Terms and Conditions of Business Account

These terms and conditions (“T&C”) apply to you (“Member/You/Your/Us”), a Member of Ayshwarya Syndicate  Souharda Credit Co-operative Limited (“ASSCCL”) and regulate the operation of the Business Account (the “Business Account / Account“) provided for through their Spark Application (“Application”).

Please review the following T&C’s before availing of ASSCCL’s services pertaining to its Additional Services (“Services”). Any use of the Application and availing of the Services creates a binding agreement to comply with the provisions of the following T&C’s. In the event that You do not agree to the following terms and conditions without any limitation or exclusions, You must refrain from accessing or using the Application and availing of the Services in any manner

  1. Applicability of Terms:
  • These T&C’s forms the legally binding contract between the Member and ASSCCL. The Member shall apply to ASSCCL in the prescribed form for operation of the Account and availing of the related Services. By applying for the opening of the Account, the Member acknowledges that he / she has / have read understood and accepted these T&C’s.
  • You agree that these T&C sets forth valid and binding obligations on You and that by the act of being directed to, visiting, registering or utilising the Application and Services relation to the Account in any manner whatsoever, You agree to be bound to the duties, obligations and responsibilities set forth herein and to maintain adherence to the covenants, representations and warranties as are detailed under these T&C. You further agree that ASSCCL may at any point choose to alter, amend or modify the provisions of this T&C at its sole and absolute discretion without any prior notice necessitated to You.
  1. Account Opening:
  • The Account opening formalities are governed by the policies of ASSCCL and may be revised from time to time. ASSCCL may require Member/s to submit duly filled application form/s along with the prescribed set of documents stipulated from time to time, to the satisfaction of the ASSCCL. Until the ASSCCL receives all the documents prescribed by ASSCCL pertaining to the duly authorized signatories of the Account including their specimen signatures, ASSCCL shall be entitled to refrain from adhering to any instructions and/or deny operation of the Account from/to such authorized signatories.
  • ASSCCL shall have the absolute discretion, without assigning any reasons (unless required by applicable law), to reject the application and ASSCCL shall not be responsible/liable in any manner whatsoever to the Member for any costs, losses, damages or expenses, or other consequences, caused by reason of such rejection, or any delay in notifying me/us of such rejection of this application.
  • You understand and agree that You may utilise third-party applications for the purpose of registering and/or providing further Personal Information linked to Your Account on the Application. You further understand and agree that the collection and disclosure of such Personal Information shared with any such third-party applications by such third-party applications is governed by the concerned third-party’s privacy policy and terms of use, with ASSCCL bearing no manner of responsibility or liability in such respect; provided that this T&C and the Privacy Policy shall govern any information collected by ASSCCL through Your access of any third-party application on the Application.
  • You further agree that ASSCCL may at any time, at its sole and absolute discretion, and without any need for prior notice to You, suspend access or terminate the Account and that ASSCCL will not be liable for any damages, expenses, claims and losses accruing to You or any third party on account of such suspension or deletion.
  • You hereby agree to exercise Your best effort in keeping Your entities information and account details, such as Membership ID, Account number, registration certificate of the entity and Personal Information of the authorized representative and any other information that is specific to Your Account (“Account Details”) confidential. You further agree that You will be solely responsible and liable for maintaining the security and confidentiality of Your Account Details and that You are to bear any losses or damages arising from the disclosure of the details to You or to any third-party, with You indemnifying ASSCCL in relation to the same. You further agree to notify ASSCCL immediately with a communication addressed to support@assccl.co.in if You have any knowledge or any reason to believe that any unauthorised access to the Account has occurred or in the event that the confidentiality of the account details has been compromised.
  • You must keep the SIM card and Your mobile phone in secure/safe custody at all times. You shall be solely and absolutely responsible for the consequences in case You fail to adhere to this T&C and/or in case of any unauthorized use of Your mobile phone or SIM card.
