Corporate Internet Banking

INTRODUCTION

These Terms and Conditions ("Terms") govern the access and use of the Corporate Internet Banking ("CIB") services provided by Shivalik Small Finance Bank Limited ("the Bank"). By using or accessing CIB, the Customer agrees to comply with and be bound by these Terms, along with any other applicable terms, including those governing specific services or facilities provided through the Bank’s internet banking platform.

DEFINITIONS

In this document the following words and phrases have the meaning set opposite them unless the context indicates otherwise.

“Bank” refers to Shivalik Small Finance Bank Limited, a banking company incorporated in India under the Companies Act, 2013 and having its Registered Office 501, Salcon Aurum, Jasola District Centre, New Delhi-110025 and Corporate/Head Office at 2ndFloor, Add India Tower, Plot no. A-6A, Sector 125, Noida 201303. The term includes the successors and assigns of the Shivalik Small Finance Bank limited.

“Customer" or ‘Corporate” or “Company” mean the entity availing of the CIB Services under these Terms and Conditions.

"Corporate Internet Banking" (CIB) or "Services," as used in these Terms and Conditions, refers to the range of services provided by the Bank to its Customers/Users under these Terms and Conditions. These services include, but are not limited to, account balance information, transaction details, account statements, cheque book requests, fund transfers between the Customer's own accounts and other accounts, and any additional facilities that the Bank may offer, as well as any modifications made to these services from time to time.

"Corporate Internet Banking" (CIB) or "Services," as used in these Terms and Conditions, refers to the range of services provided by the Bank to its Customers/Users under these Terms and Conditions. These services include, but are not limited to, account balance information, transaction details, account statements, cheque book requests, fund transfers between the Customer's own accounts and other accounts, and any additional facilities that the Bank may offer, as well as any modifications made to these services from time to time.

“Account” refers to the Customer’s Savings and / or Current Account and / or Fixed Deposit and / or Cash Credit Account and or any other type of account so designated by the Bank to be covered under the CIB facility.

"Instructions(s)" shall mean and include all communications made or instructions given by the Customer to Bank by following the Security Procedure for carrying out activities covered under the Services, including any payment instructions for making a remittance or transfer of funds.

“Terms” refer to terms and conditions for use of CIB as detailed in this document.

“User” shall mean the representatives of the Customer/Corporates who have the rights to access the accounts of the Customer through CIB and shall include both Users with viewing rights and Users having inputting, uploading, verification, confirmation and/or authorization rights. Where such authorization rights are given by the Customer on a joint basis, then this term shall mean such joint Users with authorization rights, as the context or meaning may require.

“One Time Password (OTP)” refers to one time 6 digit pass code that would be sent to a customer’s mobile number registered on the Bank’s record.

User ID and Password The unique identification and password credentials issued by the Bank for accessing the CIB platform.

'Transaction(s) / instruction(s)' refers to event of financial request or request sent by the client/ not limited to payment instrument or payment instructions.

'Website' refers to the secured Internet banking site of the Bank for offering Corporate Internet banking service, which is at present https://shivalikbank.com 'RBI' shall mean the Reserve Bank of India.

NPCI” shall mean National Payments Corporation of India.

"Regulations" or "Guidelines" shall mean all rules, regulations and / or guidelines issued by the RBI, NPCI or any other governmental or statutory authority from time to time in relation to the Services.

'Application Form / Setup Request form' shall mean the Client's application for the provision of Services (as identified therein) including all Annexure and mandates thereto and as mutually modified/ executed from time to time.

“Business Days” shall mean any day on which scheduled commercial banks in India are open for general banking business.

Mailing Address: All correspondence / delivery by the Bank of any instructions or their communication shall only be made at the normal postal address and / or e-mail address as registered with the Bank. The Bank shall in no way be held responsible for any non-receipt of the same.

"Terms and Conditions" shall mean these Terms and Conditions as may be modified and supplemented, as set out herein for use of corporate Internet Banking.

APPLICABILITY OF TERMS

The use of CIB Services is governed by these Terms and Conditions. These Terms and Conditions are in addition to and not in derogation of any other Terms and Conditions applicable to the Customer as prescribed by Bank.

