“User” refers to an individual or business entity that sells goods or services to customers and accepts payments in exchange for those goods or services and has an active current account with the Bank.

“KYC Framework” means and includes Master Direction - Know your Customer (KYC) Directions, 2016 issued by the Reserve Bank of India ("RBI"), read with the Prevention of Money Laundering Act, 2002.

"Politically Exposed Person" or “PEP” refers to individuals who are or have been entrusted with prominent public functions by a foreign country, including the Heads of States/Governments, senior politicians, senior government or judicial or military officers, senior executives of state-owned corporations and important political party officials.

“NESFB Business Account” refers to an account created and maintained by User on Digital Portal of the Bank. This account provides access to the Digital Portal, allowing the User to perform various activities such as tracking credit transactions, tracking settlements, initiate refunds, respond to chargeback requests etc.

“QR Code” refers to a quick response code which is a two-dimensional barcode that encodes payment information or transaction details and is issued to the User by the Bank for accepting payments from customers.

“QR ID” refers to a unique seven (7) digit code related to a QR code that is issued to the User by the Bank.

“Chargeback” refers to the reversal of a payment transaction initiated by the customer’s bank in response to a dispute or claim that the transaction was unauthorized, fraudulent, or not in accordance with the terms agreed upon.

"Governmental Authority" shall mean any entity, authority or body exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government of India, including any government authority (including, without limitation, NPCI), agency, department, board, commission or instrumentality of India, any court, tribunal or arbitrator; and any self-regulatory organisation;

The capitalised words used in these NESFB Business Terms but not specifically defined, will have the respective meanings assigned to them under the applicable Indian laws.

Eligibility criteria to avail the NESFB Business Services:

• User should be an Indian citizen and resident of India.
• User should be 18 years and above.
• User should have an active current account with the Bank and User’s mobile number should be linked to such current account.
• User should be physically present in India at time of accessing the Digital Portal.
• User should not have a tax obligation to any country other than India (FATCA reportable).
• User should not be a PEP under the KYC Framework.

By using the NESFB Business Services, you authorize the Bank, whether directly by itself or indirectly through authorised third parties, to collect information about you, including information that identifies you or is relevant to make any inquiries necessary to validate your identity in accordance with Privacy Policy and the KYC Framework (collectively, "Information"). Please read the Privacy Policy to understand how we collect, process, handle and share your Information with third parties.

We reserve the right to terminate, suspend, or limit access to the NESFB Business Services in the event we are unable to obtain/receive or verify any Information provided by you or accessed by us in accordance with the NESFB Business Terms or for any other reason at the sole discretion of the Bank.

The Information you provide to the Bank is true, accurate, current, updated and complete. You understand that the responsibility to provide correct, current and accurate Information, including contact details, QR Code number, bank account details etc., as may be required, lies solely with you. You must take all caution to ensure that there are no mistakes and errors in the Information. You will be solely liable to inform the Bank of any change in the Information provided by you or otherwise available in relation to you.

You agree to provide full cooperation to enable the Bank to validate your identity in order to provide you the NESFB Business Services effectively.

You agree that the Bank (either directly or indirectly through third parties) may communicate with you in connection with the NESFB Business Services, through phone calls, SMS, third-party messenger applications (like WhatsApp), email or any other modes including through the Digital Portal.

Any communication will be considered to be received by you within 24 hours of the time we send it to you through any of the modes or when you are notified through the Digital Portal.

If we need to contact you in connection with the NESFB Business Services, you give express consent to us and authorised third parties, including permitted BCs, agents or service providers, to communicate with you in any manner via:

• a mobile phone or landline number you provide to us or use to contact us;
• any email address associated with your account with the Bank, or you provide to us;
• automated dialler systems and automatic telephone dialling systems;
• pre-recorded or artificial voice messages; or
• any other mode.

The Bank will not be responsible for any non-delivery, delayed delivery or distortion of the communication in any way whatsoever.

• You agree to abide by and be bound by all applicable regulations, instructions or guidelines issued by the Reserve Bank of India (“RBI”), the Common Reporting Standards ("CRS"), Foreign Account Tax Compliance Act of United States of America ("FATCA") and any other governmental or regulatory authority.
• You understand that the Bank is relying on your Information for determining your compliance status with FATCA and CRS (Common Reporting Standards)
• You agree to inform the Bank within 30 days if there is change in such Information.
• You agree that the Bank may also be required to report the relevant details to a governmental or regulatory authority in India, including Central Board of Direct Taxes, or close or suspend your NESFB Business Account along with related current account with the Bank, if instructed or required by applicable law to do so.

Your credentials include your mobile number, one time password and/or password used to access your NESFB Business Account. You are responsible for maintaining the secrecy and security of the login credentials, controlling the activities that occur in or through your NESFB Business Account and for restricting access to your system or device to prevent unauthorised access. The Bank will not be liable for any breach of security or unauthorized use of your NESFB Business Account.

You agree to establish reasonable security procedures and controls to limit access to your NESFB Business Account, including the password or other identifying information of your NESFB Business Account, which includes choosing passwords and other credentials in a manner that will protect the security of your NESFB Business Account.