  • You acknowledge that the functioning of the Account is dependent on the telecommunications infrastructure, connectivity and services within India. You accept the timeliness of alerts sent by ASSCCL will depend on factors affecting the telecommunications industry. Neither ASSCCL nor its service providers shall be liable for non-delivery of alerts, error, loss, distortion in transmission of and wrongful transmission of alerts to You.
  • You accept that each notification and alert may contain certain Account information relating to You. You authorize ASSCCL to send Account related information, though not specifically requested, if ASSCCL deems that the same is relevant.
  1. Operating Accounts:
  • An Account may be opened in the names of the following who have their place of business located within the State of Karnataka:
    • An individual in his / her own name;
    • A Company incorporated under Companies Act, 1956 or Companies Act 2013;
    • A Limited Liability Partnership incorporated under the Limited Liability Partnership Act, 2008;
    • Partnership Firm, whether registered or unregistered;
    • Sole Proprietorship Concern;
    • A Trust registered under the Indian Trust Act 1882 or other entity as may be permitted by ASSCCL in their respective names.
  • All the Accounts maintained (and related services availed of from time to time) in the name of the individual shall be operated singly by the individual.
  • Accounts (and related Services availed of from time to time) in the names of company, partnership firm, trust, association or other entity shall be operated by the authorized signatory(ies) of the respective entities, as specified in the resolution or power of attorney submitted by such entity at the time of opening the Account or as varied in accordance with these terms and conditions. Changes to authorised signatories of such entities shall be recognised only upon due submission of the requisite authorizations/resolutions/power of attorney approving such changes, to the satisfaction of ASSCCL.
  • ASSCCL may send through courier, post, email, SMS or any other physical or electronic mode as selected by ASSCCL from time to time to the mailing address furnished by the Member, statements of Account, balance confirmation certificates, and / or such other items relevant or pertaining to the Account/ Member. It shall be incumbent upon the Member to inform ASSCCL of any changes in the Member’s mailing address, email id or mobile number immediately. ASSCCL will not be responsible for any loss, damage or consequence or delivery of the above items arising due to the Member not informing ASSCCL of the change in the mailing address of the Member or for any other reasons whatsoever.
  • The Member shall keep ASSCCL informed at all times, regarding any changes/alteration in the Members communication address and authorize ASSCCL to update any such change/alteration in Members communication address that ASSCCL may be informed of by the Member is brought to the notice of ASSCCL and hereby authorize ASSCCL to contact the Member on such changed/altered address. The Member shall be solely responsible to ensure that ASSCCL has been informed of the correct details for communication.
  • The Member agrees to indemnify ASSCCL against any fraud or any loss of damaged suffered by ASSCCL due to providing of any incorrect communication details and /or failure on the Members part to communicate the change/alteration in my/our communication details.
  • The Member shall examine the entries in any statement of Account. Balance confirmation or other summary certificate that may be sent to it by ASSCCL and within seven (7) days of the date of such statement or certificate, the Member shall draw the attention of ASSCCL to any such errors or omissions. If no such notification is received by ASSCCL after the expiration of the said seven (7) days period, the details and information contained in such statement of Account, balance confirmation or summary certificate shall be conclusive evidence of the correctness of the contents and entries therein and be binding on the Member or any person claiming under or through the Member without the requirement for any further proof. ASSCCL does not accept any responsibility for any loss arising out of failure on the part of the Member to examine the entries in the statements and report the errors or omissions to ASSCCL, within the said seven 7 day period.
  • The Member shall open an Account with a minimum balance as prescribed by ASSCCL. The Member shall be responsible for maintaining a minimum average balance (“MAB”) during a month. Failure to maintain the prescribed MAB may attract service charges and, ASSCCL has the right to deduct such charges from the Member’s Account.
  • The transaction limited and other key commercial considerations in relation to the Account are provided for in Annexure – ‘A’ of these T&C.
