The Fair Practice Code (FPC) has been formulated by Minerva Capital Private Limited, in pursuant to the guidelines issued by Reserve Bank of India vide Master Direction no. DNBR.PD.007/03.10.119/2016-17 dated September 01, 2016 for Non-Banking Financial Company –Non-Systemically Important Non-Deposit taking Company (Reserve Bank) Directions, 2016, as amended from time to time to ensure better service quality and bring in more transparency in the loan process and also to provide effective good practices to be followed by the Company in respect of financial services offered to the customers. The FPC also aims in enhancing customer satisfaction and minimizing customer complaints.
Commitments made in the FPC are applicable under normal operating environment.
This Code has been drawn up to:
The FPC will be applicable to the following broad areas:
Fair Practice Code shall be in the vernacular language or a language as understood by the borrower and shall be put up on the website for the information of various stakeholders.
The Board of Directors shall adopt an interest rate model taking into account relevant factors such as cost of funds, margin and risk premium and determine the rate of interest to be charged for loans and advances. The rate of interest and the approach for gradations of risk and rationale for charging different rate of interest to different categories of borrowers shall be disclosed to the borrower or customer in the application form and communicated explicitly in the sanction letter.
Unless authorized by the borrower, the Company will treat all his personal information as private and confidential.
The Company may not reveal transaction details of the borrowers to any other persons except under following circumstances:
The various commitments outlined and made by the Company shall be applicable under the normal operating environment. In the event of any Force Majeure circumstances, the Company may not be able to fulfill the objectives under the FPC to the entire satisfaction of the borrowers, the stakeholders and the public in general.