 days from the date of receipt of complaint, failing which, MufinPay would compensate in terms of RBI/2018-19/101 DPSS.CO.PD. No.1417/ 02.14.006/2018 – 19 dated January 04, 2019.
Roles and Responsibilities of the Customer:
- Customers must register a valid mobile number with MufinPay to receive alerts for all financial electronic debit transactions.
- Customers must cooperate with MufinPay’s investigation team by providing necessary documents, such as proof of transaction success or failure.
- Customers must not disclose sensitive details (such as their MufinPay User ID, password, OTP, etc.) to anyone, including MufinPay employees.
- Customers are responsible for protecting their devices (e.g., laptops, desktops) by following best practices, including regularly updating antivirus software.
- Customers should review instructions and awareness messages sent by MufinPay through SMS or emails about secure payment methods.
- Customers must regularly check their PPI statements to verify transaction details and promptly report any discrepancies to MufinPay.
At HINDON MERCANTILE LIMITED (MUFINPAY), we strongly advise the public and our users to stay vigilant and avoid falling victim to fraudulent schemes, unsolicited calls, or emails requesting financial or personal information. Fraudsters often deceive unsuspecting individuals by posing as representatives of financial institutions, convincing them to share sensitive details such as debit/credit card or bank account information, which are then misused for cybercrimes. These scams typically involve impersonation and lead to the compromise of confidential information, which is later exploited on e-commerce or m-commerce platforms.
Please note that MufinPay will never request details such as your account information, PIN, password, full debit/credit card number, expiry date, OTP, CVV, confidential bank account details, or any other sensitive information. Always exercise caution and safeguard your personal and financial data.
In case you fall prey to such a fraud or scam, kindly use the link provided to you by us or write to us at care@mufinpay.com or follow our grievance policy, to report the same to avoid further loss.
MUFINPAY has implemented a highly secured environment to avoid and check fraudulent transactions – however it is important for customers to ensure that they exercise caution and refrain from compromising sensitive and personal information.
A current version of this document is available to all members of staff. This policy was approved by Board of Directors and is issued on a version-controlled basis under signature of Managing Director.