  1. Authorisation:

4.1. ASSCCL has the authority to debit any Accounts to recover any amount credited by ASSCCL erroneously.

  1. Safe Keep of Passwords:
  • The Member shall be solely responsible for the safe-keeping and the confidentiality of the statements of account, user id, passwords, One Time Passwords (“OTP”) and such other items relevant or pertaining to the Account. The Member will not hold ASSCCL liable in this regard in any manner whatsoever.
  • The Member shall keep the OTP/password totally confidential and not reveal the password to any third party.
  • The Member shall keep any and all OTP, sent by ASSCCL via email or SMS to the Member’s registered email address and registered mobile number respectively totally confidential and not reveal the same to any third party.
  • The Member acknowledges that if any third person obtains access to the password/OTP of the Member, such third person would be able to provide Payment Instructions to ASSCCL. The Member shall ensure that the T&C applicable to the use of the password/OTP as contained in these T&C are complied with at all times.
  1. Charges / Fees:
  • Charges in connection with the operation of the Account and the Services would be levied at the rates as prescribed under Annexure – ‘A’. Charges will be debited to the Account at such intervals as may be deemed fit by ASSCCL.
  • ASSCCL will also have the right to set-off the service charges, charges for non-maintenance of Account or any wrong credit or late returns reported by the correspondent bank /counter party by debiting the Account, without requirement of providing further notice or seeking additional consent / authorisation. In case the balance in the Account becomes overdrawn as a result of such set-off, ASSCCL will be entitled to charge interest at such rates as ASSCCL may deem fit in its sole discretion, for the period for which the Account remains overdrawn at any time during the maintenance of the Account. In case of any shortfall in the Account or in the event of closure of the Account, the Member shall be liable to pay the amount outstanding on account of charges / interest or otherwise to ASSCCL, forthwith, without demur or protest. ASSCCL, at its sole discretion, may levy service charges for the facilities provided by it, in parts subject to maximum limit/s as decided by ASSCCL from time to time.
  • The Member agrees and confirms that in the event any of the Services in connection with the Account are or become liable to tax under the applicable laws and regulations, the Member shall bear all the taxes or duties (by whatever name called) in connection with such Services and ASSCCL is hereby authorised to deduct any such amount from the Account, without requirement of providing further notice or seeking additional consent / authorisation.
  • In the event of occurrence of any of the above events, the Member shall receive balance amounts, net of all deductions made as per the terms and conditions hereof. The Member shall be intimated at the last address provided by the Member and required to collect all such amounts, from ASSCCL; in case the Member does not collect the amounts within the time period stipulated by ASSCCL in the communication sent to him / her as above, then ASSCCL shall send the amounts at the last known address of the Member and will not be liable for any reason whatsoever in case of non-receipt of such amount/s by the Member or for any losses or damages incurred by the Member as a consequence thereof.
  • ASSCCL, at its sole discretion, may levy service charges for the facilities provided by ASSCCL, in parts subject to maximum limit/s as decided by ASSCCL from time to time.
  1. Additional Services:
  • Various Additional Services (“Additional Services”) may be made available to the Members by ASSCCL in connection with the Account, which shall be subject to these T&C’s and/ or such other terms and conditions governing the said Additional Services as may be specifically stipulated by ASSCCL from time to time. Notwithstanding anything specified herein such related Additional Services shall be provided to the Member at the sole discretion of ASSCCL. These T&C will be read in addition to the specific terms and conditions / agreement (if any) governing the Additional Services.
  • ASSCCL, may at its sole discretion decide to offer or withdraw certain Additional Services to all or some of the Member/s from time to time and ASSCCL shall not be liable for any losses or damages incurred by Members / Potential Member/s / third parties, in case of provision or withdrawal of any such Additional Services.
  1. Holiday Processing:
  • Any transactions on any Sunday or any public holiday may be shown in the Account and website of ASSCCL, at the sole discretion of ASSCCL, as having taken place on the same or subsequent business day of ASSCCL. All deductions/accretions on such amount shall be deducted/accrued as of such day. ASSCCL not be responsible for any loss of interest or liability incurred/suffered by the Member including but not limited to loss of interest arising due to such transaction being not shown on the day the same actually occurred. Any amount deposited on any day which is a Sunday or public holiday or after the time of clearing for the day is normally effected by ASSCCL shall be sent for clearing on the next business day of ASSCCL.
