Terms of Service MyMoney

The objective of these Terms of Use (“Terms”) is to inform the User (defined below) of the terms which apply to their access/use of the MyMoney Platform (defined below), what We (defined below) expect of the User and what the User can expect from Us as they use and interact with the MyMoney Platform provided by Us.

The MyMoney Platform enables individuals to leverage technology to manage their loans and finances under a unified dashboard.

These Terms are an electronic record in terms of the Information Technology Act, 2000 and rules thereunder as applicable and as amended from time to time. This electronic record is generated by a computer system and does not require any physical or digital signatures. These Terms are published in accordance with the provisions of Rule 3(1)(a) of the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021 framed under the Information Technology Act, 2000 (as amended from time to time), that mandates publishing the terms of use for access or usage of the MyMoney Platform and Services (defined below). These Terms constitute a valid, legally binding and enforceable contract between the User and Us.. These Terms consist of 2 (two) parts namely:

• Part A contains the general terms and conditions (“General Terms”) which governs the access and use of the MyMoney Platform through the web link: https://mymoneyapp.co and mobile application by the name of ‘MyMoney’ (collectively and individually referred to as the “Website” or “MyMoney Platform”, which includes any and all the related sub-links and the Services provided thereunder) offered by IIFL Open Fintech Private Limited (also referred to as “MyMoney”, “Company”, “We”, “Us” and “Our” as the context requires, and includes its affiliates, assigns and Service Providers).

• Part B contains specific terms and conditions that govern the use of each of the Services (defined below) and shall be applicable to the extent such Services are availed by the User. The General Terms shall be read and understood in conjunction with the Service-specific terms and conditions provided under Part B of these Terms (“Service Terms”).

It is clarified that the MyMoney Platform is only a technology platform and should not be construed as a bank. MyMoney neither holds nor claims to hold a banking license. The loans and other similar financial products and services offered on the MyMoney Platform are provided by RBI-licensed banks and financial institutions. The banking services/financial services offered on the MyMoney platform are powered by our partner banks/financial institutions and follows all security standards and legal requirements prescribed by the partner bank/financial institution, in accordance with the RBI regulations. By accessing or using this service, The User hereby agrees to adhere to the Terms set out hereunder.

PART A (GENERAL TERMS)

DEFINITIONS

Unless the context otherwise requires, the following capitalized words shall have the meaning assigned to them below -

“Admin Verified” shall mean the approval provided to the User by the administrator at MyMoney to use a particular Service or set of Services subject to the User’s information being submitted, Know Your Customer (“KYC”) compliance, risk assessment and execution of any other controls or protocols that may be required to verify and authenticate the User in accordance with applicable laws, including but not limited to the RBI Guidelines.

“Bank(s)” shall mean any bank or financial institutions that are licensed and regulated by the Reserve Bank of India (“RBI”), which MyMoney has partnered for offering the Services. It is hereby clarified that the term “Bank” also includes any sponsor banks that MyMoney has partnered with, by establishing software protocols and direct integrations via API.

“Business Days” shall mean any day in which banks are open for business in Mumbai, India / New Delhi, India, / and Bangalore, India.

“Know Your Customer” or “KYC” shall mean the various norms, orders, rules, regulations, laws, and statutes as per applicable laws, including the RBI’s Master Directions – Know Your Customer Directions dated February 25, 2016 issued from time to time according to which MyMoney procures personal identification details from the User desiring to access/use the MyMoney Platform.

“RBI Guidelines” shall mean the extant rules, regulations, orders, directions, notifications and guidelines issued by RBI, including but not limited to - the Payment & Settlement Systems Act, 2007, Guidelines on Digital Lending dated September 2, 2022 and the Master Directions for Know Your Customer (KYC), 2016, as amended from time to time.

“Service Provider” shall mean an entity, association of persons, facility provider, Bank, lending partners, whose facilities or services are utilized in the provision of the Services, which includes but is not limited to, Open Financial Technologies Private Limited (“Open”).

“Transaction” shall mean and include the loans and finances availed by the User on the MyMoney Platform.

