Refund Policy

This Refund Policy (“Policy”) applies solely to transactions conducted by members of Ayshwarya Syndicate Souharda Credit Co-operative Limited (“Ayshwarya Syndicate”) either through:

  1. the Spark application;
  2. a Source Account where the intended recipient is the Member’s Account; or
  3. in person through an Authorised Agent where the intended recipient is a Member’s Account.

This Policy will not apply to any transaction conducted outside of the aforementioned methods.

  1. Definitions and Interpretation
  • Definitions:
  1. Account” will mean the savings or business account held by a Member with Ayshwarya Syndicate;
  2. Authorised Agent” will mean an agent duly approved and authorised in writing by Ayshwarya Syndicate to collect and credit payments and conduct Transactions on behalf of, or at the request of a Member;
  3. Member” will mean an approved member of Ayshwarya Syndicate Souharda Credit Co-operative Limited;
  4. 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;
  5. Transaction” will mean a valid credit or debit transaction, including the purchase or enrolment for any service or product offered by Ayshwarya Syndicate and conducted by a Member through either (i) the Spark application; (ii) a Source Account where the intended recipient is the Member’s Account; or (iii) in person through an Authorised Agent where the intended recipient is a Member’s Account;
  6. Refund” will mean a refund of a Transaction approved by Ayshwarya Syndicate and refunded to the Account held by a Member;
  7. Source Account” means a source banking account belonging to and held by a Member.
  • 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. General Terms
  • Members understand and agree that all Transactions conducted are final with no refund or exchange permitted unless expressly approved by Ayshwarya Syndicate.
  • The Member agrees and understands that he/she/they is responsible for the mobile number or any account number from which the Member initiates any and all transactions, and all debits and credits that result from those Transactions, including any and all Transactions conducted from the Account of a Member.
  • Ayshwarya Syndicate is not responsible for any Transactions conducted using an incorrect mobile number or account number or any other related information.
  • The Member will be entitled to receive a Refund solely in case of any Transactions specifically conducted by a Member wherein monies have been debited from a Member’s Account and the relevant service or product have not been approved or delivered in accordance with the timelines specified by Ayshwarya Syndicate.
  • In such cases, the Member will be entitled to receive a Refund. The Member will immediately contact Ayshwarya Syndicate via electronic mail at the address The electronic mail must contain the following details (“Request”):
  1. Member’s mobile number;
  2. Member ID;
  3. Transaction amount;
  4. Transaction date; and
  5. Transaction/order number.
  • Ayshwarya Syndicate will investigate the incident and, if Ayshwarya Syndicate, at its sole discretion, finds that there are valid grounds for approving a Refund, Ayshwarya Syndicate will Refund the Transaction amount only to:
  1. the Member’s Account in the circumstance that the Transaction was initiated from the Member’s Account; or
  2. the Member’s Source Account solely in the circumstance that the Transaction was initiated from a Source Account and was meant to be credited to the Member’s Account.
  • In case the Member requests a Refund in relation to a Transaction as specified in Clause 2.6(a) above, the Member understands and agrees that any and all Refunds will be credited solely to the Member’s Account.
  • Any and all Refunds will be processed and completed within 21 (twenty-one) working days from the date of receipt of a Request.
  • In case of refund to a Source Account, the Member agrees and understands that the Refund will be processed solely to the specified Source Account from which the Transaction was initiated. The Member further understands and agrees the timeline for approval and credit of such Refund to a Source Account will depend solely on the bank with which such Source Account is held.
  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
  • This Policy 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 this Policy 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.
  • The Customer further agrees to strictly adhere to any and all terms and conditions, rules, regulations, laws and instructions as may be issued by any competent authority from time to time.