  • The Member may find the complete list of holidays on the website of ASSCCL for reference purpose.
  1. Statement of Account:
  • ASSCCL shall offer the Member the option of availing a monthly physical statement of their Account, subject to charges as detailed under Annexure – ‘B’. The Member shall have the option of availing the physical statement from the branch office of ASSCCL, or request for the same to be sent by post or courier to the last given address of the Member, subject to the charges being debited from the Account of the Member by ASSCCL.
  • Member/s shall also be able to view/download the statement of Account from the Application in relation to their Account/s with ASSCCL as per the process prescribed in this regard by ASSCCL.
  • Unless disputed by the Member within Seven (7) days of mailing of the statement, the same shall be deemed to be accepted by the Member. ASSCCL reserves the right to rectify discrepancies in the statement of Account, if any, at any point of time. If Member delays in examining the statement or in reporting a problem or error, it may affect ASSCCL’s ability to resolve the problem, and Member shall be liable for the losses that may occur.
  • All the statements will be mailed to the Member’s email address as per ASSCCL’s records. The Member should contact ASSCCL promptly if the Statement is not received and ask for duplicate statements, if required.
  • Duplicate statements shall be issued to the Member, only at the request of the Member, for a fee.
  1. Sharing of Information

10.1 The Member undertakes and authorises ASSCCL, its affiliates to exchange, share or part with all the information, data or documents relating to its application to other banks / financial Institutions / credit bureaus / agencies / statutory bodies /tax authorities /central information bureaus/ such other persons as ASSCCL may deem necessary or appropriate as may be required for use or processing of the said information / data by such person/s or furnishing of the processed information / data / products thereof to other banks / financial institutions / credit providers / users registered with such persons and shall not hold ASSCCL liable for use of this information.

  1. Technology Risks

11.1 The Member agrees and understands that the technology for enabling the transfer of funds and the other services offered by ASSCCL could be affected by virus or other malicious, destructive or corrupting code, programme. It may also be possible that the site of ASSCCL may require maintenance and during such time it may not be possible to process the request of the Members. This could result in delays in the processing of instructions or failure in the processing of instructions and other such failures and inability. ASSCCL disclaims all and any liability, whether direct or indirect, whether arising out of loss of profit or otherwise arising out of any failure or inability by ASSCCL to honour any customer instruction for whatsoever reason.

  1. Overdrawing
  • No overdrawing shall be permissible in the accounts unless an overdraft facility has been specifically sanctioned by ASSCCL. If for whatever reasons the Account has a debit balance, Member shall pay interest and other charges in accordance with ASSCCL’s prevalent rate/s and practice. Any Temporary Overdraft in the Account, should be construed as a one-time facility only and not a continuous arrangement, unless otherwise agreed to, by ASSCCL in writing.
  • The Member acknowledges and agrees that the rate(s) of interest as may be specified from time to time is reasonable and represents genuine pre-estimation of loss expected to be incurred by ASSCCL in the event of excess drawing/nonpayment of monies by the Member. The Member also acknowledges and agrees that ASSCCL shall be entitled to charge such fees as may be specified from time to time for providing such intra-day overdraft facility(ies).
  1. Nomination in the event of Death or Incompetence
    • You may nominate any individual who, in the event of Your death or You being declared incompetent shall become entitled to the proceeds arising from Your Account.
  • ASSCCL may freeze the Account of the Member until it establishes the identity and credentials of the successor/beneficiary/nominee to its satisfaction.
  • The Member is at liberty to change the nominee, through declaration in the appropriate form to revise the nomination during the currency of the Account with ASSCCL.
  1. Change of Terms:
  • ASSCCL shall have the absolute discretion to amend or supplement any of the Terms at any time relating to the Account and/or the services provided for / in connection with the same. ASSCCL may communicate the amended Terms by hosting the same on the Website or in any other manner as decided by ASSCCL. The Member shall be responsible for regularly reviewing these Terms including amendments thereto as may be posted on the Website.
