E-Mandate Terms and Conditions

These E-Mandate Terms and Conditions (“T&Cs”) apply to the setting up, operation, usage and cancellation of any and all E-Mandate facility offered by Ayshwarya Syndicate Souharda Credit Co-operative Limited (“Ayshwarya Syndicate”) to its Members.

Members understand and agree that the E-Mandate facility being offered by Ayshwarya Syndicate will be strictly subject to the rules, regulations, terms and conditions, guidelines and other instructions issued by the National Payments Corporation of India (“NPCI”) and/or the Reserve Bank of India (“RBI”).

The Member agrees to strictly adhere to these T&Cs, including any amendments thereof, at all times.

  1. Definitions and Interpretation
  • Definitions:
  1. Account” will mean the savings or business account held by a Member with Ayshwarya Syndicate and operated through Spark;
  2. Authorised Agent” will mean an agent duly approved and authorised in writing by Ayshwarya Syndicate to conduct Transactions or perform services for a Member at such Member’s sole request;
  3. Customer Support Representative” will mean an authorised customer support representative of Ayshwarya Syndicate;
  4. E-Mandate” means the facility offered by Ayshwarya Syndicate by way of which a Member can incorporate/set-up a standing payment instruction for payments to be debited from a Member’s Source Account using an approved method or Instrument, to be credited to a Member’s Account;
  5. Frequency” means the recurring period for which a Transaction will take place (i.e., daily, monthly, half yearly, annually, etc.);
  6. Instrument” means a debit card, credit card or other such instrument against which an E-Mandate is permitted to be set up/incorporated by the NPCI and/or the RBI;
  7. Member” will mean an approved member of Ayshwarya Syndicate Souharda Credit Co-operative Limited;
  8. OMOB Portal” will mean the portal authorised by Ayshwarya Syndicate and utilised by an Authorised Agent to or perform services for a Member at such Member’s request;
  9. Schedule Date” will mean the date of commencement of Transactions under an E-Mandate;
  10. Source Account” means a source banking account belonging to and held by a Member;
  11. Spark” shall mean the Spark mobile application owned by Tecnovos Technologies LLP and licensed to Ayshwarya Syndicate and/or web business account portal offered by Ayshwarya Syndicate to its Members;
  12. Transaction/Transacted/Transact” will mean the debit of monies from the Member’s Source Account or Instrument and credit of such monies to the Member’s Account under an E-Mandates.
  • Interpretation
  1. All references to singular include plural and vice versa and the word “includes” should be construed as “without limitation”.
  2. Words importing any gender include the other gender.
  3. 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.
  4. 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&Cs.
  5. The words “Ayshwarya Syndicate”, refer to Ayshwarya Syndicate Souharda Credit Co-operative Limited having its registered office at 2nd Floor, No. 21/1, Haudin Road, Ulsoor, Bengaluru – 560 042.
  1. Set-Up/Incorporation of E-Mandate
  • The Member understands and agrees that the E-Mandate and may only be set – up/incorporated on behalf of a Member at such Member’s request in the following manner:
  1. By an Authorised Agent through the OMOB Portal; or
  2. By a Customer Support Representative of Ayshwarya Syndicate.
  • The Member understands and agrees that Ayshwarya Syndicate will not be liable or responsible in any form or manner in the circumstance that the Member attempts to set up an E-Mandate or a like /similar service in any manner contrary to these T&Cs or not approved by Ayshwarya Syndicate.
  • The Member will submit a request to an Authorised Agent or Customer Support Representative to set up/incorporate an E-Mandate in such form or manner as Ayshwarya Syndicate may prescribe from time to time. Such request must include the following details:
  1. Member/Customer ID;
  2. Amount (in INR) to be Transacted using the E-Mandate;
  3. Schedule Date for commencement;
  4. Frequency; and
  5. Number of Transactions to be conducted during the Frequency.
  • Upon receipt of such request, either the Authorised Agent or the Customer Support Representative will facilitate the setting up of an E-Mandate through the OMOB Portal in accordance with the Member’s request.
  • The Member will be required to authenticate the setting up of the E-Mandate by way of such methods that may be prescribed by Ayshwarya Syndicate, in accordance with the terms and conditions, rules, regulations, guidelines and/or instructions issued by the NPCI and/or the RBI. Such methods of authentication may include, but are not limited to, One Time Passwords (OTPs), via electronic mail, via weblink or via telephone.
  • The Member agrees and understands that Ayshwarya Syndicate will have the right to incorporate such time limits for authentication of the setting up/incorporation of an E-Mandate via the employed methods of authentication, subsequent to which such authentication will have to be regenerated and performed again.
  • During the authentication process, the Member will be required to approve the setting up of the E-Mandate with the bank with which the Member holds the Source Account or relevant Instrument. The E-Mandate may be set up to Transact using such types of methods or Instruments as Ayshwarya Syndicate may permit from time to time in accordance with the terms and conditions, rules, regulations, guidelines and/or instructions issued by the NPCI and/or the RBI.
  • The Member agrees that Ayshwarya Syndicate will have the right to enforce any and all such transaction limits (including daily, monthly, half-yearly or annual) as may be necessary for compliance with the terms and conditions, rules, regulations, guidelines and/or instructions issued by the NPCI and/or the RBI.
  • The Member agrees and understands that the E-Mandate will not become active or enforceable until and unless it receives explicit approval from the NPCI. Until such time, the E-Mandate will not be operable or enforceable and Ayshwarya Syndicate will bear no liability or responsibility in this regard, including but not limited to any and all liability arising out of or in connection with or caused by the inoperability or unenforceability of an E-Mandate. The Member will indemnify Ayshwarya Syndicate in this regard.
