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RBI Compliance

Fair Practice Code

Venus Barter Private Limited (V MONEY)

1. Introduction / Preamble

Venus Barter Private Limited ("the Company") is committed to fair, transparent, and ethical practices in all dealings with its customers/borrowers. This Fair Practices Code ("Code") is formulated in line with the guidelines issued by the Reserve Bank of India under the Master Direction – Reserve Bank of India (Non-Banking Financial Company – Scale Based Regulation) Directions, 2023 (as amended), and other applicable circulars.

The Code applies to all products/services offered by the Company, especially personal loans through the VMoney platform.

2. Applications for Loans and their Processing

  • Loan application forms shall include all necessary information affecting borrower interest.
  • Communication shall be in a language understood by the borrower.
  • Acknowledgement provided for all applications with timelines.
  • KYC verification and credit appraisal conducted fairly.

3. Loan Appraisal and Terms & Conditions

The Company shall convey in writing:

  • Amount sanctioned
  • Annualized Rate of Interest
  • Processing fees and other charges
  • Penal charges (if any)
  • Repayment terms
  • Key Facts Statement (KFS)

No charges shall be levied without prior disclosure.

4. Disbursement of Loans

  • Disbursement only after agreement execution.
  • Any change in terms communicated in advance.

5. General Principles

  • No undue interference except as per agreement.
  • No harassment or abusive recovery practices.
  • Recovery strictly as per RBI guidelines.
  • Borrower privacy maintained.

6. Collection / Recovery Practices

  • Trained recovery agents only.
  • Advance notice before repossession.
  • Reasonable time for repayment.

7. Grievance Redressal Mechanism

  • Complaints acknowledged within 7 days.
  • Resolution within 30 days.
  • Escalation to Customer Care → Nodal Officer → RBI Ombudsman.
  • Contact details displayed on website and app.

8. Other Key Commitments

  • No prepayment penalty on floating rate loans.
  • Transparent disclosure of charges.
  • Responsible lending practices.
  • Code displayed on website and app.
  • Periodic Board review.