You agree to inform us immediately if you have any reason to believe that your login credentials have become known to anyone else, or if the password is being or is likely to be used in any unauthorized manner.

The Bank will use commercially reasonable efforts to make the NESFB Business Services available 24 hours a day, 7 days a week, except for (i) planned downtime, or (ii) any unavailability caused by circumstances beyond the Bank’s reasonable control, including any action directly or indirectly attributable to any third-party agent or service provider. While we will try our best to offer you uninterrupted access to the NESFB Business Services, the Bank assumes no liability whatsoever for any claims for monetary or other damage or loss suffered by you on account of the delay or failure, interruption in the NESFB Business Services.

The customer support in relation to the NESFB Business Services will be provided either directly by Bank or through its authorized service providers from 10 a.m. to 7 p.m. on 7 days a week, except on public holidays.

The Bank will provide the following functionalities and services on the Digital Portal (collectively, the "NESFB Business Services"):

• Provide enablement for Users to track all credit transactions made via QR codes issued by the Bank.
• Provide enablement for User to track all settlements including settlements due to the User.
• Provide functionality for Users to initiate refunds.
• Provide functionality for Users to respond to chargeback requests.
• Provide help and support services in relation to the NESFB Business Services
• Provide any ancillary or support services to enable you avail the NESFB Business Services.

Operation of NESFB Business Account

• Chargebacks: The User hereby agrees that all Chargebacks shall be the sole responsibility and liability of the User. On intimation of such Chargebacks requests raised by customers, the User shall have the option to either accept or reject such request. If the User accepts such Chargeback requests, the Bank may require the User to repay the amounts received by the User in respect of such transactions (“Chargeback Monies”) and the User shall be obliged to make payment of the same and forthwith inform the Bank. Without prejudice to the obligation of the User as aforesaid, the User agrees and acknowledges that the Bank may recover the Chargeback Monies along with any penalty, charge, fees, etc. on the Bank, in this regard, by deducting the same from any other account held or deposit made by the User, whether jointly or singly with the Bank. If any penalties or fines are imposed on the Bank by any third party or any Governmental Authority, as a result of any act or omission of the User in relation to any Chargeback, the User shall indemnify the Bank in respect of the same in accordance with Clause 11 (Indemnity) below.
• Refunds: The User hereby undertakes that it will process all refunds (in respect of any concluded transaction) to the customers only through the payment mechanism as per the procedure stipulated by the Bank and in no other manner whatsoever. Without prejudice to the generality of the foregoing, the User undertakes that it shall not make any cash refunds to the customers in respect of any such concluded transaction).

• Representations, warranties, and undertakings by you
• You confirm that you have an active current account with the Bank after undergoing the necessary know-your-customer ("KYC") checks and customer due diligence applicable to availing the Services, as prescribed under the KYC Framework.
• You confirm that have you never been adjudicated insolvent by any court and have also not had any insolvency proceedings against you.
• You confirm that you are not a PEP in terms of the KYC Framework. You agree and undertake to immediately notify the Bank in circumstances where your PEP status changes, or you become related to a PEP.
• You are not restricted by any legal, regulatory, judicial, quasi-judicial or other authority, to avail the NESFB Business Services. You agree to use the NESFB Business Services only for purposes that are permitted by these NESFB Business Terms and under applicable laws.
• You shall not make any representations or warranties to any customer or any third party or undertake any obligations which may require the Bank to undertake or be liable for, directly or indirectly, any obligation and/or responsibility to a customer or any third party. The User shall take all necessary steps and/ or precautions to ensure that the products or services provided by User are not mistaken or misrepresented as being associated with and/or being offered by the Bank.
• You confirm that the sale of the products or services by you is in compliance with all applicable laws.
• You agree and confirm that transaction receipts or proof of delivery of the products or services shall be maintained by you for a period of at least 2 (Two) years from the date of the relevant transaction and shall be submitted to the Bank as and when requested by the Bank.
• The User shall generate and display transaction receipts to every customer on completion of a transaction and shall also e-mail a copy thereof to the customer.
• The User shall, in respect of the Services, provide all such assistance and furnish all such information to the Bank, as may be required by the Bank, from time to time, and respond to all queries raised by the Bank, within 24 (twenty-four) hours from the time such a query is raised. In case of any delay on the part of the User to provide such assistance/ information to the Bank or respond to the queries raised by the Bank, the User shall be liable to pay to the Bank such penalty, charges, etc. as may be levied on the Bank, due to such delay.
• The User agrees that If any customer complaint has been forwarded by the Bank to the User, the User shall provide to the Bank, all the requisite information and support as the Bank may require, and resolve such complaints in accordance with Bank’s internal policies.
• The User shall ensure that refunds are effected promptly and in accordance with the procedure prescribed by the Bank and applicable law.
• The User shall ensure that all the information provided by the User to the Bank is true and correct and the User hereby acknowledges and agrees that, on the Bank requesting the User to provide KYC documents of the User and/ or requiring declaration(s) from the User to the effect that the relevant bank account of the User is KYC compliant, the User shall promptly provide such documents/ information/ declarations to the Bank.
• The User shall not be entitled to use the name, logo or trademarks of the Bank in connection with the business carried out by it, except as may be expressly permitted by the Bank in writing. The User further agrees and undertakes that, the User shall not publish any material, communication, letter etc. sent/provided by the Bank to the User (whether bearing the logo of the Bank or not), and which is intended only for the User on any social media platform.
• The User shall ensure to comply with the disposal of complaints / dispute resolution mechanism / time-lines for processing refunds, in such a manner that the RBI instructions on Turn Around Time (TAT) for resolution of failed transactions issued by the RBI vide circular bearing reference number DPSS.CO.PD No.629/02.01.014/2019-20 dated September 20, 2019 (as may be amended, modified or supplemented from time to time) (“RBI Customer Grievance Circular”). The User agrees and accepts to process refunds as per the aforesaid RBI Customer Grievance Circular and in the event that the User fails to comply with the RBI Customer Grievance Circular including by any failure by the User to adhere to the timelines provided under the RBI Customer Grievance Circular, then without prejudice to any other right and/or remedy that the Bank may have under this terms and conditions or applicable law, the Bank shall be entitled to require the User to make payment to the Bank of such amount as is specified for such transactions in the RBI Customer Grievance Circular in order to duly compensate the Customer.
• The User hereby acknowledges and agrees that the Bank has provided sufficient information and explanations to the User with reference to the merchant category code assigned to the User (“MCC”).