ELIGIBILITY

The customer must be a registered corporate with the Bank, having a valid account with the Bank, and must apply for the CIB services using the prescribed Forms. The Bank reserves the right to accept or reject any application for CIB services at its sole discretion.

REGISTRATION AND ACCESS

• Upon registration, the Customers/Users will be provided with a Corporate ID, User ID, and a link to reset the password.
• The Customers/Users is required to change the password upon first login, using the password reset link sent via email, and following security procedures as mandated by the Bank.
• The Customers/Users is responsible for the confidentiality of the login credentials (Corp ID, User ID, and password) and any activities conducted using these credentials.

USE OF CIB SERVICES

• The Customers/Users shall use CIB only for lawful and authorized purposes and agrees to comply with all applicable laws, guidelines and regulations, including but not limited to those related to money laundering, fraud, cyber security and data protection.
• The Customers/Users agrees not to misuse or attempt to reverse engineer the CIB software and hardware or create derivative products based on the CIB platform.

PRIVACY AND DATA PROTECTION

• The Bank shall collect, store, and process the customer and User’s personal and financial data in accordance with applicable privacy laws and regulations.
• The Customers/Users consents to the Bank sharing its data with third-party vendors or partners in connection with the provision of CIB services, subject to strict confidentiality agreements.
• The Bank shall take reasonable precautions to protect the Customers/Users’s data from unauthorized access or misuse.

INSTRUCTIONS

All instructions for operating the CIB facility shall be given to the Customers/Users by Internet in the manner indicated by the Bank. The Customers/Users is also responsible for the accuracy and authenticity of the instructions so provided to the Bank and the same shall be considered to be sufficient to operate the CIB facility. The Bank shall not be required to independently verify the instructions and the instruction once given is effective unless countermanded by further instructions. The Bank shall have no liability if it does not or is unable to stop or prevent the implementation of the initial instructions. Where the Bank considers the instructions to be inconsistent or contradictory, it may seek clarification from the Customers/Users or may act upon any instructions as it may think fit.

SOFTWARE AND HARDWARE

The Customers/Users shall install and upgrade at its own costs, such hardware and/or software including browser, encryption and security procedures as may be required by Bank from time to time to enable the Customers/Users to access the Services. A security procedure once established by mutual agreement in writing shall remain valid until it is changed by mutual agreement. The Customers/Users acknowledges that the software and hardware underlying the Services as well as other Internet related software which are required for accessing and availing of the Services are the legal property of the respective vendors. The permission given by Bank to access the Services will not convey any proprietary or ownership rights in the said software or hardware. The Customers/Users shall not attempt to modify, translate, disassemble, decompile or reverse engineer the software / hardware underlying the Services or create any derivative product based on the software / hardware.

DISCLAIMER ON ANTIVIRUS UPDATE

The Customers/Users needs to get his PCs/laptops/all devices used for CIB access, scanned on a regular basis and be updated with the latest antivirus software available. The Bank shall not be responsible in case of any data loss or theft due to the virus transmitted in the system through the usage of CIB.

AUTHORITY TO THE BANK

• The Customer irrevocably and unconditionally authorizes Bank to access all its Accounts registered for the Services, for effecting banking or other transactions performed by the Customer through the CIB services by giving Instructions.
• Access to CIB requires the Customers/Users to authenticate its identity using a combination of a User ID, password, and, where applicable, second-factor authentication.
• The Customers/Users agrees to keep its credentials (User ID, password, and any security codes) confidential and take necessary precautions to prevent unauthorized access.

TRANSACTION PROCESSING & DOCUMENTATION

• Requests for CIB services are binding upon receipt by the Bank. Debit instructions will be processed in real-time and cannot be stopped or reversed.
• Transactions conducted through CIB will be processed based on instructions received from the Customers/Users through their authenticated access.
• Transactions will be binding once initiated by the Customers/Users and processed by the Bank.
• The Bank is not responsible for the verification of transaction authenticity beyond validating the User ID and password.
• For cancellation of any scheduled payments, the Customers/Users must cancel or stop them online at least one day before the scheduled date. The Bank will make best efforts to process such requests but is not liable for any resulting loss or damage.
• All transactions will be executed following the prescribed procedures, and the Bank will strive to process transactions promptly. However, the Bank is not liable for delays due to system failures, external events, or legal/regulatory requirements.
• The Customer/User shall be responsible for submitting necessary documents and information as the Bank may require along with any request for any service under CIB. The Bank shall not be required to act on the request until it receives such documentation from the Customer/User.

