Fair Practice Code (FPC)
Approved by Board of Directors
JAKANOOR INDIA NIDHI LIMITED is committed to absolute transparency, fairness, and ethical conduct across all operations in Karnataka to foster lasting trust with our members.
100% Transparent
Zero hidden charges across all deposit & loan products.
Shareholder Rights
Every customer is a valued shareholder/member of the Nidhi.
Pledge Security
Gold & securities stored in insured high-security strongrooms.
Grievance Redressal
Structured escalation matrix for rapid complaint resolution.
Fair Practice Code Document
Binding on all employees, officers, and branches of Jakanoor India Nidhi Limited across Belagavi & Karnataka.
Preamble / Introduction
Scope & Applicability
The Fair Practice Code (FPC) has been formulated by JAKANOOR INDIA NIDHI LIMITED("the Company") with a view to institute fairness and healthy practice of the business of the Company and thereby creating cordial relationship between the Company and customer and to foster confidence in the investment service system.
The FPC will be applicable to all the offices of the Company including the Head Office, BELAGAVI, Karnataka, the Regional Offices located in various centres and the Branches located across Karnataka. The FPC shall be binding on all the employees and officers of the Company.
Objectives
Core Operating Goals
Declarations & Commitments
Member Protection Guarantees
The Company undertakes to abide by all applicable laws, regulations and guidelines passed / issued by the Regulators and other competent authorities.
The Company commits itself to full customer satisfaction through efficient, professional and courteous services across all its offices.
The Company shall consistently strive to meet with and improve upon the internally set benchmarks and practices and be ahead of industry standards.
The Company undertakes not to discriminate customers on grounds of religion, caste, gender or language.
The Company will provide clear and full information about its products and services and will not resort to any misleading information.
The Company undertakes to desist from introducing any products / services having elements of "hidden charges" or lack of transparency.
The Company will communicate in the local language (Kannada) with the customer and in English at the request of the customer.
The Company undertakes to take all possible and reasonable measures to secure the safe custody of pledged security and compensate for accidental loss.
The Company undertakes not to take advantage of any unintentional or clerical error made by the customer while transacting business.
The Company is committed to put in place a system for promptly addressing complaints with a structured Grievance Redressal Mechanism.
The Company shall display the FPC at all places of operation and make available copies to customers on demand.
Fair Practices in Operations
Lending, Recovery & Grievance Redressal
(I) Loans, Terms & Conditions, Interest Rate
- Application Forms: Provided free of cost in local language at branches detailing required supporting documents. Written acknowledgment issued for all applications. Loans sanctioned/rejected promptly.
- Full Disclosure: Complete breakdown of eligible loan amount, interest rate, charges, penal/overdue interest, and interest calculation methodology disclosed before sanction.
- Sanction Letter: Customer receives an official signed sanction letter in their understood language containing loan account number, interest rate, fees, serving also as a receipt for pledged security.
- No Adverse Changes: Terms & interest rates will not be modified adversely during tenure except under extraordinary circumstances with prior notice.
(III) Recovery of Dues, Exercise of Lien & Delivery of Security
- No Coercive Recovery: Only soft, persuasive recovery methods used. Coercive or harassment measures are strictly prohibited.
- Security Return: Pledged gold/security returned immediately upon loan closure in identical condition as received.
- Public Auction as Last Resort: Disposal of pledged gold/security undertaken via transparent public auction only as a last resort after serving statutory notices.
- System Generated Receipts: Instant official signed/system receipts issued for all cash/cheque/DD/digital payments.
(IV & V) Customer Service, Grievance Redressal & Confidentiality
Personal information of members will remain strictly confidential and will never be shared with unauthorized third parties except where obligated under statutory/regulatory directives.
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