  1. Non-Transferability:
  • The Account and the services provided to the Member are not transferable under any circumstance and shall be used only by the Member. However, ASSCCL shall have the right to transfer, assign or sell all its rights, benefits or obligations to any person and these Terms, shall continue to be in force and effect for the benefit of the successors and assigns of ASSCCL.
  1. Notices
  • Notices in respect of the Account, the services and facilities in connection with the Account may be given by ASSCCL either through SMS on the registered mobile number, email on the registered email id or posting a letter to the Member’s address. ASSCCL may also give any notice by posting the notice on the Website and the same will be deemed to have been received by the Member upon its publication on the Website.
  • All notices in connection with the Services or the Account by the Member to ASSCCL shall be in writing and sent to the address as provided below and all notices shall be deemed to be received by ASSCCL only upon acknowledgment of receipt of the same in writing by ASSCCL.

Address: Ayshwarya Syndicate Souharda Credit Co-operative Limited (ASSCCL)

Office No 21/1 ‘Manjushree’ Haudin Road, Ulsoor, Bangalore 560 042

  1. Electronic Transactions:
  • The Member agrees to adhere to and comply with all such terms and conditions as ASSCCL may prescribe from time to time, and hereby agrees and confirms that all transactions effected by or through facilities for conducting remote transactions including the Internet, World Wide Web, electronic data interchange, call centers, teleservice operations(whether voice, video, data or combination thereof) or by means of electronic, computer, automated machines network or through other means of telecommunication, established by or on behalf of ASSCCL, for and in respect of the Account or its terms, or ASSCCL’s other products and services, shall constitute legally binding and valid transactions when done in adherence to and in compliance with ASSCCL’s terms and conditions for such facilities, as may be prescribed from time to time.
  1. Waiver
  • No failure or delay by ASSCCL in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise of any other right, power or privilege constitute as a waiver. The rights and remedies of ASSCCL as stated herein shall be cumulative and not exclusive of any rights or remedies provided by law.
  1. Force Majeure
  • You acknowledge and agree that ASSCCL is to not bear any form of liability for any damage or loss caused due to any default of its obligations under this Agreement arising directly or indirectly from a cause affecting the performance by ASSCCL of its obligations resulting from acts, events, omissions, happenings or non-happenings beyond its reasonable control, including but not limited to acts of God, riots, war or armed conflict, embargo, acts of terrorism, acts of government, local government or regulatory bodies, fire, flood, storm or earthquake or any internet connectivity failures or computer.
  1. Indemnity
  • The Member hereby agrees that he/it shall, at his/its own expense, indemnify, defend and hold harmless ASSCCL from and against any and all liability, any other loss that may occur arising from or relating to the operation or use of the Account or the Services or breach, nonperformance or inadequate performance by the Member of any of these Terms or the acts, errors, representations, misrepresentations, misconduct or negligence of the Member in performance of its obligations.
  • Under no circumstances shall ASSCCL be liable to the Member for any direct, indirect, incidental, consequential, special or exemplary damages in connection with the Account or the Services.
  • ASSCCL shall not be liable for any failure to perform any obligation contained in these Terms or for any loss or damage whatsoever suffered or incurred by the Member howsoever caused and whether such loss or damage is attributable (directly or indirectly) to any dispute or any other matter or circumstances whatsoever.
  • The Member shall indemnify ASSCCL as collecting Banker for any loss or damage which ASSCCL may incur or suffer by guaranteeing any endorsement or discharge on a cheque, bill or other instrument presented for collection and such guarantee as given by ASSCCL shall be deemed to have been given in every case at the Member’s express request.
