Fair Practice Policy

1. INTRODUCTION

Akshat Credit Co Operative Society Limited a Multi-State Credit Cooperative Society registered under the Multi State Cooperative Societies Act, 2002. Its main objective is to promote savings and provide credit facilities to its members.
The Society is committed to promoting a fair and transparent credit culture while providing financial assistance to its members. The Fair Practice Code ( FPC) lays down the standards for fair business and lending practices to be followed by the Society while dealing with its members.
This FPC is applicable to all members of the Society and is subject to review from time to time.

The Society shall admit members in accordance with the provisions of its bylaws and the Multi-State Cooperative Societies Act, 2002.
The Society shall provide a copy of its bylaws to every member at the time of admission and shall ensure that the member understands the terms and conditions of membership.
The Society shall not discriminate against any member on the basis of gender, religion, caste, creed, or any other basis.

The Society shall provide complete and accurate information about its services, terms, and conditions to its members.
The Society shall disclose all charges, fees, and penalties applicable to its services and shall ensure that the member understands the same.
The Society shall ensure that all information related to a member’s account is kept confidential and shall not disclose the same to any third party without the member’s consent.

The Society shall provide loan application forms to its members in a clear and understandable language.
The Society shall specify the documents required to be submitted along with the loan application.
The Society shall process loan applications in a timely manner and shall communicate the decision to the member within a reasonable time.

The Society shall ensure that loan appraisal is done in a fair and transparent manner and that all relevant factors are considered.
The Society shall communicate the loan sanction letter to the member, clearly indicating the terms and conditions of the loan.
The Society shall obtain the member’s consent for the terms and conditions of the loan before disbursement including the consent to avail the credit credentials of the members and their co applicants.

The Society shall disburse the loan amount to the member only after obtaining all the required documents and ensuring that all the terms and conditions of the loan are met.
The Society shall ensure that the loan amount is disbursed in the name of the borrower and not to any third party.

The Society shall follow a non-coercive and fair recovery process.
The Society shall not resort to undue harassment or intimidation of the member or their family members.
The Society shall ensure that all communication related to recovery is made in a polite and respectful manner.
The Society shall disclose the details of the recovery process, to the borrower at the time of loan sanction.

The Society shall have a Grievance Redressal Mechanism in place for resolving any complaints or grievances raised by its members.
The Society shall appoint a Grievance Redressal Officer (hereinafter referred to as “GRO”) to handle complaints or grievances.
The Society shall provide the contact details of the GRO to its members and shall ensure that complaints or grievances are addressed in a timely and effective manner.
The Society shall ensure that all complaints or grievances are resolved within a maximum period of thirty days from the date of receipt.

The Society shall maintain transparency and accountability in all its operations and shall ensure that all its dealings with members are conducted in a fair and honest manner.
The Society shall ensure that all its policies and procedures are in compliance with the relevant laws and regulations.
The Society shall strive to continuously improve its services and processes to better serve its members.

The Society is committed to promoting a fair and transparent credit culture and providing financial assistance to its members in a responsible manner.
The Society shall ensure that this Fair Practice Code is effectively implemented and complied with by all its staff and members.
The Society shall periodically review and update this Fair Practice Code to ensure that it remains relevant and effective.
The Society shall ensure that all members are aware of the Fair Practice Code.