Definitions

While remitting money by the USER under the ‘Instant Money Transfer’ facility it is deemed that the USER has agreed and accepted all the terms and conditions mentioned herein in addition to and not in derogation of all other terms and conditions relating to any other account of the USER and/or the respective product or the service provided by the Airtel Payments Bank (“the Bank”).

The following words and phrases shall have the meanings set out herein below in this document unless repugnant to the context:

•      "Account" shall mean Bank’s active savings bank account held by a User.                       

•      "Beneficiary" shall mean Bank customer or a NON Bank customer including an individual not having any existing banking relationship, as the case may be.

•      "Facility" shall mean the IMT facility provided by the Bank to the User(s), by the use of which the Users can remit funds to the Beneficiary from their Account through the modes specified by the Bank                       

•      "IMT" shall mean instant Money Transfer                        

•      "Mobile Phone Number" shall mean the number specified by the User during the initiation of IMT.                       

•      "Remitter" or "User" shall mean a customer of Airtel Payments Bank’s holding an Account and availing of the Facility.

•      “Sender Code” shall mean a system generated secret code that remitter receive over sms and shall be used by Beneficiary during the course of fund withdrawal                        

•      “OTP” shall mean a secret code that system shall communicate over SMS to the beneficiary, which shall be used by Beneficiary during the course of fund withdrawal.                                            

Terms & Conditions

  By availing the Facility, the User can transfer amounts in the multiples of Rs. 100, subject to a minimum of Rs. 100 and maximum of Rs 10,000 via app.       

•      The Facility is currently accessible from My Airtel App , Airtel Payments Bank section, to SME and DBT customer segments       

•      On submission of a request from the User for transfer of funds to the Beneficiary, the same shall be processed by Airtel Payments Bank. The Remitter shall communicate the Sender Code to the Beneficiary in order to enable him/her to receive the funds being transferred to him/her. On receipt of instruction from the Remitter in the manner and through any of the eligible modes as are specified by the Bank, for funds transfer by use of the Facility, the Beneficiary shall be sent an SMS containing a four (4) digit numeric code ("OTP") on such mobile number as may be intimated by the Remitter at the time of placing the request for funds transfer ("Beneficiary Mobile Number"). The User shall have to communicate the Sender Code to the Beneficiary, in order to enable him to receive the funds transferred by use of the Facility. The User will need to provide the Beneficiary's Name, Address and Mobile Number, electronically, as are specified by Airtel Payments Bank. The channels for providing this information are multiple. Currently, the enabled channels for providing this information are through My Airtel APP. By doing this, the User certifies that he knows the Beneficiary and if requested by the Airtel Payments Bank or RBI, he would need to provide more details about the beneficiary and the transactions. If the Beneficiary details are not received from the sender within a window of 24 hours, the transaction is cancelled, and the amount is credited back to the User’s account.

•      Consideration: - As towards consideration for providing the IMT facility Airtel Payments Bank is entitled to charge a fee per transaction to the Remitter for using this facility. This fee can be a flat amount or variable sum as per the transaction amount / mode/ customer category. This fee will be charged to the sender upfront at the time of initiation of the transaction. In case of cancellation / expiry / blocking of an IMT transaction, this fee will be reversed to the Remitter or the beneficiary. Presently the fee per each transaction is 0. Airtel Payments Bank reserves the rights to charge any fee from the beneficiary as and when the same is notified in its Website and upon notifications of such charges. Even In the event of the amount transferred by use of the Facility is not withdrawn by the Beneficiary within the period as prescribed by Airtel Payments Bank and such monies are consequently credited back into the Account or the user himself/herself cancelling the IMT the fees charged to the user will also be reversed back.                       

•      Airtel Payments Bank shall have the discretion to charge such fees as it may deem fit from time to time and may at its sole discretion, revise the fees for use of any or all of the Facility, by notifying the User of such revision through Airtel Payments Bank’s website or in any manner as may be specified by Airtel Payments Bank from time to time. The User shall be required to refer to the schedule of fees put up on Airtel Payments Bank’s website from time to time.                       