“User” , “You”, “Your” and “Yourself”, as the context requires, shall mean and include a natural person or legal person (sole proprietor, partnership firm, company, LLPs, trusts, societies or HUFs) that registers on the MyMoney Platform and/or transacts or avails Services. The term ‘User’ shall also include such personnel of the User (including but not limited to any current or former officers, directors or employees of the User) who access the MyMoney Platform using the User Account credentials with either full rights or limited rights, as the case may be.

ELIGIBILITY

The MyMoney Platform must be accessed/used only by persons above 18 (eighteen) years of age and who can enter into legally binding contracts with Us in accordance with the Indian Contract Act, 1872 by virtue of being ‘competent to contract’ within the meaning of Section 11 of the Indian Contract Act, 1872. The User’s use or access of the MyMoney Platform shall be treated as the User’s representation that they are competent to contract and shall be bound by these Terms.

REGISTRATION AND ACCESS

To access and use the MyMoney Platform and Services, User must register on the MyMoney Platform and create a user account(“User Account”). In this regard, User will provide the Company and the Service Providers (as applicable) with all documents and information required to carry out the KYC compliance in accordance with the RBI Guidelines. User must provide true, accurate, current and complete information at all times, failing which, We may at any time reject the User’s registration and terminate their right to use or access the MyMoney Platform and/or Services. For the purpose of undertaking KYC compliance of the User, We have the right to seek the self-attested copies of the documents, as submitted during/post the registration process.

When the User registers on the Website, a User Account will be created based on the information the User has provided. User is advised to keep the User credentials in confidence as the User will be solely responsible for the activities and Transactions undertaken on the User Account. User will ensure that the User Account details provided and/or updated are correct and complete at all times. User shall inform Us of any change in the their email address, mobile number, and address, by giving an advance written intimation of at least 30 (thirty) Business Days.

User shall be responsible at all times for maintaining the safety and confidentiality of the username, password and any other information pertaining to the User Account and for preventing unauthorized access to the User Account and devices. We will not be liable for any mistake or misuse of User Account either by the User, by any person authorized by the User, or by any person gaining access to the Services through the User Account.

It shall be the User’s responsibility to review these Terms periodically for any updates / revisions. User’s continued use of the MyMoney Platform following any updates / revision of these Terms is construed as deemed acceptance of such amendments. Subject to the User’s continued compliance with these Terms, We grant the User a personal, non-exclusive, non-transferable, limited privilege to access and use the MyMoney Platform.

User will use the MyMoney Platform only for lawful activities and will not carry out any activity which is prohibited, illegal or immoral, or in any manner facilitate furtherance of any such activities which constitutes a violation of any law or regulation, including but not limited to the RBI Guidelines.

User will be responsible and shall indemnify Us against any liability, costs or damages arising in connection with (a) the User providing false, incorrect or misleading information; and (b) compromise of the User Account credentials. We reserve the right to refuse access to the MyMoney Platform, terminate accounts, remove or edit content at any time without notice to the User concerned, in the event these Terms are violated by the User.

AADHAR OFFLINE E-KYC VERIFICATION

User has a number of options to complete KYC compliance on the MyMoney Platform. If the User proceeds to register on the MyMoney Platform using Aadhar offline e-KYC, the User (the Aadhaar holder), hereby irrevocably undertake to:

1. Place a request to Open, Karza Technologies Private Limited (“Karza”) and MyMoney to access the User’s Aadhaar Information (defined below) from Unique Identification Authority of India (“UIDAI”), to fetch and verify information regarding Aadhaar Number, Aadhaar XML, Virtual ID, e-Aadhaar, Masked Aadhaar, Aadhaar details, demographic information, identity information, Aadhaar registered mobile number, face authentication details and/or biometric information (collectively referred to as“Aadhaar Information”).
2. Explicitly authorise Open, Karza and MyMoney to fetch the User’s Aadhaar Information from UIDAI to make it available to Open, Karza and MyMoney and/or any third party, as may be required for completing KYC verification.
3. Agree to take all the necessary actions required for the purpose of authenticating and verifying the User’s Aadhaar Information.
4. Give a valid, binding, irrevocable and explicit authorisation and consent as may be required under applicable laws, rules, regulations and guidelines for availing the Aadhaar API services of Open, Karza and MyMoney including, but not limited to the transmission and storage of the User’s Aadhaar Information by Open, Karza and MyMoney.
5. Understand and agree that the consent has been submitted by the User voluntarily and without any coercion from Open, Karza and MyMoney or any other party.
6. Fully understand and accept sole and complete responsibility for any issues, legal suits, damages, losses, penalties, fines or liabilities (“Losses”) arising out of the User’s sharing of Aadhaar Information and authorising Open, Karza and MyMoney for fetching the User’s Aadhar Information and that the User will fully hold harmless Open, Karza and MyMoney, its representatives, employees and directors for any Losses arising out of such request and actions.
7. Understand and agree that Open, Karza and MyMoney does not store or retain any of the User’s Aadhaar Information including the Aadhaar number after it has processed the User’s request.

