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I hereby appoint Paisabazaar as my authorised representative to receive my credit information from the following bureau partners :

I hereby unconditionally consent to and instruct the above bureaus to provide my credit information to me and Paisabazaar on a month to month basis. I understand that I shall have the option to opt out/unsubscribe from the service.

Name :
Date :18/01/2022

CC:
Paisabazaar.com,
Paisabazaar Marketing and Consulting Private Limited

CIBIL TERMS AND
CONDITIONS

To,
TransUnion CIBIL Limited
[Formerly known as Credit Information Bureau (India) Limited]
One Indiabulls building ,Unit No 1901 – 1905,
19th Floor, Tower 2A-2B, Jupiter Mill compound,
Senapati Bapat Marg, Lower Parel, Mumbai 400 013

Sub: Grant of Consent

Dear Sirs,

In connection with submission of the application for my credit information offered by CIBIL (“Consumer Credit Information”) through Paisabazaar (referred to as the “Company”) and delivery of the Consumer Credit Information to the Company, I hereby acknowledge and agree to the following:

A. The Company is my lawfully appointed agent and he / it has agreed to be my agent for the purposes, including, without limitation, to receive the Consumer Credit Information from TUCL on my behalf and use it in the manner consistent with the Agreement entered into between the Company and TUCL, and the Company has granted its consent for being appointed for the aforesaid purpose.

B. I grant my unconditional consent to the Company to receive the Consumer Credit Information from TUCL on my behalf and use it in the manner consistent with the Agreement entered into between the Company and TUCL, as the case may be, and the Company has granted its consent for being appointed for the aforesaid purpose. I hereby represent and acknowledge that: the Terms of Understanding in relation to the use of the Consumer Credit Information has been agreed between me and the Company.

C. I hereby expressly grant unconditional consent to, and direct, TUCL to deliver and / or transfer my Consumer Credit Information to the Company on my behalf.

D. I shall not hold TUCL responsible or liable for any loss, claim, liability, or damage of any kind resulting from, arising out of, or in any way related to: (a) delivery of my Consumer Credit Information to the Company ; (b) any use, modification or disclosure by the Company of the contents, in whole or in part, of my Consumer Credit Information , whether authorized or not; (c) any breach of confidentiality or privacy in relation to delivery of my Consumer Credit Information to the Company ; (d) for any use made by the Company which is contrary to the Agreement entered into between the Company and TUCL

E. I acknowledge and accept that: (a) TUCL has not made any promises or representations to me in order to induce me to provide my Consumer Credit Information or seek any consent or authorization in this regard; and (b) the implementation of the Agreement between TUCL and the Company is solely the responsibility of the Company.

F. I agree that I may be required to record my consent / provide instructions electronically and in all such cases I understand that by clicking on the "I Accept" button below, I am providing "written instructions" to Paisabazaar authorizing Paisabazaar to obtain my Consumer Credit Information from my personal credit profile from TransUnion CIBIL LIMITED, [formerly known as Credit Information Bureau (India) Limited]]. I further authorize Paisabazaar to obtain such information solely to confirm my identity and display my Consumer Credit Information to me. Further in all such cases “By checking this box and clicking on the ‘Authorize button, I agree to the terms and conditions, acknowledge receipt of TUCL privacy policy and agree to its terms, and confirm my authorization for Paisabazaar to obtain my Consumer Credit Information.

G. I understand that in order to deliver the product to me, I hereby authorize Paisabazaar, to obtain my Consumer Credit Information from TUCL.

H. By submitting this registration form, I understand that I am providing an express adhoc one-time written instructions for Paisabazaar to request and receive information about me from third parties, including but not limited to a copy of my consumer credit report and score from consumer reporting agencies, at any time for so long as I have an active Paisabazaar account. I further authorize Paisabazaar to retain a copy of my information for use in accordance with the terms of use of this service, Paisabazaar’s Terms of Use and Privacy Policy.

I. I UNDERSTAND THAT THE PRODUCT IS PROVIDED ON AN “AS-IS”, “AS AVAILABLE” BASIS AND TUCL EXPRESSLY DISCLAIMS ALL WARRANTIES, INCLUDING THE WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NON-INFRINGEMENT.

