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UPI Policy

Unified Payments Interface (UPI) Terms and Conditions The Vani Merchant’s Co-Op Bank

 

This document lays out the “Terms and Conditions”, which shall be applicable to all transactions initiated by the Customer vide the Unified Payments Interface, as defined herein below, through The Vani merchant’s co-op bank limited ,Vani ,India, for the purpose of transfer of funds and any other services added afterwards.

 

Before usage of the “Unified Payments Interface”, all Customer(s) are advised to carefully read and understand these Terms and Conditions. Usage of the Unified Payment Interface by the Customer(s) shall be construed as deemed acceptance of these Terms and Conditions, mentioned herein below.

 

DEFINITIONS

 

“THE BANK” refers to The Vani merchant’s co-op bank limited, Vani, a body corporate constituted in India under the Banking Companies (Acquisition and Transfer of Undertakings) includes its successors and assigns.

 

Unified Payments Interface (UPI) is a system that provides retail digital payments to a customer through multiple bank accounts using single mobile application (of any participating bank/TPAP). This allows seamless fund routing & merchant payments under one hood. It is an advanced version of IMPS-round the clock funds transfer service to make cashless payment transfer, easier and smoother.

 

Vani merchant’s co-op bank limited, Vani provides UPI facilities to its Retail customers for financial and nonfinancial transactions under integrated application “Vani merchant’s”.

 

UPI : Unified payment interface- A payment platform extended by NPCI for the purpose of inter bank transfer of funds i.e., pay someone (push) or collect from someone (pull) instantly pursuant to the rules, regulations and guidelines issued by NPCI, Reserve Bank of India and Banks, from time to time.

 

UPI Application: Shall mean the Vani Merchant’s Bank’s Unified Payment Interface Application downloaded by the user to his/her mobile phone.

 

Payment Service Provider or PSP: Shall mean entities which are allowed to issue virtual addresses to the Users and provide payment (credit/debit) services to individuals or entities and regulated by the Reserve Bank of India, in accordance with the Payments and Settlement Systems Act, 2007.

 

Vani BANK: A body corporate established under the Banking Companies (Acquisition and Transfer of undertakings) Act 1970, having its Head office at 112, J.C. Road, Bangalore – 560 002 (hereinafter termed as "PSP") which expression shall, unless repugnant to the context or meaning thereof, shall include its successors and permitted assigns.

Bank: Shall mean any Bank including Vani merchant’s Bank which is enabled on UPI platform.

RBI: The Reserve Bank of India (RBI) is the central bank of India established on April 1, 1935 in accordance with the provisions of the Reserve Bank of India Act, 1934. RBI regulates the issuing of bank notes to ensures secure monetary stability in India.

NPCI: National Payments Corporation of India - A company incorporated in India under Section 25 of the Companies Act, 1956 and having its registered office at 1001A, B wing 10th Floor, The Capital, Plot 70, Block G, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051.

USER: Shall mean an individual/entity who is a holder of a Bank account who has downloaded Vani Merchant’s Bank’s UPI Application, wishes to register with Vani Merchant’s Bank’s UPI Application by accepting the terms and conditions and avails the UPI Facility.

Beneficiary: The person’s account details where in transfer amount is supposed to be credited.

Beneficiary Bank: Any credit going to a UPI user will be credited to a beneficiary's bank account. The bank receiving the funds in UPI transactions will be acting as a beneficiary bank.

  • VPA or UPI ID: Virtual Payment address – is a payment identifier for sending/collecting money. VPAs are aliases to Account No. & IFSC. This enables the user to complete a transaction without having to enter the account credentials of the beneficiary
  • Payer: PAYER is one that pays, especially the person by whom a bill or note has been or should be paid.
  • Payee: A Payee is the term used to describe the person or business that you are paying money to.
  • Remitter Bank: "Beneficiary Bank" shall mean the bank holding a bank account of the Receiver, where the credit of the UPI instruction is received from the Payer to be executed either on real time basis or periodically with a settlement process
  • Account: Shall mean Savings and/or Current/Overdraft account held in individual capacity (other than NRIs) at present at a bank which has been enabled for UPI. The term ‘Accounts’ also including Prepaid Instrument accounts i.e. wallet accounts.
  • USER Mobile Number: Shall mean the specific Mobile Phone Number registered by the user with Bank(s) where he / she is holding the accounts and that has been used by the User to register for the UPI Facility.
  • Aadhaar Number: Shall mean the unique identity number issued by Unique Identification Authority of India (UIDAI).
  • Cellular Service Provider: Hereafter referred to as "CSP" refers to the GSM/ CDMA / GPRS / EDGE Service provider (for operation of Mobile Phones).
  • Finger Print Authentication: Shall refer to the automatic method of verifying an individual’s identity by their fingerprints and is also used to grant or deny access to a computer system/mobile device/tablet /any other device.
  • Personal Information: Refers to the information provided by the User in connection with UPI service.
  • Eligibility: Any individual having a Savings and/or Current/Overdraft account in a Bank held in individual capacity (other than NRIs), authorized to operate the account individually. The user shall possess a smart phone. The User should be compliant of KYC of the Bank(s) where he holds account(s).
  • Registration: The User agrees that he/she shall be entitled to use the UPI Service by downloading Vani merchant’s Bank’s UPI Application provided that /his/her Mobile Phone is found in order to support the UPI Application and the relevant particulars are registered with the Bank.

