I/We am/are desirous of availing the Immediate Payment Service (IMPS) facility through the National Payments Corporation of India (NPCI). In consideration of NPCI and Itz Cash Card Limited agreeing to extend to me/us the said IMPS facility, I/We hereby agree to and undertake to abide by the following terms and conditions.
- “Customer” means the person named herein above who has requested for the said IMPS /remittance facility.
- “Bank” means the participating bank in IMPS registered with NPCI.
- “IMPS” refers to the Immediate Payment Service offered by NPCI in collaboration with its member banks.
- “IMPS Facility” means the Immediate Payment Service based electronic fund transfer facility provided by ItzCash to its Customers through the NPCI IMPS System as per the Guidelines.
- “NPCI IMPS System” means the switch and related equipment and software owned by NPCI to provide the IMPS based fund transfer facility including the National Financial Switch;
- “Agent” means agent appointed by Itz Cash Card Limited (hereinafter referred as ‘ItzCash’).
- Words or expressions used in this terms and conditions, but not specifically defined herein shall have the respective meanings assigned to them in RBI Regulations.
B. TERMS AND CONDITIONS
- The terms & conditions are in addition to and not in derogation of the RBI Regulations. The Customer has gone through and understood the RBI Regulations and agrees that the rights and obligations provided therein in so far as it relates to the originator shall be binding on him/it in regard to every payment order issued by him/it for execution in the IMPS system.
- The Customer shall be entitled, subject to other terms and conditions in the Regulations and this Agreement, to issue payment orders for execution by ItzCash.
- The Payment order shall be issued by the Customer in the prescribed form, complete in all respect. The Customer shall be responsible for the accuracy of the particulars given in the payment order issued by him and shall be liable to compensate the ItzCash for any loss arising on account of any error in his payment order. ItzCash shall not be responsible for any loss caused to Customer/beneficiary in case funds are transferred to wrong beneficiary account, failure of transaction or fraudulent transaction because of furnishing of incorrect/wrong details by the Customer/beneficiary.
- The Customer will be provided a system generated One Time Password (OTP) that will be sent through a SMS to the registered mobile number of the Customer at the time of registration and before completing the transfer transaction. The Customer will have to provide the correct OTP to complete registration/transfer transaction through IMPS.
- The Customer agrees that the payment order shall become irrevocable when it is executed by the ItzCash/NPCI.
- The Customer agrees that the ItzCash/NPCI is not bound by any notice of revocation.
- The Customer agrees that no special circumstances shall attach to any payment order executed under the IMPS facility under this terms & conditions and under no circumstances Customer shall be entitled to claim any compensation.
- A SMS shall be sent to the Customer on their registered mobile number for customer registration, beneficiary registration and before transfer transaction through IMPS Facility. The Customer shall verify the SMS and immediately report any discrepancy in the Customer/beneficiary details given therein, such as, Customer/beneficiary’s name, Customer/beneficiary mobile number, beneficiary a/c no. and type, bank, branch and city. The Customer agrees that he shall not be entitled to dispute the correctness/validity of the execution of the IMPS request if he fails to notify to the Agent the discrepancy immediately upon receipt of the SMS.
- The Customer is hereby notified that there is a risk of non – payment to the beneficiary on the day of the transaction. The same may be for any reason whatsoever, including a holiday at the beneficiary’s branch. The Bank, NPCI or RBI or any other participant in the IMPS system shall not be liable, in any manner whatsoever, to the Customer for any such delay.
- The Customer shall comply with applicable guidelines issued by RBI in respect of remittance of funds.
- The Customer shall check and confirm his own name address, mobile number and other details at the time of registration.
- The Bank, ItzCash or its Agent shall not be responsible for any loss caused to Customer/beneficiary in case of furnishing of incorrect details by the Customer.
- The Customer is permitted to transfer Rs. 5000/- (Rupees Five Thousand Only) per transaction subject to monthly cap of Rs. 10,000/- (Rupees Ten Thousand Only).
- The Customer shall present his valid ID proof and duly registered correct mobile number to the Agent at the time of registration and change of mobile number post registration.
- The Terms and conditions of Bank/ItzCash are applicable for purpose of registration of Customer.
- For any query regarding the transaction mentioned in this receipt Customer to contact customer care number (022 6112 5757)
- All issues arising out of the registration are subject to the Jurisdiction of the Courts at Mumbai.
C. CONDITIONS OF TRANSFER:
- The Bank shall not be liable for any loss or damage arising or resulting from delay in transmission delivery or non-delivery of Electronic message or any mistake, omission, or error in transmission or delivery thereof or in deciphering the message from any cause whatsoever or from its misinterpretation received or the action of the destination Bank or any act or event beyond control.
- All payment instructions should be checked carefully by the Customer.