J. I shall not sue or otherwise make or present any demand or claim, and I irrevocably, unconditionally and entirely release, waive and forever discharge TUCL , its officers, directors, employees, agents, licensees, affiliates, successors and assigns, jointly and individually (hereinafter “Releasee”), from any and all manner of liabilities, claims, demands, losses, claims, suits, costs and expenses (including court costs and reasonable attorney fees) (“Losses”), whatsoever, in law or equity, whether known or unknown, which I ever had, now have, or in the future may have against the Releasee with respect to the submission of my Consumer Credit Information and / or my decision to provide TUCL L with the authority to deliver my Consumer Credit Information to the Company . I agree to defend, indemnify, and hold harmless the Releasee from and against any and all Losses resulting from claims made against TUCL L by third parties arising from and in connection with this letter.

K. I agree that the terms of this confirmation letter shall be governed by the laws of India and shall be subject to the exclusive jurisdiction of the courts located in Mumbai in regard to any dispute arising hereof. TUCL is entitled to assign its rights hereunder to any third person without taking my prior written consent.

Yours faithfully,
Name :

I hereby appoint Paisabazaar as my authorised representative to receive my credit information from the following bureau partners :

I hereby unconditionally consent to and instruct the above bureaus to provide my credit information to me and Paisabazaar on a month to month basis. I understand that I shall have the option to opt out/unsubscribe from the service.

Name :
Date :18/01/2022

CC:
Paisabazaar.com,
Paisabazaar Marketing and Consulting Private Limited

EQUIFAX TERMS AND
CONDITIONS

I Mr./Ms. -------------------- ---------------------residing at ------------------------ ---------------------------------------- do hereby authorise Paisabazaar Team ,to do all acts on my behalf as may be necessary including to execute/sign application(s), make payment of applicable fees* and generally to all other acts as may be necessary to receive, on my behalf and at my request, my Credit Information Report (CIR) from Equifax Credit Information Services Private Limited("Equifax") at the following address/email id:

I hereby confirm that all the powers hereby conferred may be exercised by officer(s) or manager(s) / agent(s) / employees of the Paisabazaar who is duly authorized by the Paisabazaar.

I hereby confirm, agree, undertake and accept that I shall at all times be solely responsible for all the above actions and omissions of the Paisabazaar shall be binding on me as though such actions had been carried out by me directly. I further confirm that my CIR shall be used only for the purpose as mentioned in the attached standard terms and conditions and I shall be solely liable for, and indemnify and hold harmless Equifax for and against, any and all third party claims or damages or proceedings of any kind, arising from or in connection with (a) any misrepresentations, incorrect information or omission of any critical information in my application, or (b) furnishing my CIR based on this authorization letter, and shall not at any time hold Equifax or its affiliates and their respective officers, directors, employees or representatives liable in this respect.

I hereby also confirm that I have only appointed Paisabazaar to be my authorized agent/representative for collection of my CIR.

I undertake to keep Equifax intimated and informed at all times, of any renewals or termination of the authorization to Paisabazaar or any amendments, modifications or changes in the terms governing the obligations or my relationship with Paisabazaar.

I shall at all times co-operate with Equifax and execute and deliver to Equifax such instruments and documents and take such other actions as may be required by Equifax from time to time in connection with this authority letter.

By signing on this authorization letter, I hereby acknowledge and accept the Standard Terms and Conditions mentioned above.

Date : 18/01/2022

I hereby appoint Paisabazaar as my authorised representative to receive my credit information from the following bureau partners :

I hereby unconditionally consent to and instruct the above bureaus to provide my credit information to me and Paisabazaar on a month to month basis. I understand that I shall have the option to opt out/unsubscribe from the service.

Name :
Date :18/01/2022

CC:
Paisabazaar.com,
Paisabazaar Marketing and Consulting Private Limited

EXPERIAN TERMS AND
CONDITIONS

YOU HEREBY APPOINT PAISABAZAAR AS YOUR AUTHORISED REPRESENTATIVE TO RECEIVE YOUR CREDIT INFORMATION FROM EXPERIAN.