FEES AND TAXES

User will be charged fees based on the Services they have requested or availed on the MyMoney Platform (“Fee”). User agrees that it will pay all fees and charges so levied without any delay or demur. We and Our Service Providers reserve the right to modify the Fee with a prior intimation to the User.

We shall not make refunds of any amounts charged as Fee unless explicitly set out under these Terms.

User shall bear all applicable taxes if the Fee is subject to any type of goods and service tax, income tax, duty or other governmental tax or levy.

DATA, AUDIT & SECURITY

We may monitor all of User’s activities and Transactions on the MyMoney Platform to flag and prevent high-risk practices and fraudulent Transactions. We may also engage Service Providers to assist in these efforts. In the event of any suspicious or unusual activity being carried out through the User Account, such account may be temporarily or permanently suspended at Our sole discretion.

MyMoney represents and covenants to the User that: (a) it does not store card information or any related data within its database or any servers accessed by it, except for limited lawful purposes compliant with the RBI Guidelines; (b) it will adhere to the data security protocols prescribed under the RBI Guidelines, including the procedures for incident management and reporting; and (c) its systems and infrastructure are compliant with the Payment Card Industry-Data Security Standard (“PCI-DSS”).

We may at Our sole and absolute discretion, conduct inspections, risk and security assessments and audits on the User and may impose additional conditions/restrictions on the User Account.

We employ the use of cookies on the MyMoney Platform. Most interactive websites use cookies to enable retrieval of the User details for each visit. Cookies are used in some areas of the MyMoney Platform to enable and enhance the functionality and ease of use for the Users. By using the MyMoney Platform, the User consents to the use of cookies in accordance with the Privacy Policy. Some of the Service Providers may also use cookies.

CONTENT

Unless specifically permitted by the User, usage of the Services does not grant Us the license to use, reproduce, adapt, modify, publish or distribute the content created and/or stored in the User Account. Notwithstanding the above, the User grants Us the permission to access, copy, distribute, store, transmit, reformat, or disclose the data /content of the User Account for the purpose of providing the Services requested/availed by the User.

The User may transmit or publish content created by using any of the Services or otherwise. However, the User shall be solely responsible for such content and the consequences of its transmission or publication. Any content that the User may receive from third-parties while using the Services, is provided to the User on an ‘AS IS’ basis for their information and personal use only and the User agrees not to use, copy, reproduce, distribute, transmit, broadcast, display, sell, license or otherwise exploit such content for any purpose, without the express written consent of the person who owns the rights to such content.

THIRD-PARTY LINKS

The MyMoney Platform may refer to or may contain, links to third-party websites, applications, services and resources. We provide these links only as a convenience to the User to avail certain services and should not be construed as an endorsement of these third-party websites applications and services by Us. We make no representation or warranty of any kind regarding the accuracy, reliability, effectiveness, or correctness of any aspect of any third-party services, and consequently, We are not responsible for the content, products or services that are available from these third-party services. User is responsible for reading and understanding the terms and conditions and privacy policy that applies to the User’s use of any third-party services, and the User acknowledges its sole responsibility and assume all risks arising from User’s use of any third-party services.

INTELLECTUAL PROPERTY RIGHTS

All data, information, copyrights, patents, trade secrets, know-how, trade dress, trademarks, service marks, trade names, moral rights and other intellectual property and proprietary rights (“IPR”) in the MyMoney Platform and Services shall remain Our sole and exclusive property and that of Our licensors / Service Providers, as applicable. The IPR may not be copied, reproduced, distributed, transmitted, broadcasted, displayed, sold, licensed, uploaded, or otherwise exploited without Our prior written consent.

