Chargeback Policy

  1. Introduction

Ayshwarya Syndicate Souharda Credit Co-operative Limited (“ASSCCL”) is committed to providing a superior and safe Member service experience to all its Members. In order to enable the above, ASSCCL has invested in technology and has robust security systems and fraud detection and preventions mechanisms in place to ensure safe and secure experience to its Members.

Any terms not defined under this Policy shall have the same meaning/definition specified under the terms and conditions (“Primary Terms”) and other policies available at www.assccl.com and updated from time to time.

  1. Objective

This Policy seeks to communicate in a fair and transparent manner ASSCCL’s policy on:

  1. Member protection (including mechanism of creating Member awareness on the risks and responsibilities involved in electronic transactions);
  2. Member liability in cases of unauthorized electronic transactions; and
  3. Chargeback due to unauthorized electronic transactions (within defined timelines).
  1. Scope

Electronic transactions usually cover transactions through the below modes:

  1. Remote/online payment transactions (transactions that do not require physical payment instruments to be presented at the point of transactions g. internet banking, mobile banking, card not present (CNP) transactions, Pre-paid Payment Instruments (PPI), etc.);
  2. Face-to-face/proximity payment transactions (transactions which require the physical payment instrument such as a card or mobile phone to be present at the point of transaction e.g. POS;
  3. Any other electronic modes of credit effected from one entity to another currently being used or adopted from time to

This Policy covers transactions only through the above modes. This Policy excludes electronic transactions effected on account of error, negligence, fraud or intent to cheat by a Member (e.g. NEFT carried out to an incorrect payee or for an incorrect amount), transactions done under duress, claims due to opportunity loss, reputation loss, other incidental costs or collateral damage. For such transactions, the Member will bear sole liability.

  1. Applicability:

This Policy is applicable solely to entities that hold relationship with ASSCCL in the following nature:

  1. Individual and non-individual Members who hold current or savings account; and/or
  2. Individual / non-individual entities that hold fixed deposits, recurring deposits etc.

This Policy is not applicable to:

  1. Any entity other than a Member that uses ASSCCL’s infrastructure; and/or
  2. Entities that are part of the ecosystem such as interchange organisations, franchises, intermediaries, agencies, service partners, vendors, merchants
  1. Definitions & Explanations: (for the purpose of this Policy)
  1. Real loss is defined as financial outgo from Member’s account e.g. debit to Member’s account or
  2. Card not present (CNP) transactions are defined as transactions that require use of Card information without card being physically used g. e-commerce transactions
  3. Card present (CP) transactions are defined as transactions that require use of physical card g. POS
  4. Payment transactions are defined as transactions that involve transfer of funds from one account/ wallet to another electronically and do not require card information g. NEFT
  5. Unauthorised transaction is defined as debit to Member’s account without Member’s
  6. Consent includes authorization of a transaction debit either through standing instructions, as per accepted banking practice and regulation, based on account opening process and related matters or based on additional authentication required by ASSCCL such as use of security passwords, input of dynamic password (OTP) or static VBV/ MCSC, challenge questions or use of Card details (CVV/ Expiry date) or any other electronic authentication option provided by
  7. Date & time of reporting is defined as date & time on which Member has submitted a unique complaint. Date of receiving communication from ASSCCL, is excluded for purpose of computing number of working days for all action specified in this Policy. Time of reporting will be as per Indian Standard
  8. Notification means   an   act   of the   Member   reporting   unauthorized electronic transaction to
  9. Number of days will be computed based on working days
  10. Mode of reporting will be the channel through which Member complaint is received first time by ASSCCL, independent of multiple reporting of the same unauthorized
  11. Loss in foreign currency if any shall be converted to Indian currency for the purpose of this policy as per ASSCCL’s policies on conversion at card rate net of
  1. Points covered under this Policy:

Member’s request for chargeback may be processed in line with this Policy in case of loss occurring due to unauthorized transaction as follows:

  1. Zero Liability of Member

Member shall be entitled to full chargeback of real loss solely in the event of contributory fraud/ negligence/ deficiency on the part of ASSCCL provided that such real loss has been notified by the Member to ASSCCL within 5(five) working days of its occurrence with adequate proof of the same.

  1. Limited Liability of Member
  1. Liability in case of financial losses due to unauthorized electronic transactions where responsibility for such transaction lies neither with ASSCCL nor with the Member, but lies elsewhere in the system or for Third Party Breach; AND
  2. Member shall report any such incidence within 3 (three) working days of its occurrence. In case there is a delay on the part of Member in notifying/reporting ASSCCL beyond 3 (three) working days and less than or equal to 7 (seven) working days the liability of the Member shall be as specified in Annexure – 1, provided that ASSCCL will not be liable for processing or conduct of chargeback in case any delay by the Member in notifying ASSCCL beyond 7 (seven) working days.