SECURITY

• The Customers/Users is responsible for the security and confidentiality of their Corporate ID, User ID, password, and any other authentication details.
• The Bank uses various security protocols to protect the integrity of the CIB system, but the Customers/Users must also ensure they use the system in a secure environment and notify the Bank immediately in case of any suspicion of unauthorized access.
• The Bank shall not be liable for any unauthorized transactions or damages resulting from the misuse of the CIB system due to the Customers/Users’s failure to protect their credentials.
• The User shall not use or permit to use CIB Service or any related service for any illegal or improper purposes.

RESPONSIBILITY FOR TRANSACTIONS

• The Customers/Users affirms that any transaction conducted through CIB using their credentials is deemed authorized by them, and the Bank will not be required to independently verify each transaction.
• The Customers/Users acknowledges that any instruction or transaction received through CIB is valid and binding once authenticated by the User's login credentials. The Customers/Users agrees to promptly report any discrepancies, errors, or unauthorized transactions to the Bank.

ACCOUNT STATEMENT

• The Customers/Users acknowledges that the Bank’s electronic records of transactions processed through CIB will be the official, conclusive and binding, unless discrepancies are reported within seven (7) business daysof the transaction date or the date of the User’s periodical statement, whichever is earlier.
• The Bank may provide the Customers/Users with periodical statements for review by downloading the same form CIB portal, but it is the User’s responsibility to monitor their accounts regularly.

MAINTENANCE OF SUFFICIENT BALANCE

The Customers/Users must ensure sufficient funds or credit facilities all time in the Account for transactions via CIB. The Bank is not liable for any failure to process instructions due to insufficient funds but may, at its discretion, process transactions despite such inadequacy. The Customers/Users is solely responsible for the accuracy and authenticity of the instructions given to the Bank, and these instructions are deemed valid until countermanded. The Bank has no obligation to independently verify instructions and will not be liable if it cannot prevent a transaction that has been countermanded. Instructions will not be considered received by the Bank until confirmed.

USER ROLE MATRIX

The Customers/Users needs to specify User roles / access privileges. Based on the organization structure, roles may be requested. Predefined roles are as the following –

ACCOUNT STATEMENT

• Viewer: The user has ONLY viewing rights and may not initiate/authorize/reject transactions.
• Maker: The user may ONLY initiate / modify transaction.
• Authorizer: The user may ONLY authorize / reject transaction.
• Self-Authorizer: Same user with role of Maker and checker can approve the transaction as per the authorization matrix.

The Customers/Users needs to specify the individual user(s) roles & transaction limits in the board resolution or equivalent document to the organization/User. Any change in role / limits needs to be re-submitted in the same format as in the time of initial association with Corporate Internet Banking.

TRANSACTION LIMITS

The Bank may, from time to time, specify maximum and minimum transaction limits (number of transactions and amount) for it’s various services. The customer shall be bound to comply with such limits imposed by the bank.

CHARGES & FEES

The Customer/User is responsible for all applicable taxes, duties, fines, and charges related to the CIB services. The Bank may recover these fees by debiting the User's account. Failure to pay on time will result in interest charges as per the Bank’s terms.

Top of Form

SERVICE REQUESTS

• Cheque Book Request: Customer/User can place request for cheque book by agreeing to pay the charges as applicable will be deducted from its account.
• Stop Payment of Cheque:To stop payment of single/multiple cheque(s).
• Positive Pay – Customer can raise the request for positive pay.
• Fixed Deposit:- Customer can open the new FD and manage the FD request.
• Customer needs to enter the information basis which the Demand draft request will be placed for fulfillment.

Bottom of Form

ACCURACY OF INFORMATION:

The Customers/Users is responsible for the accuracy of the information provided to the Bank through CIB or other means, such as email or written communication. The Bank is not liable for any consequences resulting from incorrect information supplied by the Customers/Users. The Customers/Users should regularly check their account statements and notify the Bank of any discrepancies. All account statements are duplicate copies prepared electronically, with data extracted from the Bank’s backup system. While the Bank takes reasonable steps to ensure accuracy, it is not liable for any errors. The Customers/Users agrees to hold the Bank harmless for any loss or damage arising from inaccurate or incorrect information in the statements.

