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Terms and Conditions for Mahila Money Prepaid Instruments

Transcorp Terms and Conditions

Defined terms used in these terms and conditions (hereinafter referred to as “PPI T&Cs") shall have the following meanings:

“Customer”: Women who obtain/purchase PPI (as defined below) from Mahila Money Private Limited (hereinafter referred to as “Mahila Money” which expression shall include its subsidiaries, affiliates, and/or holding company, as the case maybe) and use the same for purchase of goods and services, including financial services, remittance facilities etc. against the value stored on PPIs (as defined below). 

Know your Customer (“KYC”): The guidelines adopted by Mahila Money to identify the Customer and verify the identity of the Customer. 

Personal Identification Number (“PIN”): PIN is a numeric password which is part of the kit handed over to Customers by Mahila Money while issuing the PPI (as defined below).  

PPI Issuer: PPI is issued by an RBI licensed issuer in collaboration with Mahila Money.

Semi-Closed Prepaid Instrument (“PPI”): PPIs (e.g., cards and/or wallets) are payment instruments that facilitate purchase of goods and services, including financial services, against the value stored on such PPI. A PPI is issued as per the rules and procedures defined by the Reserve Bank of India (“RBI”) and minimum KYC details of Customer. No cash withdrawal will be allowed from these PPIs. 

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Any capitalised term used but not defined here, shall have the meaning ascribed to it in the Master Directions on Issuance and Operation of Prepaid Payment Instruments (“RBI Directions”) as issued and amended by the RBI and/or the general terms and conditions made available on the Mahila Money platform.

Please note that in case of any conflict or inconsistency between the RBI Directions and the PPI T&Cs contained herein, the RBI Directions shall prevail to the extent of such inconsistency or conflict.

PPI T&Cs for reloadable PPI: 

  1. RBI Direction: PPIs issued under this category are governed by Section 9.1(ii) of the RBI Directions (as amended).
  1. KYC Details: KYC details to be obtained from the Customer for issuance of such PPIs, as decided by Mahila Money from time to time. In order to avail this PPI, the Customer shall have an active mobile number issued by Indian telecom service providers. The Customer shall provide a self-declaration of their name and unique identification number of any mandatory official valid document listed in the master direction of KYC. We shall provide the Customer the list of acceptable government IDs as part of the application process.
  1. Usage: Such PPIs can only be used for purchasing of goods and services and cannot be used for fund transfer.
  1. Balance and Limit: The amount loaded in such PPIs during any month shall not exceed INR 10,000 (Indian Rupees Ten Thousand only) and the total amount loaded during the financial year shall not exceed INR 1,20,000 (Indian Rupees One Lakh Twenty Thousand only).  
  1. Amount outstanding: The amount outstanding at any point of time in such PPIs shall not exceed INR 10,000 (Indian Rupees Ten Thousand only)
  1. Loading: These PPIs can only be loaded from a bank account and/or credit card permitted by RBI from time to time. Cash loading is not permitted.
  1. Upgradation: Such PPIs can be upgraded to full KYC PPIs (“Full KYC PPI”) by completing the KYC process prescribed by Mahila Money at any time by furnishing all required KYC documents. For Full KYC PPI cards, the amount outstanding will be INR 2,00,000 (Indian Rupees Two Lakhs only) at any point in time and the monthly limit will be as prescribed by the PPI issuer.
  1. Closure: These PPIs can be closed any time by the Customer by making a request to Mahila Money. The remaining amount (if any) on the PPI will be transferred by Mahila Money back to the source i.e., the bank account or credit card (as the case may be) from where the PPI was loaded.

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Obligation of the Customer who purchases PPI from Mahila Money