  • The Member shall keep ASSCCL indemnified at all times against, and save ASSCCL harmless from all actions, proceedings, claims, losses, damages, costs, interest (both before and after judgment) and expenses (including legal costs on a solicitor and client basis) which may be brought against or suffered or incurred by ASSCCL in resolving any dispute relating to the Member’s Account with ASSCCL or in enforcing ASSCCL’s rights under or in connection with the T&C’s contained herein, or which may have arisen either directly or indirectly out of or in connection with ASSCCL performing its obligations hereunder or accepting instructions, including but not limited to, fax and other telecommunications or electronic instructions, and acting or failing to act thereon.
  • If any sum due and payable by the Member is not paid on the due date, including without limitation any moneys claimed under this Paragraph, the Member shall be liable to pay interest (both after as well as before any judgment) on such unpaid sum at such rate or rates as ASSCCL may from time to time stipulate from the date the payment is due up to the date of payment.
  • The Member shall solely be responsible for ensuring full compliance with all the all the FEMA rules, regulations or notifications thereunder, applicable laws and regulations in any relevant jurisdiction in connection with establishment of his/her/its relationship with ASSCCL and for any/ all the transactions undertaken by the Member under the various current account products offered by ASSCCL and shall indemnify and keep indemnified ASSCCL from all actions, proceedings, claims, losses, damages, costs and expenses (including legal costs on a solicitor and client basis) which may be brought against or suffered or incurred by ASSCCL in connection with any failure to comply with any such applicable laws/regulations.
  • The indemnities as aforesaid shall continue notwithstanding the termination of the Account.
  1. No Encumbrances:
  • The Member shall not create or permit to subsist, any encumbrance or third party interest over or against any Account(s) with ASSCCL or any monies lying therein without ASSCCL’s prior written consent.
  1. ASSCCL’s Lien and Set-Off:
  • ASSCCL will have the paramount right of set-off and lien, irrespective of any other lien or charge, present as well as future, on all the deposits held/ balances lying in any Account of the Member, whether in single name or joint name(s), to the extent of all amounts payable by the Member arising as a result of any of ASSCCL’s services extended to and/or used by the Member or as a result of any other facilities that may be granted by ASSCCL to the Member. ASSCCL is entitled without any notice to the Member to settle any indebtedness whatsoever owed by the Member to ASSCCL, whether actual or contingent, or whether primary or collateral, or whether joint and/or several, including without limitation indebtedness under any indemnity given by the Member to ASSCCL hereunder or under any other document/ agreement, by adjusting, setting-off any deposit(s) and transferring monies lying to the balance of any Account(s) held by the Member with ASSCCL, notwithstanding that the deposit(s)/ balances lying in such Account(s) may not be expressed in the same currency as such indebtedness. ASSCCL’s rights hereunder shall not be affected by the Customer’s bankruptcy, insolvency, death or winding-up.
  • In addition to ASSCCL’s rights of set-off, lien or any other right which it may at any time be entitled whether by operation of law, contract or otherwise, the Member authorises ASSCCL: (a) to combine or consolidate at any time all or any of the accounts and liabilities of the Member with or to any branch or office of ASSCCL (whether in India or elsewhere); and (b) to apply, set-off or transfer at any time (without prior notice to the Member) any credit balance (whether or not then due) to which the Member is at any time beneficially entitled on any account, in the Member’s name, with any branch or office of ASSCCL (whether in India or elsewhere) towards the satisfaction of any or all of the Member’s liabilities (whether such liabilities be present or future, actual or contingent, primary or collateral, or several or joint) under the Terms or for the Member’s account(s) or under the terms of any other facilities that may be granted by ASSCCL to the Member.
  • ASSCCL shall not be under any obligation to exercise any of its rights under this paragraph.
  • The above mentioned rights of ASSCCL are without prejudice to the obligations of the Member to pay to ASSCCL when due all its indebtedness and without prejudice to any other rights that ASSCCL may have against the Member for recovery of outstanding from Member to ASSCCL.
  • ASSCCL will be entitled to withhold payments out of the Member’s Account or dishonor the Member’s instructions in case any amounts outstanding from the Member to ASSCCL are not paid when due.