LIABILITY OF CUSTOMERS/USERS

• The Bank will not be held liable for any losses, damages, or expenses incurred by the Customers/Users due to:
  • Unauthorized access to the Customers/Users’ account(s) resulting from the Customers/Users’ failure to protect their credentials.
  • System failures or interruptions, including any delays in transaction processing.
  • Legal, regulatory, or third-party actions affecting the Customers/Users’ use of CIB.
• The Customers/Users alone shall be liable for any loss from unauthorized transactions in the CIB accounts if they have breached the terms or contributed or caused the loss by negligent actions such as the following:
  • Keeping a written or electronic record of CIB Password.
  • Disclosing or failing to take all reasonable steps to prevent disclosure of CIB Password/OTP to anyone, including any minor, Bank staff, and/or failing to advise the Bank of such disclosure within a reasonable time.
  • Not advising the Bank in a reasonable time about unauthorized access to or erroneous transactions in the CIB accounts.
• The Bank shall in no circumstances be held liable by the Customers/Users if CIB access is not available in the desired manner for reasons including but not limited to natural calamity, floods, fire and other natural disasters of any kind, legal restraints, faults in the telecommunication network or Internet or network failure, power breakdown or UPS breakdown, software or hardware failure and/or error, or any other reason beyond the reasonable control of the Bank.
• The Bank shall in no way be liable for any loss or damage that may occur due to hacking of the account by any persons other than the Customers/Users, which fits in the definitions of a 'Cyber Related Crime' as accepted internationally.
• The Bank shall under no circumstances be liable for any damages whatsoever, whether such damages are direct, indirect, incidental, consequential, and irrespective of whether any claim is based on loss of revenue, investment, production, goodwill, profit, interruption of business, or any other loss of any character or nature whatsoever, and whether sustained by the Customers/Users or any other person.

INDEMNITY

• The Customers/Users agrees to indemnify, defend, and hold harmless the Bank, its officers, employees, agents, and affiliates from and against any and all claims, liabilities, losses, damages, costs, and expenses (including legal fees) arising directly or indirectly from:
  • Unauthorized Access or Misuse: Any unauthorized use of the CIB services due to the Customers/Users’ failure to safeguard their login credentials (User ID, password, OTP, and any other security information) or any other breach of security by the Customers/Users.
  • Transaction Errors or Discrepancies: Any errors, omissions, or discrepancies in transactions initiated by the Customers/Users through the CIB platform, provided the Bank has acted in accordance with the Customers/Users’ instructions and authenticated credentials.
  • Third-Party Claims: Any claims or actions brought by third parties arising from the Customers/Users’ use or misuse of the CIB services, including but not limited to disputes over payments, transfers, or any other banking transactions conducted through the platform.
  • Violation of Terms: Any violation of these Terms and Conditions by the Customers/Users or any act of negligence or misconduct that leads to damages, losses, or legal liabilities incurred by the Bank.
• This indemnity shall survive the termination of the Customers/Users’ access to CIB and shall be enforceable even if the Customers/Users ceases to use the Bank’s services.

CYBER CRIME & OTHER ACTIONS

The Internet is inherently vulnerable to various cybercrimes, such as phishing, vishing (voice phishing), SMS phishing, and security compromises of the Customers/Users's system, all of which may impact payment or other instructions sent to the Bank. While the Bank will make reasonable efforts to protect the interests of its customers, it cannot guarantee protection against such cybercrimes or other events that may affect the processing of instructions, including delays or failures. The Customers/Users is responsible for assessing these risks independently, and the Bank shall not be liable for any losses resulting from such cybercrimes. The Customers/Users understands that conducting Internet Banking transactions on public or shared computers, such as those at a Cybercafe or using shared Wi-Fi, poses significant risks and should be avoided for any CIB transactions.

