The Board of Directors, in their meeting held on 25th March 2022 last approved the code of conduct. The approved code of conduct is being reviewed and placed before the BOARD for adoption and approval along with this Fair Practice Code. The salient points are as under:
1. The Company to disclose all the terms and conditions to the client for all services offered. Disclosure must be made prior to disbursement in Individual sanction letter/ Loan card/Loan schedule/passbook/through group centre meetings.
2. The company to communicate all the terms and conditions of loan/ services offered to clients in vernacular language and must disclose the following terms:
3. The company to communicate in writing charges levied for all financial services rendered.
4. The company to follow RBI guidelines with respect to interest charges and security deposit and to declare all interest and fees payable as an all-inclusive annual percentage rate and equivalent monthly rate.
5. The company to maintain formal records of all transactions in accordance with all regulatory and statutory norms, and borrower’s acknowledgement/acceptance of terms and conditions must form a part of this record.
6. The provision of Micro finance to be made only to the eligible clients as per RBI guidelines after obtaining copies of the relevant documents from clients as per KYC norms.
7. In case of Insurance product to be offered to the clients the same will be transparently conveyed to the clients and must comply with RBI and IRDA Norms.
8. Proper due diligence as per internal credit policy to be made to assess the need and repayment capacity of clients before making the loan.
9. The company under no circumstances to breach the total debt limit for any client as prescribed by RBI. Other lending guidelines of RBI to be followed strictly.
10. The Company to ensure that all staff and persons acting on behalf of the company:
11. The company to provide a valid receipt/ acknowledgement for each and every payment received from the borrower.
12. The company to keep personal client information strictly confidential. Client information may be disclosed to the third party if it is legally required to do so or the client has informed about such disclosure and permission has been obtained in writing.
13. The company to have a formal governance system that is transparent and professional and adapt the best practices of corporate governance by broad basing the board of Directors by inducting persons with good and sound reputation as members of board.
14. The company to ensure transparency in the maintenance of books of accounts and reporting/ presentation and disclosure of financial statements by qualified auditors.
15. The company to put in best effort to follow the audit and assurance standard issued by the Institute of Chartered Accountants of India.
16. The company to help a free and fair recruitment practice as prevalent in the industry.
17. The company to have a dedicated process to raise client’s awareness of the options choices and responsibilities vis-a-vis financial products and services available. The company to also ensure regular checks on client awareness and understanding of the key terms and condition of the product/services offered.
18. The company to agree to share complete client data with all RBI approved Credit bureaus, as per the frequency of data submission prescribed by the credit bureaus.
19. The company to establish a dedicated feedback and grievance redressal mechanism and to inform clients about the existence and purpose of this mechanism and how to access them.
20. The company to designate grievance redressal official with his/ her address / contact details.
The board of Directors, in their meeting held on 9th March, 2013, amended the code of conduct which is presently enforced. The amended code of Conduct is as under
The approved mechanism for redressal of Grievances is as under
1. The Company to disclose all the terms and conditions to the client for all services offered.Disclosure must be made prior to disbursement in Individual sanction letter/Loan card/Loan schedule/passbook/through group centre meetings
2. The company to communicate all the terms and conditions of loan /services offered to clients to vernacular language and must disclose the following terms:
3. The company to communicate in writing charges levied for all financial services rendered.
4. The companyto follow RBI guidelines with respect to interest charges and security deposit and to declare all interest and fees payable as an all-inclusive annual percentage rate and equivalent monthly rate.
5. The company to maintain formal records of all transactions in according’s with all regulatory and statutory norms, and borrower’s acknowledgement/acceptance of terms and conditions must form a part of this record.
6. The provision of Micro finance to be made only to the eligible clients as per RBI guidelines after obtaining copy’s of the relevant documents from clients as per KYC norms.
7. In case of Insurance product to be offered to the clients the same will be transparently conveyed to the clients and must comply with RBI and IRDA Norms.