  1. PPI shall be issued to a Customer at the sole discretion of Mahila Money post ensuring compliance with KYC guidelines. 
  1. It is mandatory for the Customer to register for SMS alerts.
  1.  Mahila Money shall also send SMS alerts for any payment transaction made to the account of the Customer, and if the Customer has registered for email alerts, then Mahila Money shall also send the email alerts of such transactions to the Customers. The transaction alert will have a contact number and / or e-mail id on which the Customer can report unauthorised transactions or raise objections.
  1. There are no fees /charges for issuance or usage of virtual PPIs.  However, physical PPIs (yet to be issued)  shall be subject to levy of relevant charges, which shall be communicated to the Customer beforehand and in clear terms, per the schedule of charges to be displayed on the Mahila Money/partner/associate website and available on the website and app under the PPI T&Cs. 
  1. Mahila Money shall issue a PIN to Customer for operating the PPI. The Customer shall take all reasonable precautions to prevent misuse of the PIN. The Customer shall be solely responsible for any consequences arising directly or indirectly out of the disclosure of the PIN and/or unauthorized use of PPI as a result of any misuse for want of reasonable care and precaution. The Customer expressly agrees not to hold Mahila Money liable for any unauthorized use of PPI and for any loss or damage incurred directly or indirectly as a result of such misuse. The liability in case of unauthorized usage will be governed by the board approved policy of Mahila Money applicable on unauthorized usage.  
  1. The Customer shall be responsible for safe custody of the PPI. In case of loss or theft or misuse of the PPI, the Customer shall immediately inform Mahila Money by contacting Mahila Money customer care (“Customer Care”) as mentioned below in clause 10.
  1. Customer shall be responsible and liable for all unauthorized transactions occurring up to the time when the Customer reports the unauthorized transaction to Mahila Money. If a physical PPI has been lost or stolen, a new PPI will be issued at the request of the Customer in writing and upon payment of relevant charges. 
  1. The Customer shall report unauthorised transactions in the PPI account to the Customer Care number and/or email id provided in clause 10 below.
  1. On reporting of an unauthorised transaction or lost PPI, Mahila Money shall take immediate action to prevent further unauthorised payment transactions from the PPI account of the Customer. Any further transactions debited from such PPI shall be credited by Mahila Money within 10 days of such deduction.
  1. The PPI can be used for any permitted transactions depending on the type and features of the PPI. The records of transactions maintained by Mahila Money shall be conclusive and binding for all purposes.  
  1. Mahila Money shall not be required to pay any interest on the balance outstanding in the PPI at any point in time. 
  1. The PPI issued by Mahila Money will be valid for up to 2 (two) years. Mahila Money will intimate the Customer through an SMS on the Customer’s registered mobile number 45 (forty-five) days prior to the expiry of the validity period of the PPI. The Customer shall be required to utilize the balance amount prior to the expiry of the PPI. In case the Customer does not utilize the balance amount within the validity period, the Customer can approach Mahila Money for a refund of the remaining balance. In case the Customer does not approach Mahila Money within the specified period prescribed by the RBI, the outstanding balance will be transferred to the source or otherwise in compliance with the regulatory guidelines.  
  1. Mahila Money shall provide account statements for the last 6 (six) months in respect of  each PPI to the Customer, or transaction history of last 10 transactions, whichever spans a longer period of time. The transaction history shall comprise details such as date of transaction, debit / credit amount, net balance and description of transaction. 
  1. If the PPI remains inactive for a period of 1 (one) year, the same shall be considered to be inactive, and a prior notice of 7 (seven)days shall be sent by Mahila Money to the Customer.  The PPI can then be reactivated only after validation and applicable due diligence. Such inactive PPIs shall be reported to the RBI.
  1. The ‘per transaction Customer liability’ in cases of third-party breach (third party breach being understood in accordance with para 17.5 of the RBI Directions, and involving deficiency lies neither with the non-bank PPI issuer nor with the customer but elsewhere in the system) will depend on the number of days that lapse between the receipt of transaction communication by the Customer from Mahila Money and the reporting of unauthorised transaction by the Customer to Mahila Money. If it is reported to Mahila Money within 3 (three) days of receiving of communication, the Customer liability will be zero. Similarly, for any such transaction reported between 4 (four) and 7 (seven) days of receiving of communication, the Customer liability will be limited to a maximum of INR 10,000 (Indian Rupees Ten Thousand only). Reporting beyond seven days’ time will be dealt in accordance with the Board approved policy of Mahila Money.
  1. Any claim for compensation made by the Customer shall be settled purely as per clause 10 below. Mahila Money provides Customers with 24x7 access via website, email and helpline for reporting unauthorised transactions and / or loss or theft of the PPI. Further, a direct link for lodging of complaints, with specific option to report unauthorised electronic payment transactions has been provided by Mahila Money on the mobile app.