YOU HEREBY IRREVOCABLY AND UNCONDITIONALLY CONSENT TO SUCH CREDIT INFORMATION BEING PROVIDED BY EXPERIAN TO YOU AND PAISABAZAAR AND YOU HEREBY AGREE, ACKNOWLEDGE AND ACCEPT THE TERMS AND CONDITIONS SET FORTH HEREIN. YOU HEREBY ALSO AGREE AND ACKNOWLEDGE THAT FOR PAISABAZAAR TO SERVICE YOU AS A CUSTOMER, THE CREDIT INFORMATION SHALL BE SHARED BY EXPERIAN WITH YOU AND PAISABAZAAR ON A MONTHLY BASIS. YOU FURTHER ALSO AGREE AND CONSENT TO RECEIVE SUCH CREDIT INFORMATION DIRECTLY FROM EXPERIAN AND ALSO THROUGH YOUR PAISABAZAAR ACCOUNT AS PER YOUR INDEPENDENT REGISTRATION WITH PAISABAZAAR.

Please read the Terms and Conditions of this document carefully before accepting. By clicking on the "I ACCEPT" button below, you are expressly agreeing to access the Experian Credit Information Report and Credit Score (as defined in the Important Information Section below) (together referred as "Credit Information") and share a copy of the Credit Information with Paisabazaar in the "as is" format. Please click on the link below to read and understand the Important Information section below.

** This document is an electronic record in terms of the Information Technology Act, 2000 and Rules made there under, and the amended provisions pertaining to electronic records.

Information Collection, Use, Confidentiality, No-Disclosure and Data Purging

PAISABAZAAR/ We/ Us can only access your Credit Information as your authorized representative and we shall use the Credit Information for limited end use purpose consisting of and in relation to the services proposed to be availed by you from us on the Website. We shall not aggregate, retain, store, copy, reproduce, republish, upload, post, transmit, sell or rent the Credit Information to any other person and the same cannot be copied or reproduced other than as agreed herein.

We shall protect and keep confidential the Credit information both online and offline and use best in class security measures in line with applicable laws. The Credit Information shared by You, or received on your behalf shall be destroyed, purged, erased promptly upon the earlier of: (i) your written request to terminate this relationship with Paisabazaar (ii) the completion of provision of the Services by us to you.

Governing Law and Jurisdiction The relationship between you and the Parties shall be governed by laws of India and all claims or disputes arising there from shall be subject to the exclusive jurisdiction of the courts of [Mumbai].

Definitions: Capitalised terms used herein but not defined above shall have the following meanings:
"Credit Information Report" means the credit information / scores / aggregates / variables or reports which shall be generated by Experian;
"Credit Score" means the score which shall be mentioned on the Credit Information Report which shall be computed by Experian.
"CICRA" shall mean the Credit Information Companies (Regulation) Act, 2005 read with the Credit Information Companies Rules, 2006 and the Credit Information Companies Regulations, 2006, and shall include any other rules and regulations prescribed thereunder.
PLEASE READ THE ABOVE MENTIONED IMPORTANT INFORMATION AND CLICK ON "ACCEPT" FOLLOWED BY THE LINK BELOW TO COMPLETE THE AUTHORISATION PROCESS FOR SHARING OF YOUR CREDIT INFORMATION BY EXPERIAN WITH YOU AND PAISABAZAAR, IN ITS CAPACITY AS YOUR AUTHORISED REPRESENTATIVE.
BY CLICKING "ACCEPT" YOU AGREE AND ACCEPT THE DISCLAIMERS AND TERMS AND CONDITIONS SET OUT HEREIN. THE TERMS AND CONDITIONS MENTIONED HEREIN MAY CHANGE IN ORDER TO COMPLY WITH GOVERNING LAWS OF THE COUNTRY AND THE CONSUMER SHALL BE BOUND TO ANY CHANGES TO THIS AGREEMENT

Name :
Date : 18/01/2022

I hereby appoint Paisabazaar as my authorised representative to receive my credit information from the following bureau partners :

I hereby unconditionally consent to and instruct the above bureaus to provide my credit information to me and Paisabazaar on a month to month basis. I understand that I shall have the option to opt out/unsubscribe from the service.