RISKS

The site of the Bank may require maintenance and during such time it may not be possible to process the request of the Customers/User. This could result in delays and/or failure in the processing of instructions. The Customer/User understands that the Bank disclaims all and any liability, whether direct or indirect, whether arising out of loss or otherwise arising out of any failure or inability by the Bank to honour any Customer/User instruction for whatsoever reason.

DISCLOSURE OF PERSONAL INFORMATION

• The Customers/Users agrees that the Bank or its representative may process and store their personal information for CIB services, statistical analysis, and credit scoring. The Customers/Users also agrees that the Bank may disclose this information to other institutions under strict confidentiality for purposes including:
  • Participation in telecommunication or electronic clearing networks.
  • Compliance with legal requirements.
  • Credit rating by recognized agencies.
  • Fraud prevention.
  • The Bank’s lien.
• The Customer accepts that all information / instructions will be transmitted to and / or stored at various locations and is accessed by personnel of the Bank (and its Affiliates). The Bank is authorised to provide any information or details relating to the Customer to a third party to facilitate the Bank in the providing the CIB Services and as is necessary to give effect to any instructions.
• If the Authorized User / Customer have reason to believe that the Registered Mobile Number is / has been allotted to another person and / or there has been an unauthorised transaction in the Account and / or the Registered Mobile Number is lost, the Client / Authorized User shall immediately inform the Bank under acknowledgment about the same.

REPRESENTATIONS AND WARRANTIES

• The Customer/User has the full authority to fulfil its obligations under these Terms and has obtained all necessary approvals including but not limited to Board Resolution to apply for and use the CIB Services.
• Using the CIB Services will not violate any applicable laws, regulations, or contractual obligations. The Customer/User must inform the Bank of any regulatory changes that may impact the services within seven days.
• The Customer/User is responsible for ensuring compliance with all relevant laws and regulations, including those issued by the Reserve Bank of India from time to time.
• The Customer/User shall be solely responsible for any acts, errors, omission, or fraud on the part of its employees or agents.

RIGHT TO SET OFF AND LIEN

Bank shall have the right of set off and lien, irrespective of any other lien or charge, present as well as future, on the account(s) held by User(s) or Client or in any other account, whether in single name or joint names to the extent of all outstanding dues, whatsoever arising as a result of the Internet Banking services extended to and/or used by the Customers/Users.

STANDING INSTRUCTIONS/SCHEDULED PAYMENTS

The Customer/User can set ‘Standing Instructions’ or ‘Schedule Payments’ as on a required date i.e., the date on which the Customer/User account shall get debited in the functionality where it is available. If the Customer/User wishes to modify / cancel this ‘Standing Instruction / Scheduled Payments’, the same should be done 1 day prior to the schedule date.

PROPRIETARY RIGHTS

Customer hereby accept and acknowledge that, the intellectual property rights covered in the Services and also developed/generated during the provision of Services by the Bank, shall continue to be owned and vest with the Bank solely and this Terms & Conditions does not in any way confer any right on the Customer for the Ownership or use of the intellectual property rights
• The Customers/Users acknowledges that the software used for CIB and related internet software are the property of the respective vendors. Access to CIB does not grant ownership or proprietary rights to the software. The Customers/Users agrees not to alter, tamper, or reverse engineer the software. Any violation will be subject to legal action, and the Customers/Users will be liable for any damages incurred by the Bank.

CHANGES TO TERMS AND CONDITIONS

• The Bank reserves the right to amend, modify, or update these Terms and conditions at any time. Any such changes will be communicated to the Customers/Users and will be effective upon notification or posting on the Bank’s website.
• Continued use of the CIB services after such changes constitutes acceptance of the revised Terms.
• The Bank may introduce new services within CIB from time to time. The existence and availability of the new functions will be notified to the Customers/Users as and when they become available. By using these new services, the Customers/Users agrees to be bound by the terms and conditions as applicable and set forth from time to time on the Bank’s website.

NON-TRANSFERABILITY

The grant of facility of CIB to a Customers/Users is not transferable under any circumstance and shall be used only by the Customers/Users.