 

Confidentiality: The confidentiality of all information related to PPI shall persist, subject to the confidentiality terms mentioned in the privacy policy available on Mahila Money’s website and mobile application.

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Change in information: The Customer shall inform Mahila Money/partner/associate of any change in the Customers mailing address name, or mobile number. 

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Prohibition against assignment: The functions, rights or obligations under these PPI T&Cs shall not be assigned or delegated to any party or person by the Customer without the express prior written consent of Mahila Money. Any purported assignment or delegation in contravention of the terms of the PPI T&Cs shall be null and void. 

 

Suspension or Termination or Cancellation or discontinuance of the PPI:  Mahila Money may, if it is satisfied that it is necessary so to do, at any time and on such conditions as it thinks fit, suspend or deny or terminate the PPI under the following circumstances:  

  1. In the event of the Customer being declared insolvent or in the event Mahila Money receives any notice/intimation about the death of the Customer;  
  2. In the event of the Customer committing breach of any of the terms, conditions, stipulations or its obligations under these PPI T&Cs;
  3. In the event of any restriction imposed on the Customer by an order issued by any regulatory authority or a court in India or any investigating agency.  

 

Indemnity: The Customer shall indemnify and keep Mahila Money, its directors, officers, employees and agents indemnified of, from and against any cost, expenses, charges, which Mahila Money is required to incur or has incurred to defend any such claim, suit, demand, prosecution, proceedings, due to any act of omission or commission, fraud, negligence or default on the part of the Customer as a holder of the PPI.

 

Force Majeure: Notwithstanding anything contained herein,  Mahila Money shall not be liable to the Customer for any harm, loss, damage or injury caused due to causes beyond its control such as tide, storm, cyclone, flood, lightning, earthquake, fire, blast, explosion, epidemic or any other act of god, war, rebellion, revolution, insurrection, embargo or sanction, blockade, riot, civil commotion, labour action or unrest including strike, lock-out or boycott, interruption or failure of any utility service, enemy action, criminal conspiracy, act of terrorism or vandalism, sabotage, hacking, unanticipated technological or natural interference or intrusion, loss or damage to satellites, loss of satellite linkage or any other data communications linkage, loss of connectivity or any other irresistible force or compulsion.

  

Service of Notice: Any notice or communication required to be given under this PPI T&Cs shall not be binding unless the same is in writing and shall have been served by hand delivery against acknowledgement or by registered post at the registered office address of Mahila Money Private Limited (in case a notice is to be served to Mahila Money) and to the address recorded with Mahila Money in case notice is to be served to the Customer. 

 

Grievance Redressal Mechanism: Any complaint, dispute, grievance pertaining to PPIs can be resolved by approaching the Mahila Money’s Customer Care phone number or email id mentioned below, within 30 (thirty) days from the date of such grievance or issue.

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Customer Care: 

Ph. No. – +918095171600

Email Id- customercare@mahila.money 

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The Customer Care shall respond to the Customer’s complaints or grievances within 48 hours. A ticket bearing the reference number shall be generated against the Customer’s complaints or grievances, which will be sent to the Customer’s email Id. The Customer will be able to track the status of their complaint or grievance through the ticket number. The Customer Care grievance shall be resolved within 10 days of receiving such a complaint. If the Customer is dissatisfied with the response of the Customer Care or does not receive the response within the time framework from the Customer Care, the Customer can approach the Customer Care Manager, as mentioned below:

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Customer Care Manager: 

Name – Amiya Shaikh

Mailing address – House Number 4054 · Sector B, Pocket 5 and 6 Vasant Kunj, South West Delhi · New Delhi, 110070

Email Id – care.supervisor@mahila.money 

Phone – 7291977301

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The Customer shall provide the reference number while approaching the Customer Care Head. The Customer Care Head shall respond to the Customer’s complaints or grievances within 48 hours of receiving such complaint. The timeline for resolution of the grievance shall be 5 (five) days.  

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If the Customer is dissatisfied with the response of the Customer Care Manager or does not receive the response within the time framework from the Customer Care Manager, the Customer can approach the Grievance Redressal Officerat:

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Grievance Redressal Officer:

Name – Prabjyot Kaur

Mailing address – House Number 4054 · Sector B, Pocket 5 and 6 Vasant Kunj, South West Delhi · New Delhi, 110070

Email Id – grievance.officer@mahila.money 

Phone – 7291977303

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The Customer shall provide the reference number while approaching the Grievance Redressal Officer. The Grievance Redressal Officer shall respond to the Customer’s complaints or grievances within 48 hours of receiving such complaint. The timeline for resolution of the grievance shall be 10 (ten) days.  