Name :
Date :18/01/2022

CC:
Paisabazaar.com,
Paisabazaar Marketing and Consulting Private Limited

CRIF HIGH MARK TERMS
AND CONDITIONS

This End User Agreement (the "Agreement") is made between you (the "User" or "You") and Paisabazaar Marketing and Consulting Pvt Ltd ("PaisaBazaar"), a private limited company having its registered office at Plot No 119, Sector-44, Gurgaon-122001, Haryana ("PAISABAZAAR", "Us" or "We", which term shall include its successors and permitted assigns). The User and PAISABAZAAR shall be collectively referred to as the "Parties" and individually as a "Party".

YOU HEREBY APPOINT PAISABAZAAR AS YOUR AUTHORISED REPRESENTATIVE TO RECEIVE YOUR CREDIT INFORMATION FROM CRIF HIGH MARK. BY EXECUTING THIS AGREEMENT / CONSENT FORM, YOU ARE EXPRESSLY AGREEING TO ACCESS THE CRIF HIGH MARK CREDIT INFORMATION REPORT AND CREDIT SCORE, AGGREGATE SCORES, INFERENCES, REFERENCES AND DETAILS (AS DEFINED BELOW)(TOGETHER REFERRED AS "CREDIT INFORMATION"). YOU HEREBY ALSO IRREVOCABLY AND UNCONDITIONALLY CONSENT TO SUCH CREDIT INFORMATION BEING PROVIDED BY CRIF HIGH MARK TO YOU AND PAISABAZAAR BY USING CRIF HIGH MARK TOOLS, ALGORITHMS AND DEVICES AND YOU HEREBY AGREE, ACKNOWLEDGE AND ACCEPT THE TERMS AND CONDITIONS SET FORTH HEREIN. YOU ALSO ACKNOWLEDGE THAT YOU SHALL NOT RAISE ANY CLAIM OR HOLD LIABLE CRIF HIGH MARK CREDIT INFORMATION SERVICES PRIVATE LIMITED IN RELATION TO YOUR CREDIT INFORMATION REPORT AND CREDIT SCORE PROVIDED OR TO BE PROVIDED BY CRIF HIGH MARK TO PAISABAZAAR.

Terms and Conditions: Information Collection, Use, Confidentiality, No-Disclosure and Data Purging PAISABAZAAR shall access your Credit Information as your authorized representative and PAISABAZAAR shall use the Credit Information for limited end use purpose consisting of and in relation to the services proposed to be availed by you from PAISABAZAAR. PAISABAZAAR shall not aggregate, retain, store, copy, reproduce, republish, upload, post, transmit, sell or rent the Credit Information to any other person and the same cannot be copied or reproduced other than as agreed herein.

The Parties agree to protect and keep confidential the Credit Information both online and offline. The Credit Information shared by you, or received on by us on your behalf shall be destroyed, purged, erased promptly upon request from the consumer or the consumer withdrawing the consent to retain such credit information / reports by deleting/deactivating the consumers account with Paisabazaar.

Governing Law and Jurisdiction Definitions: Capitalised terms used herein but not defined above shall have the following meanings:
" Business Day" means a day (other than a public holiday) on which banks are open for general business in Gurgaon and Mumbai.
" Credit Information Report" means the credit information / scores/ aggregates / variables / inferences or reports which shall be generated by CRIF High Mark;
" Credit Score" means the score which shall be mentioned on the Credit Information Report which shall be computed by CRIF High Mark.
" CICRA" shall mean the Credit Information Companies (Regulation) Act, 2005 read with the Credit Information Companies Rules, 2006 and the Credit Information Companies Regulations, 2006, and shall include any other rules and regulations prescribed thereunder.
IN CASE THERE IS ANY DISCREPANCY OR INABILITY IN COMPLETION OF ONLINE AUTHENTICATION, PLEASE SUBMIT YOUR SELF ATTESTED KYC DOCUMENTATION IN SCANNED COPIES FOR SHARING OF YOUR CREDIT INFORMATION BY CRIF HIGH MARK WITH YOU AND PAISABAZAAR (YOUR AUTHORISED REPRESENTATIVE).
ONLINE SUBMISSION - DOES NOT REQUIRE SIGNATURE AND EXECUTION"

Name :
Date :18/01/2022

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हिंदी में पढ़े
Updated: 14-07-2021 07:50:12 AM

Mobile banking is a facility that enables customers to initiate and/or perform banking tasks on their mobile phones. This is provided by most of the banks in India and abroad. Customers can use mobile banking to view their account balance, make instant fund transfers and pay bills, etc.