1 Click 2 Factor authentication: The same shall be identifying the user on basis of two factors. The two factors shall have proper identification as below:

  • What you have i.e. mobile number and mobile handset
  • What you know i.e. Pass code and UPI PIN.
  • Biometric Authentication: This shall mean identifying the device on basis of device configuration or identifier as used by application. The device shall be uniquely identified for unique user.

 

(UPI) services:

  • Balance Inquiry of any of the Bank accounts linked to the application.
  • View transactions done by the user for a particular period (Both Pay and collect transactions).
  • Send funds to any Bank customer including Vani Merchant’s Bank Customer through four payment methods viz., Virtual Payment Address, Pay to Contacts/Mobile Number Account No. + IFSC, Scan & Pay based payment.
  • Collect funds from anyone through Virtual Payment Address, and to other Bank accounts instantly by setting an expiry date for such collect transactions.
  • Set/Change login pass code and UPI PIN, Generate OTP, Check transaction status and many other facilities as Bank may decide to provide from time to time. Bank at its sole discretion may also make additions/deletions to the Unified Payment Interface (UPI) Services being offered without giving any prior notices or reasons.
  • Generation of Static & Dynamic QR code.
  • Creation/Modification/Execution of Mandate.

 

Usage of Facility:

  • By accepting the terms and conditions on the mobile phone while registering for the UPI facility, the User: Agrees to use UPI Facility for financial and non-financial transactions offered by Vani Merchant’s Bank from time to      time and irrevocably authorizes the respective Bank to debit the Bank Accounts which have been registered  for UPI Facility for all transactions/services undertaken.
  • Authorizes The Vani Merchant’s Bank to map the account number and mobile number for the smooth operation of the facility offered by Vani Merchant’s Bank and to preserve the mapping record in its own server or server of any other third party and to use such data at its discretion for providing/enhancing further banking/ technology products that it may offer.
  • Agrees that he/ she is aware and accepts that facility offered by Vani Merchant’s Bank will enable him/her to transact using UPI PIN/1click 2FA/ Or biometric authentication and will be deemed as bonafide transaction.
  • Agrees that the transactions originated using mobile phones are non-retractable as these are instantaneous/real time
  • Agrees to acquaint himself /herself with the process for using the facility and validly registered in his/her name only with the Mobile Service Provider and undertakes to use the facility only through mobile number which has been used to register for the Facility.
  • Agrees that Vani Merchant’s Bank is authenticating the User by using Mobile Number, Mobile Phone, UPI PIN and/or can introduce other advanced authentication mechanism such as Finger print authentication etc in future which is acceptable and binding to the user and Hence the user is solely responsible for maintenance of the secrecy & confidentiality of the UPI PIN and unauthorized usage of his/her mobile phone, without any liability to Vani Merchant’s Bank.
  • Confirms that notwithstanding anything mentioned herein, in no event shall Vani Merchant’s Bank be liable to the user or any other third party affected by the Transaction for loss of profits or revenues, indirect, consequential or similar damages arising out of or in connection with the Transaction, materials, information technology services or assistance provided under this Terms & Conditions
  • The User undertakes to execute such other documents and writings in addition to the instructions for activating, initiating or making transfer of funds via UPI facility, in a form and manner as required by Vani Merchant’s Bank, from time to time.
  • The User understands that the transaction may be rejected or cancelled in case the instructions and/or any Authentication Credentials or any details, documents or information provided by the User are false or not in accordance with the conditions stipulated by Vani Merchant’s Bank or the Reserve Bank of India or the Beneficiary bank or the remitter Bank
  • The User also understands that the transaction may also be cancelled/rejected due to any of the reasons like "the designated account of beneficiary not being maintained by the Beneficiary bank” or an attachment order having been passed on the designated Beneficiary account by a competent authority/Court or details pertaining to the Beneficiary/Beneficiary account details recorded with the Beneficiary bank does not match or any other reasons.
  • The User ensures and confirms that upon completion of the transaction initiated by the User, i.e., receipt of fund by the recipient maintained with the Beneficiary Bank, Vani Merchant’s Bank will be entitled to charge such fees, cost and charges, as specified by Vani Merchant’s Bank/NPCI, from time to time.
  • The User acknowledges and understands that the completion of transactions for transfer of funds based on the User's instruction shall involve various Counterparties (especially in the case of collect transaction). The User confirms that Vani Merchant’s Bank shall not be held liable or responsible for any delays/deficiencies in settlement of a transaction due to system constraints, actions of 3rd parties or any other circumstances outside the control of Vani merchant’s Bank.
  • Without prejudice to the generality of the foregoing, the User agrees to indemnify and save, keep harmless and keep indemnified Vani Merchant’s Bank against any improper/ fraudulent instructions purporting to be received from the User and/or for furnishing incomplete information.
  • The User understands that the provision of UPI is subject to Indian laws and the guidelines and regulations issued from time to time by the NCPI or Reserve Bank of India in this behalf.
  • The User agrees and confirms that Vani Merchant’s Bank reserves the rights to call for logs, proofs, User details or documents necessary at any time on account of audit, compliance, regulatory or legal requirements and the Master Merchant agrees to comply with such requests within 2 business days from the date of such requests being made.
  • The User agrees and confirms that the Minimum and Maximum amount Stipulated for UPI may be stipulated by Vani Merchant’s Bank in accordance with the Guidelines set By NPCI or RBI, from time to time.
  • In a collect request transaction (PULL transaction), the User/merchant agrees and understands that it is subject to the approval and expiry period defined by the User/merchant at the time of making such requests to the remitter.
  • Agrees that dispute resolution shall be as per the guidelines issued by NPCI from time to time.