RELATIONSHIP

User understands and agrees that nothing contained in these Terms shall be deemed or construed as creating a partnership or joint venture, agency or formal business organization of any kind between the User and Us, or deemed to cause any party to be responsible in any way for the debts and obligations of the other party.

User will not describe (whether online or otherwise) themselves as Our agent or representative or make any representations to any User or any third party or give any warranties which may require Us or the Service Providers to undertake or be liable for, whether directly or indirectly, any obligation and/or responsibility to the User or any third party.

CONFIDENTIALITY

User agrees not to disclose or attempt to use or personally benefit from any non-public information that it may learn or discover on the Website or through the Services. This obligation shall continue until such time as the non-public information has become publicly known through any action of the User. If the User is compelled by order of a court or other governmental or legal body (or have notice that such an order is being sought) to divulge any such non-public information, the User agrees to promptly and diligently notify Us and cooperate fully with Us in protecting such information to the extent possible under applicable law.

We may access, preserve and disclose any of User’s information if required to do so by applicable law, or if we believe in good faith that it is reasonably necessary to (i) respond to claims asserted against Us or to comply with legal process, (ii) for fraud prevention, risk investigation, User support, product development and de-bugging purposes, or (iii) protect Our rights, property or ensuring safety of the Users or members of the public.

DISCLAIMER OF WARRANTIES & LIMITATION OF LIABILITY

In processing any Transactions, We shall be entitled to rely upon all electronic communications, orders or messages sent to Us through the Service Providers including and to the extent they are in compliance with the processing mechanism of the Service Providers and any applicable laws and the RBI Guidelines. We shall not be obligated to verify or make further inquiry into the identity of the sender, or the message integrity, of any communications, orders or messages.

We will endeavour to ensure that access to and availability of the Services remains uninterrupted and error free. However, access to the application may occasionally be suspended or restricted to allow for repairs, maintenance, or for the introduction of new facilities and Services and in such cases We shall not be liable for the disruption of any of the Services. We reserve the right to determine the timing and content of software updates, which may be automatically downloaded and installed by an application without prior notice to the User.

The Services are provided on an as-is-and-as-available basis. We expressly disclaim all warranties of any kind, whether express or implied, including, but not limited to, the implied warranties of merchantability and fitness for a particular purpose. We make no warranty that the Services will be uninterrupted, timely, secure, or error free. To the maximum extent permitted by law, the entire risk arising out of the User’s access of and use of the Website and Services, remains with the User. A separate limitation over liability shall be applicable to each of the Services.

We shall not be liable for any breach of these Terms due to any Force-Majeure (defined below) event that prevents or delays performance of its obligations under these Terms. Force-Majeure events would include but not limited to lockdown, such as act of god, fire, lightning, explosion, flood, adverse weather conditions, power failures, failure in any communication systems, equipment breakdown, strikes, lock-out, pandemic, endemics, or any other cause beyond Our control.

Notwithstanding anything to the contrary stated elsewhere in these Terms, We shall not be liable to the User for any indirect Losses, special, consequential or punitive damages or Losses, including but not limited to, loss of business or data or profits or goodwill arising out of or in connection with these Terms.

INDEMNITY

User shall keep Us indemnified and harmless from and against any and all liability (including but not limited to liabilities, judgments, damages, losses, claims, costs and expenses,) or any other loss that may occur, arising from or relating to any claim, suit or proceeding brought against Us by another User/ Service Provider/ third party for reasons including, but not limited to (i) a breach, non-performance, non-compliance or inadequate performance by the User of any of the terms, conditions, representations, obligations or warranties made hereunder; (iii) any acts, errors, fraud, misrepresentations, wilful misconduct or negligence of the User.

COMMUNICATION POLICY

As part of the Services, User may receive notifications, offers, discounts and general information from Us via text messages or by emails, for the purpose of collecting feedback. User understands that receipt of non-service related communications can be deactivated from User Account settings or by sending an email to support@mymoneyapp.co or by ab-initio not consenting to receive these communications. User acknowledges that the SMS service provided by Us is an additional facility provided for the User’s convenience and that it may be susceptible to error, omission and/ or inaccuracy.