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If the Customer is dissatisfied with the response of the Grievance Redressal Officer or does not receive the response within the time framework from the Grievance Redressal Officer, the Customer can approach the Nodal Officer. Mahila Money has appointed the Nodal Officer (“Nodal Officer”) as per the RBI Directions. The Nodal Officer shall be responsible for handling the complaints against Mahila Money. The details of the Nodal Officer have been mentioned below:

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Nodal Officer: 

Name – Piyush Pandey

Mailing address – House Number 4054 · Sector B, Pocket 5 and 6 Vasant Kunj, South West Delhi · New Delhi, 110070

Email – nodal.officer@mahila.money 

Phone – 7291977308

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The Customer shall provide the reference number while approaching the Nodal Officer. The Nodal Officer shall respond to the Customer’s complaints or grievances within 48 hours of receiving such complaint. The timeline for resolution of the grievance shall be 5 (five) days.  

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Any complaint or grievance shall be resolved within 30 days of receiving such a complaint or grievance by the Customer. If the Customer is still dissatisfied with the response of the Customer Care Head or does not receive the response within the stipulated timeline from the Customer Care Head, the Customer can approach the e-Officer-in-Charge of the Regional Office of Department of Non-Banking Supervision of RBI situated at: 6, Sansad Marg, New Delhi-110001, contact: dnbsnewdelhi@rbi.org.in.

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The procedure for filing a complaint with the RBI Ombudsman, resolution and appeal in relation to such complaint, and the enforcement mechanism has been set out in the RBI Ombudsman Scheme available at https://rbidocs.rbi.org.in/rdocs/Content/PDFs/NBFC23022018.pdf.

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The details of RBI Ombudsman have been mentioned below:

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RBI Ombudsman

C/o Reserve Bank of India,
Sansad Marg, New Delhi
STD Code: 011
Tel. No. 23725445
Email: crpc@rbi.org.in

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11. Governing Language: All deeds, documents and writings that may be executed and all correspondence that may be exchanged between the Customer and Mahila Money hereto in relation to the subject matter of this PPI T&Cs shall be in English language, which shall be the governing language between the Customer and  Mahila Money hereto. 

 

12. Governing Law and Jurisdiction: The use of PPI by the Customer shall be governed in all respects by the laws in force in India. The Customer agrees to submit to the exclusive jurisdiction of the courts in New Delhi. These PPI T&Cs shall be subject to Government notifications, any rules, regulations, guidelines and circulars/notices issued by Mahila Money and rules, regulations, bye laws, operating Instructions and circulars/communiqués/notices issued by the regulator. 

 

13. Change of PPI T&Cs: Mahila Money reserves the right, in its sole and absolute discretion to amend, delete, modify, vary, or supplement any of the PPI T&Cs at any time.  

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14. The Customer agrees and understands that PPIs are subjected to regulations by the RBI and Mahila Money might be required to share KYC details of the Customer or any information in relation to the purchase or transactions or associated transactions on the PPI  with RBI or such statutory authorities.

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Please refer to the FAQs here for answers to a range of questions around the PPIs.

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OVERRIDING PROVISIONS

(A) Notwithstanding anything contained in the Transcorp Terms & Conditions or the Mahila Money Terms & Conditions:

(i) The provisions contained in Mahila Money Terms & Conditions are in addition to the Transcorp Terms & Conditions. The non-inclusion of any provision under the Mahila Money Terms & Conditions shall not prejudice or affect the applicability or enforceability of the Transcorp Terms & Conditions and vice versa.

(ii) The provisions of Mahila Money Terms & Conditions shall not be construed to amend or modify the provisions of the Transcorp Terms & Conditions or constitute a waiver or other limitation of any term or condition thereunder and vice versa.

(ii) in the event of any conflict between the provisions of Transcorp Terms & Conditions and Mahila Money Terms & Conditions, the provisions of Transcorp Terms & Conditions shall prevail if the rules of harmonious construction fail to resolve such conflict.

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