  • The Member understands and agrees that Transactions under an E-Mandate will commence on the Schedule Date after receipt of approval by NPCI. The Transactions will be conducted in accordance with the number and Frequency specified at the time of setting up/incorporation of the E-Mandate. The Member further understands that Transactions under an E-Mandate are recurring in nature and will be conducted at the regular intervals chosen by the Member.
  • The Member agrees and understands that through the setting up/incorporation of an E-Mandate, monies will be regularly Transacted from the Member’s Source Account or Instrument and credited to the Member’s Account.
  • The Member hereby states and agrees that the Member is willingly and knowingly setting up/incorporating an E-Mandate and that Ayshwarya Syndicate will not be liable in any form or manner for any damage, loss, cost or harm caused by, arising out of, or in connection with the operation or enforcing of an E-Mandate. The Member will indemnify Ayshwarya Syndicate in this regard.
  • The Member will be permitted to set up/incorporate any such number of E-Mandates as Ayshwarya Syndicate may permit.
  • The Member agrees that he/she/they will solely bear the risk arising out of, associated with or connected to the setting up/incorporation and operation of an E-Mandate. The Member further agrees that he/she/they will bear the sole responsibility, liability, cost or damage arising out of, in connection with, or caused by any fraud in relation to an E-Mandate. The Member will indemnify Ayshwarya Syndicate in this regard.
  • The Member agrees to take any and all actions necessary to prevent any fraud or misconduct, including but not limited to not sharing passwords, OTPs and critical account details with any person. The Member will indemnify Ayshwarya Syndicate in this regard. The Member will promptly report any fraud or misconduct to Ayshwarya Syndicate at support@assccl.co.in.
  • The Member will solely be responsible for ensuring that adequate funds/credit are available and maintained in the Member’s Source Account or Instrument to facilitate a Transaction under an E-Mandate. In the circumstance that the Member fails to do so, Ayshwarya Syndicate will have the right to reject such E-Mandate and take any and all action as may be necessary, including but not limited to cancellation or suspension of an E-Mandate.
  1. Deactivation/Cancellation
  • The Member may cancel/deactivate an NPCI approved E-Mandate either by:
  1. Submitting a request to an Authorised Agent to cancel/deactivate the E-Mandate; or
  2. Submitting a request to a Customer Support Representative to cancel/deactivate the E-Mandate.
  • The method and process for submission of such request will be as communicated by Ayshwarya Syndicate to the Member from time to time.
  • The Member will be required to authenticate and confirm the deactivation and cancellation of an E-Mandate by way of such methods that may be prescribed by Ayshwarya Syndicate, in accordance with the terms and conditions, rules, regulations, guidelines and/or instructions issued by the NPCI and/or the RBI. Such methods of authentication may include, but are not limited to, One Time Passwords (OTPs), via electronic mail, via web link or via telephone.
  • The Member agrees and understands that Ayshwarya Syndicate will have the right to incorporate such time limits for authentication of the deactivation and cancellation of an E-Mandate via the employed methods of authentication, subsequent to which such authentication will have to be regenerated and performed again.
  • The Member understands the possible effects of cancellation/deactivation of an E-Mandate and will take full responsibility for such effects or events resulting from such cancellation/deactivation of an E-Mandate.
  • The Member agrees and understands that the cancellation/deactivation of an E-Mandate will be performed solely upon request by the Member and that Ayshwarya Syndicate will not be liable or responsible for any loss, damage, harm or cost arising or incurred by a Member due to the cancellation of an E-Mandate. The Member will indemnify Ayshwarya Syndicate in this regard.
  1. Costs/Fees
  • Ayshwarya Syndicate will have the right to charge any and all such fees from the Member for the setting up/incorporation, operation or cancellation/deactivation of an E-Mandate by a Member. Such fees may be collected by directly debiting the Member’s Account at any such time by Ayshwarya Syndicate, and the Member hereby wholly and completely consents to the same.
  • The fees chargeable will be as communicated by Ayshwarya Syndicate from time to time.
  • The Member understands and agrees that the Member’s bank or issuing entity for an Instrument may charge fees or costs from the Member for the setting up/incorporation, operation or cancellation/deactivation of an E-Mandate and that Ayshwarya Syndicate will not be liable or responsible for such fees or costs. The Member will be solely responsible for making payment of such costs/fees to such bank or issuing entity. The Member will indemnify Ayshwarya Syndicate in this regard.
  1. Indemnity
  • The Member will indemnify and hold harmless Ayshwarya Syndicate and its directors, officers, shareholders, members, customers, clients, agents, employees, and representatives from and against any and all claims, losses, liabilities, damages, expenses and costs (including attorneys’ fees and court costs) which result from an act or omission by the Customer.
  1. Governing Law and Disputes
  • These T&Cs will be governed in accordance with the laws of the Republic of India. The parties will submit to the jurisdiction of the courts of Bangalore, Karnataka as may be necessary.
  • All disputes arising out of or in relation to these T&Cs 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 Ayshwarya Syndicate. 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. Adherence to Terms
  • The Member hereby agrees to strictly adhere to any and all terms and conditions issued by Ayshwarya Syndicate from time to time, as may be found at the assccl.com or any other such location notified by Ayshwarya Syndicate.
  • The Member further agrees to strictly adhere to any and all terms and conditions, rules, regulations, laws and instructions as may be issued by NPCI, RBI or any other competent authority from time to time.