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Fair Practice Code

In reference to the Reserve Bank of India (RBI) circular, Master Direction DNBR (PD) 090/03.10.124/2017-2018, dated October 4th, 2017, wherein RBI has laid down guidelines on Fair Practices Code for Non-Banking Financial Company- Peer to Peer Lending Platforms, OHMY Technologies Pvt. Ltd., (OMTPL, "OMLP2P.COM"), a P2P lending platform, has formulated its FPC which covers directions, policies, processes, risk associated to prospective lenders and borrowers while conducting transactions on our platform. It also provides information around how platform is expected to deal with any issues arising pertinent to FPC on a day to day basis. This policy applies to all customer including those with any complaints as posted social or any other media and we encourage all customers to reach out to the below platforms as required.

The code has been established with an objective of:

  • Ensuring fair practices while dealing with customers.
  • Greater transparency enabling customers in having a better understanding of the product, risk associated and taking informed decisions
  • Building customer confidence in the platform
  • Equal opportunity to all lenders and borrowers without any discrimination

The salient features of FPC are summarized in the following paragraphs for the information of the public.

1. Lender Affirmation:

OMTPL provides a platform for connecting the Borrowers and the Lenders to facilitate borrowing and lending on or through this Website and such services that are incidental, ancillary or connected therewith.  OMTPL or this Website does not take responsibility or liability to match the Borrower with the Lender or vice versa and/or to ensure the giving or procurement of a Loan and/or recovery of a Loan. OMTPL does not make any promise and/or representation that your loan requirement will be listed and/or satisfied on this Website and/or that a Loan will be provided to you. OMTPL does not take any responsibility or liability regarding the negligent acts or omissions of the Borrower or the Lender.   OMTYPL want to further re-stress and explicit consent from the lenders that-

  • Lender fully understands the risk associated with proposed transactions with prospective borrowers through the platform.
  • There is no guarantee of return and there exists a likelihood of the loss of the entire principal in case of default by borrower. Lender holds OMTPL harmless from and against all claims, action, liability, cost, loss, damage, accrued to OMTPL arising out of any Events of Default under Clause 7 of the Loan Agreement and/or breach/ violation of the Transaction Documents by the Borrower and/or breach/violation of the Terms and Conditions by the Borrower and/or non-compliance by the Borrower with Applicable Law, rules and regulations or agreements prevailing from time to time.
  • Platform is not responsible of the repayment of emi’s and cannot assure on the recovery of the defaulted loans
  • OMTPL explicitly states that Reserve Bank of India does not accept any responsibility for the correctness of any of the statements or representations made or opinions expressed by the OMTPL, and does not provide any assurance for repayment of the loans lent on it.
  • Loan Agreement, the Terms and Conditions, Privacy Policy, the Transaction Documents and other material available on the Website or provided to them has been explained to them in the language understood by them and they have understood the entire meaning of all the clauses, and hereby confirm that they are legally bound by the all the aforesaid documents and material.
2. Non-Coercive Methods of Recovery:

OMTPL is engaged in the business of running an online peer-to-peer lending platform that connects potential borrowers and lenders and through its Website facilitates the borrowers to raise and the lenders to finance unsecured / secured personal and business loans. The Borrower has on the Website applied for a loan and the Lenders have agreed to finance an amount as mentioned herein relying on the covenants of the Borrower and the representations and warranties contained herein.
In the event of default (as mentioned in the loan agreement), the Lenders either individually or  collectively, and/or OMTPL (acting on behalf of the Lenders, at its sole discretion and subject to Applicable Law) and/or any Person acting on their behalf may, at their discretion, by a notice in writing to the Borrower and without prejudice to the rights and remedies available to Lenders under this Loan Agreement and/or any other Transaction Document or otherwise call upon the Borrower to pay all the Borrower’s dues in respect of the Loan. In the matter of recovery of outstanding dues of its Borrower, OMTPL (if agreed to get engaged in recovery process on lenders behalf) does not resort to undue harassment viz. persistently bothering the borrowers at odd hours, use of coercion for recovery of loans /dues, etc. Training will be imparted to ensure that staff is adequately trained to deal with customers in an appropriate manner.  

3. Customer Data :- Collection, Retention & Usage:

OMTPL collects and retains all data pertaining to customers either as a User and/or Registered User and/or a Borrower and/or a Lender, as mentioned in section 4.3 of the privacy policy. OMTPL is committed to securing any Data you entrust to us and follows generally accepted industry standards in its endeavor to protect the same, during transmission, reception, etc. We use Secure Sockets Layer (SSL) technology to encrypt any Data you provide while using this Website or while availing any Service offered thereunder.  

  • Disclosure to Lenders, Agents and Trustees: We will disclose your Data to prospective or existing Lenders and/or agents and/or trustees. Any such Data disclosure requires the Lenders and/or agents and/or trustees to follow protection measures and not utilize the Data in any way other than as provided under this Privacy Policy and Terms and Conditions.
  • Disclosure to Customers: OMTPL may transfer, sell or assign all or any part of your Data to any Person or company that may acquire OMTPL, in part or whole, as a result of a merger, acquisition, re-organisation, change in control, sale, consolidation, transfer of assets or liquidation.
  • Disclosure Required under Applicable Law: We may disclose your Data as required by Applicable Law, including to comply with any legal process or to provide Data to aid any investigation including where matters of public safety are involved or to respond to any judicial or quasi-judicial process and provide Data to any statutory, legislative or governmental authorities.
  • Disclosure to Service Providers: OMTPL is contractually engaged with third parties such as other companies, online service providers and online partners who perform functions such as production, analytics, reporting, processing payments, managing and improving this Website and/or its Content generally, evaluating the efficacy of the adverts posted on this Website, monitoring communication and Users on this Website and other such functions (“Service Provider(s)”), subject to strict confidentiality obligations.
  • Miscellaneous: Finally, OMTPL may also disclose your Data to the following: credit bureaus for credit reporting; credit rating agencies; the Reserve Bank of India and other regulatory authorities that may require it in accordance with their guidelines or directions; to sponsors of contests and promotions organized through this Website; and to other similar third parties.
  • Agreeing with our privacy policies gives consent to the OMTPL for data usage as mentioned above.
4.    Internal Control System

We have constituted a Fair Practice Code Compliance Committee to review the implementation at periodic intervals and furnish feedback on the same to the Board of Directors at their review at half-yearly intervals. We shall incorporate verification and checks for compliance of all the practices through the specific designed officials in the hierarchy and through effective internal audit/ periodical inspections.

5. Timeline

If the complaint/dispute is not redressed within a period of one month, the participant may appeals to the customer education and protection department of the bank.

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