CUSTOMER COMPLAINTS

If We receive any general complaint against the User in connection with the use of the MyMoney Platform, We will forward the complaint to User’s registered email address. The User must respond to the complaint within 36 (thirty six) hours of receiving the complaint as forwarded by Us and copy Us in its communications. If the User does not respond to the complainant within 36 (thirty six) hours from the date of Our email to the User, We may at our sole discretion opt to disclose the User’s contact information to the complainant for enabling the complainant to take legal action against the User. User understands that its failure to respond to the forwarded complaint within the 36 (thirty six) hours’ time limit will be construed as the User’s consent to disclosure of the User’s name and contact information by Us. Notwithstanding the foregoing, the User acknowledges and agrees that (a) We can disclose any information relating to the User if it deems in its sole discretion that such disclosure is required in the interest of justice; and (b) We can suspend the Services to the User to ensure compliance with applicable laws on reasonable suspicion.

SUSPENSION AND TERMINATION

In the event (a) the User breaches these Terms; (b) the User engages in or is suspected of engaging in any illegal, fraudulent, immoral or abusive activity; or (b) the User provides any information that is untrue, inaccurate, not current or incomplete or We have reasonable grounds to suspect that such information is untrue, inaccurate, not current or incomplete, or not in accordance with these Terms, We reserve the right, to suspend/terminate such User’s access to any or all of the MyMoney Platform and Services without notice, and this will be without prejudice to Our right to exercise any other remedy available to it under applicable law.

In the event We identify any suspicious or unusual activity being carried out by the User on the MyMoney Platform, We at our discretion may temporarily or permanently suspend the User’s access to the MyMoney Platform and/or take any such actions necessary to mitigate risk, including but not limited to, withholding of funds or refunding the funds to the source from where such payment originated.

GOVERNING LAW, JURISDICTION AND DISPUTES

Without prejudice to the provisions mentioned below, these Terms are subject to the laws of India and any disputes arising out of or in connection with the Terms will be subject to the exclusive jurisdiction of the competent courts at Bangalore, India.

User and We acknowledge and agree that, in the event of any dispute/claim arising out of or in connection with the Terms: (a) the Transaction logs maintained by Us will be the only source of data to verify the accuracy of such Transactions; (b) such logs will be fully binding as evidence for the purposes of adjudicating the said dispute /claim; and (c) the said dispute/claim shall be settled by binding arbitration in accordance with the Arbitration and Conciliation (Amendment) Act, 1996 and the rules of the Conciliation and Arbitration Centre, Bangalore as amended from time to time with the exclusive seat of arbitration at Bangalore, India.

If any part of these Terms is determined to be invalid or unenforceable pursuant to applicable law including, but not limited to, the warranty disclaimers and liability limitations set forth herein, then the invalid or unenforceable provision will be deemed superseded by a valid, enforceable provision that most closely matches the intent of the original provision and the remainder of the Terms shall continue in effect.

Customer Grievance Redressal

User may contact us with any enquiry, complaints or concerns by writing to the Nodal Officer at the coordinates mentioned below:

PART B (Service Terms)

User represents and agrees that usage of the Services mentioned under this Part B will inherently subject the User to the General Terms governing use of the MyMoney Platform as set out under Part A. These Service Terms shall be supplemental to the General Terms as set out under Part A and shall not be construed as a replacement to the General Terms.

MYMONEY CREDIT TERMS

The terms and conditions hosted on the https://www.mymoneyapp.co/credit-terms (“MyMoney Credit Terms”) shall govern the credit and loans facilities offered, by Our partner banks/financial institutions regulated by RBI, on the MyMoney Platform as part of the Services (hereinafter referred to as “MyMoney Credit”). By proceeding to avail the facility of MyMoney Credit, the User signifies its consent to be bound by these MyMoney Credit Terms which shall be read in conjunction with the General Terms and the Privacy Policy.

MYMONEY GOLD LOAN TERMS

The terms and conditions hosted on the https://www.iifl.com/finance/terms-and-condition (“MyMoney Gold Loan Terms”) shall govern the gold loans facilities offered, by Our partner banks/financial institutions regulated by RBI, on the MyMoney Platform as part of the Services (hereinafter referred to as “MyMoney Gold Loans”). By proceeding to avail the facility of MyMoney Gold Loans, the User signifies its consent to be bound by these MyMoney Gold Loan Terms which shall be read in conjunction with the General Terms and the Privacy Policy.