8. Proper due diligence as per internal credit policy to be made to assess the need and repayment capacity of clients before making the loan.
9. The company under no circumstances to breach the total debt limit for any client as prescribed by RBI. Other lending guidelines of RBI to be followed strictly.
10. The Company to ensure that all staff and persons acting on behalf of the company.
11. The company to provide a valid receipt /acknowledgement for each and every payment received from the borrower.
12. The company to keep personal client information strictly confidential .Client information may be disclosed to the third party if it is legally required to do so or the client has informed about such disclosure and permission has been obtained in writing.
13. The company to have a formal governance system that is transparent and professional and adapt the best practice of corporate governance by broad basing the board of Directors by inducting persons with good and sound reputation as members of board.
14. The company to ensure transparency in the maintenance of books of accounts and reporting/presentation and disclosure of financial statements by qualified auditors.
15. The company to put in best effort to follow the audit and assurance standard issued by the Institute by Chartered Accountant of India.
16. The company to help a free and fair recruitment practice as prevalent in the Industry.
17. The company to have a dedicated process to raise clients awareness of the options choices and responsibilities via-a-vis financial products and services available. The company to also ensure regular checks on client awareness and understanding of the key terms and condition of the product/services offered.
18. The company to agree to share complete client data with all RBI approved Credit bureaus, as per the frequency of data submission prescribed by the credit bureaus.
19. The company to establish a dedicated feedback and grievance redressal mechanism and to inform clients about the existence and purpose of this mechanism and how to access them.
20. The company to designate grievance redressal official with his/her address/contact details.
Uttrayan Financial Services Private Limited is a Non Banking Financial Company (NBFC-MFI) registered under Reserve Bank of India(RBI). We started our microfinance on-lending operation way back in the year 2001 with its head office at Kolkata(West Bengal), by providing small ticket size loan to the poor woman in rural and semi-urban area through group based system. Our Company provides livelihood promotion services comprising of livelihood and other Micro financial services to those population segments which are mostly un-reached by the formal banking systems with the principal purpose of promoting sustainable livelihoods.
We are one of the few MFIs in West Bengal who have partnered with State Bank of India in their prestigious and coveted project of “Co-Lending” .The limit sanctioned to us is 300Cr. Thus enabling Uttrayan to pass on the benefits of lower interest rate for Loans,as low as 19.45%(Blended) currently to our ultimate beneficiaries(Borrowers) .The opportunity has been spread across our network of Branches in 10 States catering to our 1 Lakh plus clients.
Over 23 year of Financial Services present across 10 States and 74 districts of India. Uttrayan now working in 117 branches spread over 10 districts of West Bengal,9 districts in the state of Assam, 16 districts in the state of Bihar, 1 district in the state of Meghalaya, 12 districts in the state of Odisha, 2 districts in the state of Sikkim, 3 district in the state of Uttarakhand ,8 districts in the state of Punjab, 6 district in the state of Jharkhand, 8 districts in the state of Rajasthan India, where we are providing services to more than 1,00,000 clients to make their way out of the poverty.
Client is the main priority
We designed a series of activities to enhance the level of client’s satisfaction. Client grievance redressal mechanism has been adopted to identify and solve the grievances as early as possible.
Honesty and Transparency
We believe in “Honesty is the best policy”. Hence we try to maintain honesty at the time of providing services to Clients, at the time of proving facilities to staff and at the time of initiating a new project.As Honesty is one of the major value of Uttrayan , we try to be honest to our clients, to our financial partners and to our staff as much as possible.
Discipline
We try to maintain discipline from Head Office to field level as we belief “Discipline is the defining fire by which talent becomes ability”.
Concern for environment
Uttrayan’s main concern is to improve human life in every way. As we belief financial betterment is not sufficient to improve human life, hence we are giving special emphasis on environment improvement to create a healthier future generation.
Human resources
The members of our staff are our most important resources. We make efforts to upgrade their skills and improve their welfare measures on a continuous basis.