  1. Governing Law:
  • These T&C and/or the operations in the accounts of the Member maintained by ASSCCL and/or the use of the services provided through the Application shall be governed by the laws of the Republic of India and no other nation. The Member and ASSCCL agree to submit to the exclusive Jurisdiction of the Courts located in Bangalore, India as regards any claims or matters arising under these T&C. ASSCCL accepts no liability whatsoever, direct or indirect, for non-compliance with the laws of any country other than the Republic of India. The mere fact that the Spark Service can be accessed through the Internet by a Member in a country other than India shall not be interpreted to imply that the laws of the said country govern these T&C and/or the operations in the Account of the Member and/or the use of the Application.
  1. Dispute Resolution
  • All disputes arising out of or in relation to this T&C shall be settled amicably by the Parties within a period of 30 [thirty] days from the date of the first initiation of the dispute. In the event no amicable settlement is arrived at within a period of thirty days from the date of first initiation of the dispute by one Party to other, the Parties shall resolve the dispute by means of arbitration pursuant to the Arbitration and Conciliation Act, 1996.
  • The arbitration shall be conducted by an arbitral tribunal comprising of 1 (one) arbitrator appointed by ASSCCL.
  • The arbitration proceedings shall be conducted in English language only and the venue for arbitration shall be at Bangalore.
  • The award of the arbitral tribunal shall be final and binding on the Parties.
  1. Disclosure:
  • The Member hereby irrevocably authorises ASSCCL to disclose, as and when ASSCCL is required to do so in order to comply with the applicable laws or when ASSCCL regards such disclosure as necessary or expedient, (including but not limited to disclosures for the purpose of credit review of any Account, service/s or credit facilities received by the Member from ASSCCL whether singly or jointly with others or otherwise), any information relating to the Member, his/her Account(s) or other assets or credit facilities whatsoever held on the Member’s behalf to:
  • the head office, affiliates, or any other branches or subsidiaries of ASSCCL;
  • his/her auditors, professional advisers and any other person(s) under a duty of confidentiality to ASSCCL;
  • vendors, installers, maintainers or servicers of ASSCCL’s computer systems;
  • any exchange, market, or other authority or regulatory body having jurisdiction over ASSCCL, its head office or any other branch of ASSCCL or over any transactions effected by the Member or the Member’s Account;
  • any party entitled to make such demand or request;
  • any person with whom ASSCCL contracts or proposes to contract with regard to the sale or transfer or sharing of any of its rights, obligations or risks under the Terms;
  • any person (including any agent, contractor or third party service provider) with whom ASSCCL contracts or proposes to contract with regard to the provision of services in respect of the Member’s Account(s) or Facilities (as the case may be) or in connection with the operation of ASSCCL’s business;
  • any person employed with, or engaged as an agent by, ASSCCL or its head office or affiliates, including any relationship officers for the purposes of or in connection with interactions with the Members or providing services to the Members or processing transactions pertaining to the Members’ Accounts or Facilities; and
  • to enable ASSCCL to centralise or outsource its data processing and other administrative operations) to ASSCCL’s head office, its affiliates or third parties engaged by ASSCCL for any such services/operations.
  • any government/regulatory/judicial authority/agency in case of default, if any committed by the Member in discharge of its / his / her obligation.
  • any governmental or regulatory authority in such manner and form as may be required by such authority.
  • The Member hereby agrees and consents that ASSCCL shall be entitled, in connection with the Member’s application for any Account, facilities or services provided by ASSCCL, or during the course of the Member’s relationship with ASSCCL, to obtain and procure information pertaining to the Member or any of his/ her/ its Accounts, legal or financial position from whatever sources available to ASSCCL.