 

Funds Transfer Services

The Customer and/ or User shall not use or attempt to use the BOI BHIM UPI services for funds transfer without sufficient funds in the concerned account r without a duly sanctioned pre-existing arrangement with Bank for the grant of an overdraft. The Bank will endeavor to effect funds transfer transaction received through authorized BOI BHIM UPI subject to availability of sufficient funds in the Account. The Bank shall be within its right to revise and /or specify from time to time the limit for carrying out various kinds of funds transfer or any other services through BOI BHIM UPI without giving any notice to the customer. The said facility will be provided as per the terms and conditions specified by Bank from time to time. Bank shall not be liable for any act or omission with respect to any of the transactions, nonpayment, late payment etc. In the event of overdraft created due to oversight/inadvertently or due to any other reason, the Customer shall be liable to pay overdrawn amount together with the interest on such over drawn amount, as decided by the Bank from time to time and shall be repaid by the customer forthwith.

 

 Liability of the User

  • The user shall be responsible for each transaction initiated under his/her registered UPI Application. The user shall be liable for the losses arising out of any unauthorized transactions occurring through his/her accounts.
  • The user has to immediately bring in to the notice of Bank in case he/she suspects that his / her Mobile number is / has been allotted to another person, or blocked and/or notices unauthorized transactions in his / her accounts; user has to make sure that the facility is deregistered for his / her mobile no.
  • The user agrees that the access to Bank’s UPI application through his/her Mobile Phone and any transaction, which originates from the same, whether initiated by him/her or not, shall be deemed to have originated from the respective user.
  • The user understands that in the event of loss/malfunctioning of his/her Mobile Phone / SIM Card or it falling in the wrong hands or occurrence of any such similar events, it can be misused. The user indemnifies Bank for any such misuse arising out of the same and similar occurrences. The user shall not hold Bank responsible for any loss that the user may suffer in these circumstances.

 

Liability of Bank

  • Bank shall, in no circumstances, be held liable to the user, if access is not available in the desired manner for reasons including but not limited to natural calamities, floods, fire and other natural disasters, legal restraints.
  • Bank shall, in no circumstances, be held liable to the user, if there are faults, imperfection or deficiency in the telecommunication network or any other reason beyond the control of Bank.
  •  Bank does not hold out any warranty and makes no representation about the quality of the UPI Facility. Under no circumstances shall Bank be liable for any damages whatsoever whether such damages are direct, indirect, incidental, consequential and irrespective of whether any claim is based on loss of revenue, investment, production, goodwill, profit, interruption of business, wrong beneficiary credentials, wrong credits or any other loss of any character or nature whatsoever and whether sustained by the User or any other person. Bank expressly disclaims all warranties of any kind, whether express or implied or statutory, including, but not limited to the implied warranties of merchantability, fitness for a particular purpose, data accuracy and completeness, and any warranties relating to non-infringement in the UPI Facility.
  • Bank shall, in no circumstances, be held liable to the user for other Bank services. 

 

Termination of UPI Service            

 The user understands and agrees that he/she will remain responsible for any transactions made on UPI through Bank’s UPI application until the termination of the Service. The user shall be liable for all the transactions occurred prior to the termination of service. Similarly Bank may suspend or terminate UPI Services without prior notice if the user has breached the Terms and Conditions or if Bank notices some errors / omissions / fraudulent transactions related to the user’s accounts or User.

                 The facility may be suspended due to maintenance or repair work or any breakdown in the Network/Hardware/ Software for UPI Facility, any emergency or for security reasons without prior notice and bank shall not be responsible for any losses/damages to the Users.                                    

 

Governing Law & Jurisdiction                  

The laws of India shall govern these terms and conditions and/or the operations in the Account(s) maintained with Bank. Any legal action or proceedings arising out of these Terms shall be brought under the exclusive jurisdiction of the courts or tribunals/forums located in Mumbai, India only.                  

These Terms & Conditions are subject to periodic updation. The User understands that Bank may amend the above terms and conditions at any time without any notice or assigning any reason whatsoever and such amended Terms and Conditions.    

 

Contact Us

If you have any questions about this Privacy Policy, please contact us on vmc_bank@vmcbank.co.in