•      The Beneficiary shall be entitled to receive the funds transferred by the Remitter by using the Facility only on submission of the Beneficiary Mobile Number, Sender Code, SMS Pin and the amount transferred and following of such steps/ processes as may be prescribed by Airtel Payments Bank to such of the ATMs of Airtel Payments Bank as may be specified in this respect. Airtel Payments Bank shall be entitled not to provide the funds to the Beneficiary in the event the details submitted by the Beneficiary are wrong/ erroneous or the Beneficiary is unable to ascertain his/her true identity for any other reason and in such event Airtel Payments Bank shall not be liable in any manner to the Beneficiary or the Remitter. The Beneficiary shall approach any of the specified Airtel Payments Bank ATM to withdraw the cash transferred within the time frame of the transfer being made by the User or such other time as may be prescribed by Airtel Payments Bank from time to time (current expiry period is 5 days), failing which the transaction will be deemed to be cancelled and the amount will be credited back into the user Account. The entire amount transferred to the Beneficiary shall be withdrawn by the Beneficiary at once and no part withdrawals shall be permitted.                       

•      The User shall be entitled to transfer fund by use of the Facility to each Beneficiary up to such limit in such period, as may be prescribed by Airtel Payments Bank, from time to time.                       

•      There will be no other charges for withdrawal or cancellation or status enquiry of IMT in any of the channels enabled by the Airtel Payments Bank.

Cancellation of Request for Facility

The User may submit instruction to cancel any request for IMT placed with Airtel Payments Bank. Such instruction can be submitted through My Airtel App, in such form and manner as may be specified by Airtel Payments Bank. However any instruction cancelling a request made for IMT received by Airtel Payments Bank, after the funds / money has been received by the Beneficiary shall be ineffective and Airtel Payments Bank shall not be held liable for execution of such instruction.

Authority to Airtel Payments Bank

The User irrevocably and unconditionally authorises Airtel Payments Bank to access USER’s Account for effecting instructions for funds transfer through the Facility and to share the Account information with any third parties for the purpose of accepting/ executing such requests of the User.

Records

All the records of the transactions that is received by the User at the time of operation of Facility is a record of the operations so carried out by the User and shall not be construed as Airtel Payments Bank’s own record of the transaction maintained through computer system or otherwise shall be accepted as conclusive and binding for all purpose. All records of Airtel Payments Bank generated by the transactions arising out of use of the Facility, including the time of the transaction recorded shall be conclusive proof of the genuineness and accuracy of the transactions.

Accuracy of Information

The User takes the responsibility for the correctness of the information supplied by USER to the Airtel Payments Bank through the use of the said facility or through any other means such as electronic mail or written communication. The User herein accepts that in case of any discrepancy in the information provided by him with regard to this facility the onus shall lie upon the User only and thus agrees to furnish accurate information at all times to the Airtel Payments Bank. If the User suspects that there is an error in the information supplied by Airtel Payments Bank to him/her, he/she shall inform the Airtel Payments Bank immediately. The Airtel Payments Bank will endeavour to correct the error promptly wherever possible on a best effort basis.

Airtel Payments Bank shall also not be responsible for any incidental error which occurs in

spite of necessary steps being taken by the Airtel Payments Bank to ensure the accuracy of the information provided to the User and the User shall not have any claim against Airtel Payments Bank in an event of any loss/damage suffered by the User as a consequence of the inaccurate information provided by the Bank.

Indemnity

In consideration of Airtel Payments Bank’s providing the IMT Facility, the User, at his/their own expense, agrees to indemnify, defend and hold harmless, Airtel Payments Bank, its directors and employees, representatives, agents, as the case may be, against all losses, damages, expenses, actions, claims, demands and proceedings whatsoever, that Airtel Payments Bank may incur, sustain, suffer or be put to at any time as a consequence of acting on or omitting or refusing to act on any instructions given by the User or otherwise for use of the Facility.

Modification

Airtel Payments Bank reserves the absolute discretionary right to make any amendments in the given terms and condition at any time as it may deem fit without any prior notice to the User. Any such amendment shall be communicated to the User by displaying on the website https://www.airtel.in/BANK; and the USER shall be bound by such amended terms and conditions. The User shall be responsible for regularly reviewing these Terms and Conditions including amendments thereto as may be posted on website and shall be deemed to have accepted the amended Terms and Conditions by continuing to use the Facility.

Termination

Airtel Payments Bank may, at its discretion, withdraw temporarily or terminate the Facility, either wholly or in part, at any time without giving prior notice to the User. Airtel Payments Bank may, without prior notice, suspend the Facility at any time during which any maintenance work or repair is required to be carried out or in case of any emergency or for security reasons, which require the suspension of the Facility. Airtel Payments Bank shall

Endeavour to give a reasonable notice for withdrawal or termination of the Facility.