The liability of the Member per transaction under the above circumstances shall be limited to transaction value or amounts mentioned in Annexure – 1 whichever is lower.

  1. Complete Liability of Member
  1. Member shall bear the entire loss in cases where the loss is due to negligence, fraud, cheating by the Member.
  1. In cases where the responsibility for unauthorized electronic banking transaction lies neither with ASSCCL nor with the Member, but lies elsewhere in the system and when there is a delay on the part of the Member in reporting to ASSCCL beyond 7 (seven) working days, the Member would be completely liable for all such transactions.
  • Under such situations, the Member will bear the entire loss and ASSCCL will not be liable for any such loss caused.
  1. Other Points
  1. At its own discretion, ASSCCL may afford shadow credit to the Member account within 10 working days from the date of reporting in all cases as per above statements.
  2. In accordance with the timelines specified in this Policy, the Member must provide all necessary documentation – Member dispute form, proof of transaction success/ failure, any other evidence necessary for substantiating the Member’s claim and should also file a police complaint and provide copy of the same to ASSCCL. In the circumstance the Member fails to do so or any part thereof, ASSCCL reserves the right to refuse processing of any chargeback.
  • Within 90 days of date of reporting, ASSCCL shall either establish Member negligence or provide final credit to Member based on the evidence provided by the Member. In the circumstance that ASSCCL determines that the Member’s claim for chargeback is valid, ASSCCL will process the chargeback and refund the real loss to the Member’s account. In the circumstance that ASSCCL determines that the real loss is solely attributable to the fault of the Member, ASSCCL will have the right to take all such actions necessary as it may deem fit to prevent such further occurrence, including but not limited to limitation of access to the Account to the Member and/or suspension or blocking of the Member’s access to the Account.
  1. The Member would not be entitled to chargeback, in case the Member does not cooperate with ASSCCL by providing necessary documents and evidence including but not limited to police complaint and any other dispute forms or applications as may be communicated by ASSCCL.
  2. Chargeback would be limited to up to the real loss after deduction of reversals or recoveries received by the Member at the discretion of ASSCCL.
  3. The Member agrees that it/he/she will not be eligible for processing and receipt of chargeback in the circumstance that ASSCCL and/or any other investigative body or authority has determined that the Member has violated and/or failed to comply with the Primary Terms or any portion thereof of the Account (such terms of use/terms and conditions available at www.assccl.com and updated from time to time).
  1. Third Party Breach

The following would be considered as Third-party breach where deficiency lies neither with ASSCCL nor Member but elsewhere in the system:

  1. Application frauds
  2. Account takeover
  3. Skimming / cloning
  4. External frauds / compromise of other systems, for e.g. mail servers etc. being compromised.
  1. Roles & Responsibilities of ASSCCL
  1. ASSCCL shall ensure that its terms and conditions including this Policy is available on its website for the reference by ASSCCL shall also ensure that existing Members are individually informed about this Policy.
  2. ASSCCL will send SMS and/or email alerts to all valid registered mobile number for all electronic banking transactions.
  3. ASSCCL will enable various modes for reporting of unauthorized transaction by These may include SMS, email, website, toll free number, IVR, Phone Banking or through its branches as set up by ASSCCL and operated by it from time to time.
  4. ASSCCL shall respond to Member’s notification of unauthorized electronic banking transaction with acknowledgement specifying complaint number, date and time of transaction alert sent and date and time of receipt of Member’s notification. On receipt of Member’s notification, ASSCCL will take immediate steps to prevent further unauthorized electronic banking transactions in the account or
  5. ASSCCL shall ensure that all such complaints are resolved and liability of Member if any, established within a maximum of 90 days from the date of receipt of
  6. During investigation, in case it is detected that the Member has falsely claimed or disputed a valid transaction/s, ASSCCL reserves its right to take due preventive action of the same including closing the account or blocking functionalities or use of the Account.
  7. ASSCCL may restrict Member from conducting electronic banking transaction including POS transaction in case of non-availability of Member’s mobile
  1. Rights & Obligations of the Member
  1. Member is entitled to
  2. SMS alerts   on   valid registered   mobile number for all   financial   electronic transactions where valid mobile number is registered with ASSCCL;
  3. Email alerts where valid email ID is registered for alerts with ASSCCL;
  • Register complaint through multiple modes – as specified in point relating to ASSCCL’s roles & responsibilities;
  1. Intimation at valid registered email/ mobile number with complaint number and date & time of complaint;
  2. Receive chargeback in line with this policy document where applicable. This would include getting, at ASSCCL’s sole discretion, shadow credit within 10 working days from reporting date and final credit within 90 days of reporting date subject to Member fulfilling obligations detailed herein and with Member liability being limited as specified in Annexure – 1.
  1. Member is bound by following obligations with respect to banking activities:
  2. Member shall mandatorily register valid mobile number with ASSCCL.
  3. Member shall regularly update his /her registered contact details as soon as such details are changed. ASSCCL will only reach out to Member at the last registered email/ mobile number. Any failure of Member to update ASSCCL with changes shall be considered as Member negligence.  Any unauthorized transaction arising out of this delay shall be treated as Member liability.
  • In accordance with the timelines specified in this Policy, the Member must provide all necessary documentation – Member dispute form, proof of transaction success/ failure, any other evidence necessary for substantiating the Member’s claim and should also file a police complaint and provide copy of the same to ASSCCL. In the circumstance the Member fails to do so or any part thereof, ASSCCL reserves the right to refuse processing of any chargeback.
  1. Member should co-operate with ASSCCL’s investigating authorities and provide all assistance.
  2. Member must not share sensitive information (such as Debit/Credit Card details & PIN, CVV, Account ID & password/PIN, OTP, transaction PIN, challenge questions) with any entity, including ASSCCL staff.
  3. Member must protect his/her device as per best practices, including updating of latest antivirus software on the device (Device includes smart phone, feature phone, laptop, desktop and Tab).
  • Member shall go through various instructions and awareness communication sent by ASSCCL on security.
  • Member must verify transaction details from time to time in his/her ASSCCL statement and/or credit card statement and raise query with ASSCCL as soon as possible in case of any mismatch.
  1. Notifying ASSCCL of the unauthorized transaction
  1. Member shall report unauthorized transaction to ASSCCL at the earliest, with basic details such as Member ID and/ or other details required by ASSCCL, date & time of transaction and amount of transaction
  2. Member shall follow ASSCCL’s reporting process
  1. Notify/ report through the options listed in the Policy.
  2. Lodge police complaint and maintain copy of the same and furnish police complaint when sought by ASSCCL’s authorised personnel.
  1. Member shall authorise ASSCCL to block and/or suspend the Account to reduce likelihood of additional loss
  2. Member to clearly specify the facilities to be blocked failing which ASSCCL reserves the right to block all electronic transactions of the Member to protect the Member’s interest. Also, revoking these blocks would require explicit consent from Member for each
  3. Member shall share relevant documents as needed for investigation or insurance claim cardholder dispute form, copy of passport in case of international transactions and police complaint.
  4. Member must fully co-operate and comply with ASSCCL’s reasonable requirements towards investigation and provide details of transaction, Member presence, etc.
  1. Force Majeure
  • ASSCCL shall  not  be liable to  provide chargeback to Members  for  delayed  credit  if some  unforeseen  event (including but not limited to civil commotion, sabotage, lockout, strike or other labour disturbances, accident, fires, natural disasters or other “Acts of God”, war, damage to ASSCCL’s facilities or of its correspondent ASSCCL(s), absence of the usual means of communication or all types of transportation, etc beyond the  control  of ASSCCL prevents it  from  performing its obligations within the specified service delivery parameters.
  1. Disclaimer
  • The Member understands and agrees that in the circumstance of any discrepancy between this Policy and the Primary Terms, in relation to the opening, operation, utilization and closure of the Account, this Policy shall take precedence. In the circumstance that this Policy is silent on any matter, but the same have been elaborated in the Primary Terms or any other policies issued by ASSCCL and/or Spark, the Primary Terms and/or other policies issued by ASSCCL and/or Spark will take precedence.
  • The Member further understands and agrees that this Policy must be read in conjunction with the other polices and terms issued by ASSCCL and/or Spark.

ANNEXURE – 1

MEMBER LIABILITY LIMITS

 

Unauthorised Transaction due to Member’s negligence or fault as specified under the policy

Time taken to report the fraudulent transaction Member’s Maximum Liability (INR)
Member to report as soon as possible to prevent future losses

100% liability on Member, ASSCCL will not liable

Maximum Liability of a Member in case of unauthorized Electronic Transaction where responsibility is neither with ASSCCL nor with the Member but lies elsewhere in the system & Member has reported unauthorized transaction from transaction date within working days specified

Type of Account

Report within 3 (three) working days Report within 4 (four) to 7 (seven) working days

Report post 7 (seven) working days

Savings Account

Zero Liability Up to 50% liability on Member 100% liability on Member, ASSCCL will not liable

Current Account

Up to 50% liability on Member

100% liability on Member, ASSCCL will not liable

Fixed Deposit

Up to 50% liability on Member

100% liability on Member, ASSCCL will not liable

Recurring Deposit

Up to 50% liability on Member

100% liability on Member, ASSCCL will not liable