1. Purpose and Scope
This policy outlines the rules, responsibilities, and operating standards for the financial services provided by SOFTMINT DIGITAL SERVICES PVT LTD, including AEPS, BBPS, Recharge, and Domestic Money Transfer (DMT). The goal is to ensure compliance with legal and regulatory frameworks, maintain high service standards, and protect customer interests.
2. Core Principles
- Transparency: Clear and concise communication of charges, terms, and conditions for all services.
- Security: Robust measures to protect customer data and prevent fraud.
- Compliance: Adherence to relevant regulations.
- Customer Focus: Ensuring seamless, accessible, and efficient service delivery.
3. Service Categories
3.1 AEPS (Aadhaar Enabled Payment System)
- Services include balance inquiry, cash withdrawal, and mini statements.
- Authentication via Aadhaar-linked biometrics is mandatory.
- All transactions will be logged with unique transaction IDs for accountability.
3.2 BBPS (Bharat Bill Payment System)
- Customers can pay utility bills, including electricity, water, and telecom.
- Real-time confirmation of payments will be provided to users.
- Disputes will be resolved within 48 hours.
3.3 Recharge Services
- Covers mobile, DTH, and data card recharges.
- Instant transaction confirmation and error resolution processes will be ensured.
3.4 Domestic Money Transfer (DMT)
- Money transfer services to any Indian bank account.
- KYC compliance for users is mandatory.
- A maximum transaction limit per guidelines will be adhered to.
4. Risk Management
- Fraud Prevention: Regular system audits and anomaly detection mechanisms will be in place.
- Data Protection: Encryption and secure protocols will be used for all transactions.
- Contingency Planning: A backup system will ensure minimal downtime during service interruptions.
5. Customer Grievance Mechanism
- Dedicated Support Team: Available via email, chat, and phone.
- Resolution Timeline: All complaints will be addressed within 72 hours.
- Escalation Process: Customers can escalate unresolved issues to senior management.
6. Employee Responsibilities
- Maintain confidentiality of customer information.
- Ensure compliance with company policies and regulatory requirements.
- Report suspected fraud or security breaches immediately.
7. Monitoring and Evaluation
- Regular internal and external audits will be conducted.
- Customer feedback will be used to enhance service quality.
- Performance metrics will be reviewed quarterly.
8. Legal and Regulatory Compliance
The company will comply with all applicable laws, including:
- RBI's Payment and Settlement Systems Act, 2007.
- IT Act, 2000 for cybersecurity.
- Other relevant financial service regulations.
9. Amendments and Updates
This policy will be reviewed annually or as required by changes in laws or operational needs.