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1. INTRODUCTION:
1.1 Winners Royal Varsha Credit Cooperative Society Limited (hereinafter referred to as the “Society”) 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.
1.2 The Society is committed to promoting a fair and transparent credit culture while providing financial assistance to its members. The Fair Practice Code (hereinafter referred to as “FPC”) lays down the standards for fair business and lending practices to be followed by the Society while dealing with its members.
1.3 This FPC is applicable to all members of the Society and is subject to review from time to time.
2. MEMBERSHIP:
2.1.The Society shall admit members in accordance with the provisions of its bylaws and the Multi-State Cooperative Societies Act, 2002.
2.2.The Society shall provide a copy of its bylaws to every member at the time of admission and shall ensure that the member understands the terms and conditions of membership.
2.3.The Society shall not discriminate against any member on the basis of gender, religion, caste, creed, or any other basis.
3. DISCLOSURES:
3.1.The Society shall provide complete and accurate information about its services, terms, and conditions to its members.
3.2.The Society shall disclose all charges, fees, and penalties applicable to its services and shall ensure that the member understands the same.
3.3.The Society shall ensure that all information related to a member’s account is kept confidential and shall not disclose the same to any third party without the member’s consent.
4. LOAN APPLICATIONS:
4.1.The Society shall provide loan application forms to its members in a clear and understandable language.
4.2.The Society shall specify the documents required to be submitted along with the loan application.
4.3.The Society shall process loan applications in a timely manner and shall communicate the decision to the member within a reasonable time.
5. LOAN APPRAISAL AND SANCTION:
5.1.The Society shall ensure that loan appraisal is done in a fair and transparent manner and that all relevant factors are considered.
5.2.The Society shall communicate the loan sanction letter to the member, clearly indicating the terms and conditions of the loan.
5.3.The Society shall obtain the member’s consent for the terms and conditions of the loan before disbursement.
6. DISBURSEMENT OF LOANS:
6.1 The Society shall disburse the loan amount to the member only after obtaining all the required documents and ensuring that all the terms and conditions of the loan are met.
6.2 The Society shall ensure that the loan amount is disbursed in the name of the borrower and not to any third party.
6.3 The Society shall not withhold any part of the loan amount without the member’s consent.
7. RECOVERY OF LOANS:
7.1. The Society shall follow a non-coercive and fair recovery process.
7.2. The Society shall not resort to undue harassment or intimidation of the member or their family members.
7.3. The Society shall ensure that all communication related to recovery is made in a polite and respectful manner.
7.4. The Society shall disclose the details of the recovery process, including the procedure for auction of pledged assets, to the borrower at the time of loan sanction.
7.5. In case of gold loans, the Society shall provide an option to the borrower to request the sale of the pledged gold through public auction in case of default. The proceeds from the auction shall be applied towards the outstanding loan amount.
8. GRIEVANCE REDRESSAL:
8.1. The Society shall have a Grievance Redressal Mechanism in place for resolving any complaints or grievances raised by its members.
8.2. The Society shall appoint a Grievance Redressal Officer (hereinafter referred to as “GRO”) to handle complaints or grievances.
8.3. The Society shall provide the contact details of the GRO to its members and shall ensure that complaints or grievances are addressed in a timely and effective manner.
8.4. The Society shall ensure that all complaints or grievances are resolved within a maximum period of thirty days from the date of receipt.
9. TRANSPARENCY AND ACCOUNTABILITY:
9.1. The Society shall maintain transparency and accountability in all its operations and shall ensure that all its dealings with members are conducted in a fair and honest manner.
9.2. The Society shall ensure that all its policies and procedures are in compliance with the relevant laws and regulations.
9.3. The Society shall strive to continuously improve its services and processes to better serve its members.
10. CONCLUSION:
10.1. The Society is committed to promoting a fair and transparent credit culture and providing financial assistance to its members in a responsible manner.
10.2. The Society shall ensure that this Fair Practice Code is effectively implemented and complied with by all its staff and members.
10.3. The Society shall periodically review and update this Fair Practice Code to ensure that it remains relevant and effective.
10.4. The Society shall ensure that all members are aware of the Fair Practice Code.
