Policy ID: PCI/POL/26/2026-27 • Version 1.0 Owner: CFO / Customer Service • Approver: Board of Directors Sources: RBC, CF • Review: Annual / regulatory change
Purpose and application
Excess repayments, failed/duplicate transactions, cancellation balances and refundable charges.
1. Eligibility:- Refund duplicate/excess collections, errors, unused refundable amounts and charges wrongly levied. Non-refundable charges must be lawful, disclosed and applicable; a label alone cannot defeat a statutory right or RBI compensation requirement.
2. Verification:- Register request and link it to loan, receipt/UTR and source payment. Reconcile bank, loan ledger and GL before approval. Obtain verified beneficiary details and check fraud indicators; do not request unnecessary documents to delay genuine refunds.
3. Approval and payment:- Apply maker-checker approval by Operations and Finance. Refund to the verified originating account where feasible; alternate payee requires lawful authority and enhanced checks. Record tax/GST adjustments where applicable; never use staff personal accounts.
4. Service standard:- Under the approved Company standard, pay an approved complete refund within seven working days unless a shorter statutory/payment-system deadline applies. Notify the amount, basis and transaction reference; explain documented delays and escalate overdue cases to GRO.
5. Monitoring:- Keep a refund register of receipt, decision, payment and outstanding age. CFO shall review pending refunds weekly and root causes monthly. Apply mandatory compensation where triggered and do not close the complaint merely because approval was issued.
Source codes are linked to the Reference Register. Read with the common implementation controls and relevant annexes. Applicable law and RBI Directions prevail.