Terms & Conditions
General Terms & Conditions for KYC
By accepting the KYC Terms and Conditions, you agree that you have read, understood, acknowledged and accepted these Terms and Conditions, to access and use the True Balance application operated by Balancehero India Private Limited (“True Balance”) and the Product and Services offered on the True Balance app.
This document is published in compliance of and shall be governed by Indian law, including but not limited to (i) The Indian Contract Act, 1872; (ii) The Information Technology Act, 2000, the rules, regulations, guidelines and clarifications framed thereunder including the Information Technology (Reasonable Security Practices And Procedures And Sensitive Personal Information) Rules, 2011; (iii) The Payment And Settlement Systems Act, 2007 and applicable rules, regulations and guidelines made thereunder; and (iv) Reserve Bank of India Act, 1934 and the applicable rules, regulations and guidelines made thereunder.
This document is an electronic record in the form of an electronic contract formed under Information Technology Act, 2000 and rules made thereunder and the amended provisions pertaining to electronic documents / records in various statutes as amended by the Information Technology Act, 2000. This agreement does not require any physical, electronic or digital signature.
This agreement is a legally binding document between you and Balancehero India Private Limited. The terms of this document will be effective upon your acceptance of the same (in electronic form or by means of an electronic record or other means) and will govern the relationship between you and True Balance for the use of product/services available on True Balance app.
For the purpose of these Terms of Use, wherever the context so requires-
a. “You/Your”, “Customer” or “User” shall mean any natural or legal person who has registered with True Balance and who has accepted these terms and conditions.
b. “We”, “Us”, “Our”, “True Balance” shall mean Balancehero India Private Limited.
c. “Partner” shall mean financial partners and/or service providers of True Balance and/or True Credits Private Limited for loans & other services.
These terms and conditions (“T&C”) and all applicable T&C issued by True Balance, from time to time, govern your rights and obligations as a Customer for the KYC of your wallet and/ or availing other financial services (Loans & any other product which require KYC as per regulatory guidelines).
KYC Documents (Proof of possession of Aadhaar/Voter ID/DL/PAN) and/ or information will be used by True Balance for the purpose of opening of wallet and/ or availing other financial services (Loans & any other product which require KYC as per regulatory guidelines) through its Partners.
Your access to and use of the True Balance mobile application and the True Balance services are conditional upon your acceptance of and continuous compliance with these T&C at all times.
The access to the True Balance mobile application is only available to persons who are competent to enter into legally binding contracts under the Indian Contract Act, 1872. Any person who shall be considered as incompetent to contract as per the provisions of the Indian Contract Act, 1872, including minors, un-discharged insolvents, etc., are not eligible to use the True Balance mobile application.
You agree that the personal information such as name, address, contact number, KYC Information, Address proof etc. (“Personal Information”) you provide to True Balance upon registration and at all other times will be true, accurate, current and complete. You agree to maintain and update the Personal Information and to keep the Personal Information true, accurate and complete.
You hereby agree and acknowledge that your Personal Information will be shared with Partner(s) for any services availed via True Balance application including loans & other services.
All the terms and conditions mentioned in the T&Cs for Wallet and/ or availing other financial services (to the extent applicable) offered on True Balance application shall be applicable.
You agree to receive alerts through SMS, Whatsapp, App notification, Emails and calls.
You agree that your True Balance account may be blocked, upon reasonable opinion of True Balance/its partners, in case of any fraudulent/suspicious transaction and/or any false information provided to us.
You agree that any update/change in any information or documents provided by you in future is intimated/ informed to us promptly, but not later than 30 days, from the date of such change.
Customers can open only one wallet with True Balance, True Balance can block your True Balance Wallet / may not allow you to open another wallet/account in case any duplication is found.
KYC documentation shall be in line with the prevailing RBI guidelines on Know your Customer (KYC), 2016, as amended from time to time.
TERMS & CONDITIONS FOR COMPLETING KYC USING AADHAAR OFFLINE VERIFICATION
You agree to voluntarily submit your Aadhaar number during KYC journey for the purpose of Aadhaar XML Offline verification and voluntarily provide your consent toTrue Balance as under -
You understand and authorise True Balance to collect demographic information or other necessary information for the purpose of Offline Verification.
You confirm that True Balance has informed you that information received during Aadhaar XML Offline Verification would only be used for the purpose of confirming your identity, KYC and to assess your eligibility by True Balance and/or its Partners, for opening PPI/ Wallet, to avail loan and/or any other related services (as the case may be).
You confirm that True Balance has informed you about the alternatives of the information requested for, if any.
You hereby consent and expressly authorize True Balance to share your data with its Partners (Loans and/ or other related services) for availing the financial product and services.
You understand that True Balance shall use this data for submission of KYC details to CKYC Registry & other Regulatory Agencies in accordance with applicable laws.
You understand that True Balance shall ensure security and confidentiality of your personal data provided for the purpose of KYC through Aadhaar XML offline verification.
You understand that True Balance used the information availed during KYC through Aadhaar XML offline verification for the purposes mentioned herein and for no other purposes.
You hereby authorise True Balance and/or any of the Partners authorized by it to generate and input share code and captcha on your behalf.
You hereby authorise True Balance and/or any of the Partners authorized by it to read, input and submit OTP generated by UIDAI or otherwise on your behalf.
You understand that True Balance will save masked Aadhaar number as per regulatory guidelines.
In the event of failure to complete the Aadhaar XML Offline Verification process for any reason whatsoever, True Balance, at its sole discretion, may provide an alternate option to complete the KYC process.
TERMS AND CONDITIONS FOR COMPLETING KYC USING CKYC PROCESS
CKYC refers to Centralized KYC (Know Your Customer), an initiative of the Government of India. CKYC is managed by CERSAI (Central Registry of Securitization Asset Reconstruction and Security Interest of India), which is authorized by Government of India to function as the Central KYC Registry (CKYCR).
You understand and authorize True Balance to collect demographic information or other necessary information from CERSAI for the purpose of completing KYC.
You confirm that True Balance has informed you that information received by using CKYC Process would only be used for the purpose of confirming your identity, KYC and to assess your eligibility by True Balance and/or its Partners, for opening PPI/ Wallet, to avail loan and/or any other related services (as the case may be).
You hereby consent and expressly authorize True Balance to share your data with its financial partners (Loans and/ or other related services) for availing the financial product and services.
You understand that True Balance shall use this data for submission of KYC details to Regulatory Agencies in accordance with applicable laws.
You hereby authorize True Balance or any of the agencies authorized by it to read and input and submit OTP generated by True Balance in this regard.
You hereby agree that details provided by you (including Date of Birth, PAN etc.) given here matches as per records with CERSAI, failing which the application is liable to be rejected.
You hereby declare that the details/ information obtained from CERSAI are true and correct to the best of your knowledge and belief and you undertake to inform us of any changes therein, immediately. In case any of such information is found to be false or untrue or misleading or misrepresenting, you may be held liable for it.
In the event of failure to complete the CKYC process for any reason whatsoever, True Balance, at its sole discretion, may provide an alternate option to complete the KYC process.