SUSPENSION AND TERMINATION OF CIB ACCESS

• The Bank reserves the right to suspend or terminate the Customers/Users's access to CIB at any time for reasons including but not limited to suspicious activity, breach of any terms and conditions, death, bankruptcy or legal incapacity of the Customers/Users.
• The Bank will provide prior notice of suspension or termination of service, except in cases of urgent or security-related concerns.
• The Customers/Users may request for suspension or termination of the CIB access anytime by giving a prior written notice of at least 15 days to the Bank, subject to applicable procedures.
• The Customers/Users will remain responsible for any transactions made prior to the time of such cancellation of CIB facility.

GENERAL PROVISIONS

• Entire Agreement: These Terms constitute the entire agreement between the Bank and the Customers/Users concerning the use of CIB services and supersede any prior agreements or understandings.
• Severability: If any provision of these Terms is deemed invalid or unenforceable, the remaining provisions shall remain in full effect.

Notice

• Method of Notice

  Any notice, request, demand, or communication required or permitted under these Terms and Conditions ("Notice") shall be deemed effective if given in writing and delivered to the respective parties by one of the following means:
  • In person or by mail to the mailing address specified by the Bank or the Customers/Users.
  • Via email to the email address provided by the Customers/Users or the Bank.
  • Through the CIB platform or any other communication channel as specified by the Bank.

• Deemed Receipt of Notice

  A Notice shall be considered received by the recipient:
  • If delivered in person, on the date of delivery.
  • If sent by mail, within 7 business days from the date of mailing.
  • If sent by email, when the email is sent to the designated email address, provided no delivery failure notification is received.
  • If delivered through CIB, when the Notice is accessed by the Customers/Users.

• Changes to Contact Details

  The Customers/Users agrees to notify the Bank promptly of any changes to the contact details provided, including email address and mailing address. The Customers/Users acknowledges that failure to update their contact details may result in missed notices and communication.

• Notice by the Bank

  The Bank may issue notices to the Customers/Users regarding any updates, changes, or important information about the CIB services, either through the CIB platform or other communication channels, in accordance with the above provisions.
• Governing Law and Jurisdiction: Terms and conditions (T&C), and all obligations arising out of or in connection with these T&C, shall be governed by the laws of India. the Customers/Users agrees that all claims, differences and disputes arising out of or in relation to dealings/transactions made in pursuant to these T&C including any question of whether such dealings, transactions have been entered into or not, shall be subject to the exclusive jurisdiction of the courts at Noida, Uttar Pradesh, India only.
• Arbitration: Any dispute, controversy, or claims arising out of these Terms and Conditions or any related transaction emanating therefrom, or the breach, termination, or invalidity thereof, shall first be referred to arbitration under the Arbitration and Conciliation Act, 1996 (“Act”) and be conducted in accordance with rules and regulations as laid down by the Arbitration and Conciliation Act, 1996. The arbitration tribunal appointed to adjudicate the dispute shall consist of an independent sole arbitrator appointed by Bank in accordance with the Arbitration and Conciliation Act, 1996, The seat of the arbitration proceedings shall be Noida (Gautam Buddha Nagar), Uttar Pradesh, India. All costs of arbitration shall be borne by Customers/Users. All arbitration proceedings shall be conducted in the English language, and the procedural law of the arbitration shall be Indian law. The award of the arbitration tribunal shall be final and binding on the Customers/Users.
• Waiver: No failure or delay by Bank 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. The rights and remedies of Bank hereunder are cumulative and not exclusive of any rights or remedies available in law.
• Disclaimer: The Customers/Users agrees to use CIB only for legal transactions and shall not violate any laws, including those related to money laundering. The Customers/Users is responsible for any violations. Transactions carried out through an agent will be deemed as conducted by the Customers/Users, and the Customers/Users cannot dispute a transaction due to lack of familiarity with the internet or computers.
• Customer Support: For any issues related to services and charges, Customers/Users may call or write to the Bank with relevant transaction details. Refer contact us page for our Toll-Free number and email id.
• Advertising or Publicity: The Customer/User shall at no time use or associate the name or marks of Bank with its own name or refer to Bank in any advertising or publicity releases or during any of its promotional or marketing activities without the prior written consent of the Bank.

ACKNOWLEDGMENT AND ACCEPTANCE

By accessing and using the Bank's Corporate Internet Banking platform, the Customers/Users acknowledges that they have read, understood, and agreed to these Terms and Conditions.