ANNAPURNA MICROFINANCE PRIVATE LIMITED
Code of Conduct
(As applicable to the field staff)
(Approved by the Board of Directors on the Board Meeting dated 20th August, 2012, modified on 26th March, 2013 and reviewed on 21st June 2016)
Annapurna Microfinance Private Limited will follow all regulatory norms and Consumer Protection Practices laid down by the Government and Regulators.
- We at Annapurna are committed to transparency in dealings and to follow fair lending practices.
- The FPC in vernacular language shall be displayed by Annapurna in its office and branch premises.
- We at Annapurna do not discriminate on the basis of caste and religion and shall treat everyone with respect.
- We at Annapurna are committed to make the borrowers fully aware of the procedure and systems related to loans and other products at the time of application, which is free of cost.
- We will communicate all the terms and conditions in vernacular language to the borrower.
- We will hold all financial transactions only in the branch at a centrally designated place.
- We provide an option to the member to repay the loan in Monthly instalments.
- Annapurna does not collect any security deposit/margin money from the borrower.
- Borrower shall produce documents required for identity, age and address Proof as per KYC guidelines provided by the RBI.
- There is no penalty for either delay or prepayment of loans.
- Except for the loan instalments as mentioned in the repayment schedule, members need not pay any amount in cash or kind to Annapurna staff or any other person.
- We acknowledge every financial transaction in the presence of our members by providing a receipt.
- All changes in the terms and conditions of loans will be prospective.
- We will not visit the member’s home or place of work for collections and disbursements. However, our field staff may visit the place of residence or work of the borrower(but not at odd hours i.e. after 8 pm and before 7 am) only if the borrower fails to appear at the centrally designated place on two or more successive occasions for recovery of loans in such locations where the RBI allows.
- Loan application forms will not be returned to the members as it is the property of the organization.
- We will keep the client information confidential and the same will not be shared with anybody without prior permission of the member except in cases of legal and audit compliance.
- We shall not use abusive language with members or with anyone else.
- We shall not use any arm-twisting tactics to collect money from our members.
- We will take all reasonable care to prevent inappropriate staff behaviour and will be accountable for the same.
- Penalties may also be imposed on the field staff in cases of non-compliance with the Code of Conduct.
- We do not use outsourced recovery agents for recovery.