You, at your sole expense, will defend, indemnify and hold harmless, the Bank, its affiliates, licensees and its officers, directors, agents and employees from and against all claims, demands, damages, losses, costs and expenses (including attorneys’ fees) arising from or relating to:

• your use or misuse of the NESFB Business Services;
• any claims from any third-party in connection with your use or access of the NESFB Business Services;
• any violation by you of the NESFB Business Terms (including any breach of the representations, warranties, and covenants made by you);
• improper or incorrect Information provided by you;
• use or misuse of the Information; or
• incorrect information of an unrelated third party provided by you.

The Bank reserves the right, at your expense, to assume the exclusive defence and control of, including rights to settle, any matter for which you are required to indemnify the Bank, and you agree to cooperate with the Bank for such defence and settlement. The Bank will use reasonable efforts to notify you of any claim, action, or proceeding brought by a third party in respect of the Bank that is subject to the foregoing indemnification, upon the Bank becoming aware of it. You may, at your own expense, engage separate counsel to advise you regarding a claim and to participate in the defence of the claim, subject to the Bank’s right to control the defence and settlement.

You agree that the Bank, its directors, officers, employees, agents, shareholders, and representatives will in no way be liable for any direct, indirect, incidental, special, consequential or exemplary damages, including damages for loss of data or Information, profits, goodwill, revenue, profits, or other intangible losses, for any reason whatsoever, including any interruption or stoppage to your use of the Services, or hacking or unauthorized access your NESFB Business Account and NESFB Business Services.

No advice or information, whether oral or written, obtained by you from the Bank or based on use of NESFB Business Services will create any warranty or liability on the Bank.

Bank's sole obligation in the event of interruption in NESFB Business Services or loss of access to NESFB Business Services, will be to use all reasonable endeavours to restore the NESFB Business Services or your access to the NESFB Business Services.

• Grievance Redressal: Any complaint, dispute, or grievance in relation to the Services should be addressed to the Bank, in accordance with the Bank’s Grievance Redressal Policy.
• Governing law and disputes resolution: These NESFB Business Terms will be governed by and construed in accordance with applicable laws of India. If a dispute arises between you and the Bank, our goal is to provide you with a cost-effective and quick resolution, and hence, we encourage you to first contact the Bank to try resolving your problem directly with us. If you and the Bank are unable to resolve any dispute amicably within 30 days of the notice of such dispute, the dispute will be subject to the exclusive jurisdiction of the courts in Guwahati, Assam, India.
• Changes to these Terms: The Bank may modify these NESFB Business Terms, from time to time. It is your responsibility to review the NESFB Business Terms from time to time, to see if it has been modified. The updated version of these NESFB Business Terms will be immediately effective upon being posted on the Bank’s Digital Portal. The continued use of the NESFB Business Services upon modification of the NESFB Business Terms or after being updated on the Bank’s Digital Portal will be construed as the acceptance of the said modified NESFB Business Terms.
• Transferability: These NESFB Business Terms, or any right or interest, will not be assignable or transferable by you.
• Entirety of the Terms: These NESFB Business Terms, which includes along with any agreements, annexures, exhibits, or any additional service terms applicable to the NESFB Business Services, which are incorporated by reference, constitute the entire terms between the Bank and you regarding the subject matter hereof.
• Severability: If any portion of these NESFB Business Terms is found to be unenforceable, the remaining portion will continue to remain in full force and effect.

No waiver: If the Bank fails to enforce any part of these NESFB Business Terms, it will not be considered a waiver.