Shivalik Small Finance Bank Ltd. offers Banking services electronically through the network accessible over the Internet to its customers subject to the following terms and conditions. This shall be deemed to be an agreement between the Bank and the Customer availing Internet Banking Services.
As used throughout this agreement, the following expression shall have the meaning assigned to them and shall be construed accordingly.
Applicability of Terms
The Bank will advise from time to time the Internet software’s, such as browsers, which are required for using Bank’s Internet Banking. There will be no obligation on the Bank to support all the versions of these Internet software’s. The User shall upgrade his/her software, hardware, the operating systems at his/her own cost from time to time and the Bank shall be under no obligation to support the software, hardware, operating systems of the User, and that the same shall be the sole responsibility of the User.
Maintenance of Sufficient Balance: The User shall ensure that there are sufficient funds in any Account for transactions through the Internet Banking, and Bank, shall not be liable for any consequences arising out of its failure to carry out the instructions due to inadequacy of funds and /or credit facilities provided always that Bank, shall at its sole discretion, be entitled to carry out the instructions notwithstanding such inadequacy without seeking the prior approval from or notice to the User and the User shall be responsible to repay with interest the resulting overdraft, advance or credit thereby created and for all related to costs and charges.
Bank may at its discretion, levy penal charges for non-maintenance of the minimum balance. In addition to the minimum balance stipulation, Bank may levy service charges for use of Internet Banking, which will be notified by Bank, to the User from time to time. Any change in such service charges will also be notified to the User. The User authorises Bank, to recover all charges related to Internet Banking as determined by Bank, from time to time by debiting one of the Accounts.
Bank may withdraw the provision of Internet Banking, wholly or partly, if at any time the amount of deposit falls short of the required minimum as aforesaid and/or if the service charges remain unpaid, without giving any further notice to the User and / or without incurring any liability or responsibility whatsoever by reason of such withdrawal.
Disclosure of Information: The User agrees that Bank, and/or Affiliates or their contractors may hold and process his/her Personal Information and all other information concerning his/her Account(s) on a computer or otherwise in connection with the Internet Banking as well as for analysis, credit scoring and marketing. The User also agrees that Bank, may disclose, in strict confidence, to other institution/s, such Personal Information as may be reasonably necessary for reasons inclusive of but not limited to participation in any telecommunication or electronic clearing network, in compliance with a legal directive, for credit rating by recognised credit scoring agencies, or for fraud prevention purposes.
Section 3 of Information Technology Act, 2000 prescribes the procedure for authentication of electronic records, which states that a subscriber may authenticate an electronic record by affixing his digital signature and Section 5 provides legal recognition to digital signature for authentication of electronic records.
However, Bank, has adopted the mode of authentication of the User by means of verification of the User Id and/or through verification of Password, debit card PIN allotted by Bank, to the User or through any other mode of verification as may be stipulated from time to time at the discretion of Bank, which is not recognised under Information Technology Act, 2000 for authentication of electronic records. Therefore, the User is solely responsible to maintain the secrecy and confidentiality of the PIN without any liability of Bank, in this regard.
Change of Terms: Bank shall have the absolute discretion to amend or supplement any of the Terms and/or Conditions stipulated by Bank, and/or its Affiliates pertaining to the Accounts and/or to any services/facilities offered by Bank, and/or its Affiliates at any time and shall give prior notice of one month (except for change in interest rates) by hosting the same on the Website or in any other manner as decided by Bank. The User shall be responsible for regularly reviewing these Terms and Conditions stipulated by Shivalik Small Finance Bank, and/or its Affiliates including amendments thereto as may be posted on the Website. Such amended Terms and Terms and Conditions stipulated by Bank, and/or its Affiliates will thereupon apply to and be binding on the User at the expiry of one month from the date of the notice.
If in the opinion of the User, the changes are to his/her disadvantage, the User may opt to close the Account and/or discontinue the Internet Banking, without paying any extra charges or interest, at any time up to two months from the date of the notice by intimating Bank, of the same.
By using any new services as may be introduced by Bank, the User shall be deemed to have accepted the changed Terms and Conditions stipulated by Bank, and/or its Affiliates.
Clause Headings: The clause headings herein are for convenience only and do not affect the meaning of the relative clause. Bank may sub-contract and employ agents to carry out any of its obligations under this contract. The User would have to ensure that the equipment used for availing of Internet Banking meets the criteria as may be specified by Bank, from time to time. All costs incurred by the User including telecommunication costs to use the Internet Banking would be borne by the User.
As a tool to correct misunderstandings, the User understands, agrees, and authorises Bank, at its discretion, and without further prior notice to the User, to monitor and record any or all telephone conversations or electronic communications between the User and Bank, and any of its employees or agents.
The Terms contain Bank’s entire arrangement (except as otherwise expressly provided herein) and supersede and replace any previously made proposals, representations, understandings, and agreements, express or implied, either oral or in writing between the User and Bank, for Internet Banking. The User acknowledges that it has not relied on any representation made by Bank, or any of its employees or agents and has made its own independent assessment of Internet Banking. No third party will have any rights or claims under these Terms.
Access to Internet Banking
The User would be allotted an Internet Banking User-id and a set of secret passwords by Bank in the first instance.
All the requests for instantaneous transactions will be given effect instantaneously. All the requests for non-instantaneous transactions such as Demand Draft Request, Fixed Deposit Opening etc. will be carried out at the end of the day on first in first out basis subject to availability of clear funds in the account authorised for debit. In case requests for effecting any transactions are received on weekly offs/holiday/public holidays, they shall be affected on the immediately succeeding working day on the terms and conditions prevailing on that day.
Bank reserves the right to charge and recover from the User, service charge for providing the Internet Banking. The User hereby authorises Bank to recover the service charge by debiting one of the Accounts of the User. Failure to do so shall result in recovery of the service charge by Bank in a manner as Bank may deem fit along with such interest if any, and/or suspension of the facility of Internet Banking without any liability to Bank.
Liability of the User
Disclaimer of Warranties
In consideration of Bank providing the User the Internet Banking service the User agrees, at its own expense, to indemnify, defend and hold harmless Bank, its Directors, Employees, representatives, agents, and its Affiliates (if any) against any loss, damage, expense, cost, including, but not limited to, reasonable attorneys' fees and costs awarded suffered by them; or any claim, suit, action or other proceeding brought against them by the User or a third party, to the extent that such loss, damage, expense, cost, claim, suit, action of other proceeding is based on or arises as a result of or in connection with:
Termination of Internet Banking
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