Terms and Conditions Governing Use of Meenalakshmi Benefit Fund Nidhi Ltd. Payment Gateway
Meenalakshmi Benefit Fund Nidhi Ltd.(Hereinafter mentioned as “MBF”) has provided Payment Gateway services (Hereinafter mentioned as “Payment Gateway”) in collaboration with third party service providers for the convenience of our Customers. For the sake of understanding, the term “Customer” shall mean any natural or legal person who has an account with MBF and “User” shall mean any person who is using the Payment Gateway on their own behalf or on behalf of any other natural or legal person. The following terms and conditions shall apply to all Users of our Payment Gateway:
1. If you are using the Payment Gateway to pay online using UPI, Debit/Credit Card, net banking, Wallet, etc., then you are doing so with the approval of the card owner/account holder (If in case you are not the card holder/ account holder yourself).
2. Funds transferred through the Payment Gateway shall be credited to the Customer’s account in MBF in T+1 days.
3. Transaction charges or convenience fee if any, for the use of Payment Gateway shall be borne by the Customer using the Payment Gateway.
4. Refund and Cancellation:
4.1. Amount once paid through the Payment Gateway shall not be refunded other than when Customer’s account has been debited more than once for a single transaction or if excess amount is debited in a single transaction.
4.2. In most cases the extra debited amount would be automatically transferred back to the Customer’s account within 24 hours. After 24 hours, if such a transfer is not reflected in Customer’s account, then the Customer is required to make an application for refund, by sending an email to almeenakshisundaram@gmail.com mentioning the extra debited amount along with the transaction identification details (Transaction ID, date, time, Customer’s bank account details, proof of amount debited from Customer’s bank account). MBF shall take necessary steps to pursue this with the Payment Gateway service provider and the extra debited amount will be refunded to the Customer within 21 working days.
5. Due to loss of availability or technical error there could be a possibility that the amount is debited from Customer’s bank account and the transaction details are not generated online. In such cases, please allow us 24 hours’ time to generate the transaction details. In case if the online transaction details are not generated even after 24 hours or money is not refunded back to the Customer’s bank account, then the Customer is required to inform MBF about the debited amount along with the transaction details (Transaction ID, date, time, Customer’s bank account details, proof of amount debited from Customer’s bank account ,Customer’s MBF account into which the payment was made) through an email sent to almeenakshisundaram@gmail.com. On verification if the amount is found to have been not credited to MBF, then MBF shall take necessary steps to pursue this with the Payment Gateway service provider and the extra debited amount will be refunded to the Customer within 21 working days. If on verification, the amount is found to be credited to MBF, then MBF shall do the needful to credit it against Customer’s account with MBF and issue a manual receipt to the Customer.
6. Payment Gateway is an additional payment option made available to MBF’s Customers and is not the only option for making payments. You can contact your nearest MBF branch to make your payments by cash or other means.
7. User agrees that MBF, in its sole discretion, for any or no reason, and without penalty, with or without notice, may suspend or terminate the User’s access to the Payment Gateway and remove and discard all or any part of the User’s online account, profile with MBF at any time. User agrees that any termination of User’s access to the Payment Gateway or any of User’s online account/ profile with MBF may be effected without prior notice, and also agrees that MBF will not be liable to User or any third party for any such termination. Any suspected, fraudulent, abusive or illegal activity may be referred to appropriate law enforcement authorities. These remedies are in addition to any other remedies MBF have under law. Upon termination for any reason, User agrees to immediately stop using the Payment Gateway and other online services of MBF.
8. MBF may modify these terms and conditions from time to time. When we make changes to these terms and conditions, we will revise the “updated” date at the top of this page. The User of Payment Gateway is presumed to have read and unconditionally and irrevocably accepted the terms and conditions before using the Payment Gateway.
9. The parties will endeavour to settle amicably by mutual discussion any disputes, differences or claims whatsoever related to the use of Payment Gateway. Failing such amicable settlement the dispute shall be settled by arbitration, by referring the matter to a sole arbitrator appointed by MBF for the arbitration in accordance with the provisions of Arbitration & Conciliation Act, 1996 and any statutory amendments thereof. The language of arbitration shall be English and the venue and seat of arbitration shall be Kumbakonam. The cost of arbitration shall be borne equally by the parties to the arbitration. The arbitrator shall give reasoned award. Any arbitration award will be final and binding on the parties, and judgment there on may be entered in a court of competent jurisdiction. These Terms and Conditions shall be governed by, construed and take effect in accordance with the laws of India. The courts of Kumbakonam, alone have jurisdiction in all matters pertaining to these terms and conditions.