  1. Know Your Customer / Anti-Money Laundering / Counter Terrorism Financing
  • The Member shall comply with ASSCCL’s Know Your Customer (KYC), Anti-Money Laundering (AML) and Combating Financing of Terrorism (CFT) policies available at assccl.com. failure to provide these documents/information within stipulated timelines or submission of wrong, incomplete or false documents/information sought may result in the account/s being closed/ blocked for debit and/or credit transactions
  1. Closure / Freeze of the Account:
  • ASSCCL reserves the right to terminate/ close or Freeze the Account or withdraw any facilities relating to the same for any reason whatsoever, including without limitation:
    • Any false / misleading information given or suppression of any material fact
    • In case fraudulent / forged / fake cheques / bank drafts or any such instruments are attempted to be cleared / cleared through the Account.
    • In case of frequent returns of inward / outward cheques in the Account
    • Unsatisfactory conduct of the Account in terms of volume / type of transactions,
    • Non intimation of change in communication address leading to Member’s whereabouts being unknown
    • Any other breach or default by the Member of these T&C’s or any other terms and conditions relating to the Account and/or any Services provided to, or availed of by, the Member.
  1. Definitions and Interpretations
  • Definitions:

In these T&C, the following words and phrases have the meaning stated hereunder unless indicated otherwise:

  • Account” refers to the Member’s Current Account or any other type of account so designated by ASSCCL to be eligible account(s) for operations by the Member.
  • Confidential Information” refers to information obtained by the Member, through ASSCCL, for the effective availment of Services or Payment Instruction Services business portal services.
  • “Force Majeure Event” shall mean any cause affecting the performance by a Party of its obligations arising from acts, events, omissions, happenings or non-happenings beyond its reasonable control, including acts of God, riots, war or armed conflict, embargo, acts of terrorism, acts of government, local government or regulatory bodies, fire, flood, storm or earthquake, or disaster but excluding any industrial dispute relating to either Party or either Party’s personnel.
  • Internet” refers to the network of computers / mobile phones / other electronic devices which share and exchange information. The Internet is at once a worldwide broadcasting capability, mechanism for information dissemination, and a medium for collaboration and interaction between individuals and their computers / mobile phones / other electronic devices capable of accessing the Internet without regard for geographic location.
  • Member” refers to any person who purchases at least one share of Ayshwarya Syndicate Souharda Credit Co-operative Limited in the state of Karnataka and who has been authorised by ASSCCL to avail of the Account facility.
  • Payment Instruction” shall mean an instruction given by a Member to transfer funds from the Account held by the Member to accounts held by other approved Members with ASSCCL and /or in the name of the beneficiary who may or may not have an account with ASSCCL. ASSCCL may in its sole and exclusive discretion confine this facility only to certain permitted Members or may extend it from time to time to be generally available to all Members.
  • Personal Information” refers to the information about the Member obtained in connection with the Account.
  • Quarter” shall mean a financial quarter i.e. April – June, July – September, October – December, January – March in any financial year.
  • Services” shall mean the services provided by ASSCCL in connection with the Current Account and more particularly described in these Terms.
  • Spark”- means the mobile application owned by Tecnovos Technologies LLP and licensed to ASSCCL.
  • Primary Terms” shall mean the general terms and conditions, as modified from time to time applicable to Spark services offered by ASSCCL, and available at www.assccl.com.
  • Website” refers to the website owned, established and maintained by ASSCCL at the URL assccl.com.
  • Interpretation:
  • All references to singular include plural and vice versa and the word “includes” should be construed as “without limitation”.
  • Words importing any gender include the other gender.
  • Reference to any statute, ordinance or other law includes all regulations and other instruments and all consolidations, amendments, re-enactments or replacements for the time being in force.
  • All headings, bold typing and italics (if any) have been inserted for convenience of reference only and do not define limit or affect the meaning or interpretation of these T&C.
  • The word “ASSCCL”, refer to Ayshwarya Syndicate Souharda Credit Co-operative Limited having its registered office at Office No 21/1 Manjushree, Haudin Road, Ulsoor, Bangalore 560 042.
  1. Disclaimer
  • These T&C relate specifically to the Business Account product offered by ASSCCL through the Spark Application.
  • The Member further understands and agrees that these T&C must be read in conjunction with the other polices and terms issued by ASSCCL and/or Spark.