Registered Under The Ministry of Cooperation, Govt. of India | Reg. No. MSCS/CR/692/2012 ☎ 89438 00166   ✉ email@winnersroyal.com
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Home / Fair Practice Code

Fair Practice Code

Official Policy Content

Fair Practice Code

01

1. Introduction

  1. 1.1 Winners Royal Varsha Credit Cooperative Society Limited is a Multi-State Credit Cooperative Society registered under the Multi State Cooperative Societies Act, 2002. Its main objective is to promote savings and provide credit facilities to its members.
  2. 1.2 The Society is committed to promoting a fair and transparent credit culture while providing financial assistance to its members.
  3. 1.3 The Fair Practice Code lays down standards for fair business and lending practices followed by the Society while dealing with members.
  4. 1.4 This FPC is applicable to all members of the Society and is subject to review from time to time.
02

2. Membership

  1. 2.1 The Society shall admit members in accordance with its bylaws and the Multi-State Cooperative Societies Act, 2002.
  2. 2.2 The Society shall provide a copy of its bylaws to every member at the time of admission and ensure that the member understands the terms and conditions of membership.
  3. 2.3 The Society shall not discriminate against any member on the basis of gender, religion, caste, creed, or any other basis.
03

3. Disclosures

  1. 3.1 The Society shall provide complete and accurate information about its services, terms, and conditions to its members.
  2. 3.2 The Society shall disclose all charges, fees, and penalties applicable to its services and ensure that members understand them.
  3. 3.3 Information related to a member’s account shall be kept confidential and shall not be disclosed to any third party without consent, except as required by law.
04

4. Loan Applications

  1. 4.1 Loan application forms shall be provided in clear and understandable language.
  2. 4.2 The Society shall specify documents required along with the loan application.
  3. 4.3 Loan applications shall be processed in a timely manner and decisions communicated within a reasonable time.
05

5. Loan Appraisal and Sanction

  1. 5.1 Loan appraisal shall be done in a fair and transparent manner considering all relevant factors.
  2. 5.2 The loan sanction letter shall clearly indicate loan terms and conditions.
  3. 5.3 The Society shall obtain the member’s consent for the terms and conditions before disbursement.
06

6. Disbursement of Loans

  1. 6.1 The Society shall disburse the loan amount only after obtaining all required documents and ensuring all terms and conditions are met.
  2. 6.2 Loan amount shall be disbursed in the name of the borrower and not to any third party.
  3. 6.3 No part of the loan amount shall be withheld without the member’s consent.
07

7. Recovery of Loans

  1. 7.1 The Society shall follow a non-coercive and fair recovery process.
  2. 7.2 The Society shall not resort to undue harassment or intimidation of the member or family members.
  3. 7.3 All recovery communication shall be polite and respectful.
  4. 7.4 Recovery process details, including auction procedure for pledged assets, shall be disclosed to the borrower at the time of loan sanction.
  5. 7.5 For gold loans, borrowers may request sale of pledged gold through public auction in case of default; auction proceeds shall be applied towards outstanding loan amount.
08

8. Grievance Redressal

  1. 8.1 The Society shall have a Grievance Redressal Mechanism for complaints or grievances raised by members.
  2. 8.2 A Grievance Redressal Officer shall be appointed to handle complaints and grievances.
  3. 8.3 Contact details of the GRO shall be provided to members, and complaints shall be addressed in a timely and effective manner.
  4. 8.4 Complaints and grievances shall be resolved within a maximum period of thirty days from the date of receipt.
09

9. Transparency and Accountability

  1. 9.1 The Society shall maintain transparency and accountability in all operations and conduct dealings with members in a fair and honest manner.
  2. 9.2 Policies and procedures shall comply with relevant laws and regulations.
  3. 9.3 The Society shall continuously improve services and processes to better serve members.
10

10. Conclusion

  1. 10.1 The Society is committed to promoting a fair and transparent credit culture and providing financial assistance responsibly.
  2. 10.2 The Society shall ensure effective implementation of this Fair Practice Code by staff and members.
  3. 10.3 The Fair Practice Code shall be periodically reviewed and updated to remain relevant and effective.
  4. 10.4 The Society shall ensure all members are aware of the Fair Practice Code.