The closure of the Account of the User will automatically terminate the Facility. Airtel Payments Bank may suspend or terminate Facility without prior notice if the User has breached these Terms and Conditions or Airtel Payments Bank learns of the death, bankruptcy or lack of legal capacity of the User.

Communication

(being in writing) or in writing by delivering them by hand or by sending them by post to the last address given by the User and in case of Airtel Payments Bank at its office at B wing 1st

floor Plot 16, Udhyog Vihar, Phase 4, Gurgaon-12201. In addition, the Airtel Payments Bank shall also provide notice of general nature regarding the facility and terms and conditions, which are applicable to all Users of the Facility, on the website https://www.airtel.in/BANK and/ or also by means the customized messages sent to the User over his mobile phone as short messaging service ("SMS"). In addition the Airtel Payments Bank may also publish notices of general nature, which are applicable to all Users of the facility. Such notices will be deemed to have been served individually to each User.

Governing Law

The construction, validity and performance of these Terms and Conditions shall be governed in all respects by the laws of India. The parties hereby submit to the exclusive jurisdiction of the competent Courts at New Delhi, India which courts shall have jurisdiction in the matter to the exclusion of any other courts, irrespective of whether such other courts have similar jurisdiction in the matter. The Airtel Payments Bank is absolved of any liability arising, direct or indirect, for non-compliance with the laws of any country other than India where the facility is accessible.

Set-off

Airtel Payments Bank shall have the paramount right of set-off and lien, irrespective of any other lien or charge, present as well as future on the deposits of any kind and nature (including fixed deposits) held/ balances lying in any other Account/s of the User maintained with Airtel Payments Bank, whether in single name or joint name(s) and on any monies, securities, bonds and all other assets, documents and properties held by/ under the control of Airtel Payments Bank (whether by way of security or otherwise pursuant to any contract entered/ to be entered into by the User in any capacity) towards the satisfaction of the User's liability under the Facility.

Disclosure

Airtel Payments Bank may hold and process USER’s personal information concerning his Account on computer or otherwise in connection with the Facility as well as for analysis, credit scoring and marketing. The User also agrees that Airtel Payments Bank may disclose, in strict confidence, to other institutions, such information as may be reasonably necessary for reasons inclusive of but not limited compliance with legal directive, for credit rating by recognized credit scoring agencies, and for fraud prevention.

Limitation of Liability

•      Airtel Payments Bank shall not be liable in any manner to the User in connection with the use of the Facility.                        

•      Airtel Payments Bank shall not be liable for undefinedundefinedundefinedundefined

•      Notwithstanding anything to the contrary provided in this terms and conditions and/or in the disclaimer clause Airtel Payments Bank shall not be involved in or in any way liable to the User for any dispute between the User and the Beneficiary.

Disclaimer of Liability

Without limitation to the other provisions of this terms and conditions Airtel Payments Bank and its affiliates, subsidiaries, employees, officers, directors and agents,

•      Expressly disclaim any liability /loss if :-

o   the User has breached any of the terms and conditions contained herein or

o   the User has contributed to or the loss is a result of failure on part of the User to advise Airtel Payments Bank within a reasonable time about unauthorized access of or erroneous transactions in the Account by use of the Facility;

•      Shall not be liable for and in respect of any loss or damage whether direct, indirect or consequential, including but not limited to loss of revenue, profit, business, contracts, anticipated savings or goodwill, loss of use or value of any equipment including software, whether foreseeable or not, suffered by the User or any person howsoever arising from or relating to any delay, interruption, suspension, resolution or error of Airtel Payments Bank in receiving and processing the request or any failure, delay, interruption, suspension, restriction, or error in Airtel Payments Bank’s system and/or any third party who provides such services as is necessary to provide the Facility                       

•      Shall not be liable for non-availability of the Facility or non-performance by service providers if any if any, engaged by Airtel Payments Bank or any loss or damage caused to the User as a result of use of the Facility for causes which are not attributable to Airtel Payments Bank.

Limits

Send Side Limits:

IMT from App Self withdrawal : 10,000 / transaction | 75,000 Monthly Limit per sender

IMT from App Send money to others : 10,000 / transaction | 75,000 Monthly Limit per sender

Limits on the Received end:

Self: 1,00,000 / person/ month

Others: 25,000 / person/month