There are various types of mobile banking, viz. via SMS, USSD and mobile apps. Some of the banks like SBI, have incorporated services like loan approval and linking of insurance policy in their mobile banking apps. Let us read the features and benefits of mobile banking and how to use mobile banking.

Types of Mobile Banking Services

Mobile banking is one step closer to creating a completely digitalized environment. It lessens paperwork and shrinks waiting time which is otherwise wasted in long queues.

Types of Mobile Banking

Banks provide mobile banking services to their clients in the different ways listed here:

  • Mobile Banking over mobile applications (for smartphones; e.g. SBI Yono and iMobile by ICICI Bank, etc.)
  • Mobile Banking over SMS (also known as SMS Banking)
  • Mobile Banking over Unstructured Supplementary Service Data (USSD)

Mobile Banking – Services Available

Mobile banking is useful to customers in the following ways:

  1. Access to Account Information

Information is power. And thus, knowing your exact bank balance is important. This helps you in better management of your funds. And thus, this is the primary mobile banking service provided by any bank. You can check the following:

  • View account balance (balance enquiry)
  • Transaction history
  • e-statement of account
  • Loan statements
  • Card statements
  • e-Passbooks
  1. Transactions

Making payments and transferring money from one account to another is the most basic banking activity. Therefore it only makes sense that these are the most used and in-demand mobile banking services. You can transfer funds to anyone by adding them as beneficiaries or simply via Unified Payments Interface or UPI.

  • Bank to bank transfers
  • Transfer of funds to self
  • Payments to third parties (rent payments, bill payment, etc.)
  • Giving standing instructions for periodic payments
  • Payments via NEFT/IMPS/RETG/UPI/MMID
  1. Investments
  • Opening fixed deposit/recurring deposits
  • Mutual fund investments
  • Portfolio management services (e.g. SBI Capital Securities)
  1. Other Services

Apart from the account summary, bill payments, fund transfers and investments, there are other services that a customer requires for smooth banking experience. Also, there may be times when you have some grievances and due to lack of time, are not able to address. For such extra services, you can always resort to your bank’s mobile banking and find solutions to your complaints or queries. These services include:

  • ATM locators
  • Branch locators
  • Lodging complaint/ tracking applications
  • Ordering new cheque book
  • Cancelling/stopping an issued cheque

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Mobile Banking over SMS 

SMS BankingAlong with mobile apps, most banks offer mobile banking services over SMS. This service is useful for those who do not have smartphones and/or internet connection. Customers need to register their mobile number with their bank in order to avail SMS banking.

Services Offered by SMS Banking

  • Balance Enquiry
  • Get mini-statement
  • Transfer of funds to/from self-accounts (e.g. savings A/c to current A/c)
  • Block ATM card or a credit card
  • Enquiry for forex rates
  • Enquiring about current interest rates (e.g. FD rates and savings rates)

These services are carried out by push/pull messages. Push messages mean when the bank initiates a communication, often reminding about payment or notification about a withdrawal. OTP or One-Time Password is also a type of push message that falls within the periphery of mobile banking.

Pull messages are those messages that are initiated by the customer. These can be for account balance enquiry and for cancelling an issued cheque, etc.

For instance, to check the available balance in their account, they may have to send an SMS in the format: AVAIL BAL XXXX where XXXX is the last 4 digits of the account number. The bank replies with an SMS with the current available balance in the account.

Mobile Banking over USSD

USSD Mobile BankingUSSD or Unstructured Supplementary Service Data is a type of communication via which one can exercise basic banking services. There is no need for a smartphone or an internet connection for this service. It allows services like balance enquiry and transfer of funds.

*99# – a USSD based mobile banking service, has been launched by NPCI which is supported in 51 leading banks in India. The following services are offered by *99# USSD payment option:

  • Balance enquiry
  • Mini statement
  • Transfer of funds via
  • Change MPIN
  • Generate OTP
  • Know MMID (Mobile Money Identifier – a 7-digit unique no. given by the respective bank)

Note: Basic charges of Rs. 0.50 are charged from the customer to carry out USSD transactions. There is a daily limit of Rs. 5,000 set

Tips for Safe Mobile Banking

Safe Mobile BankingMobile banking, either by mobile banking apps, internet banking, USSD or SMS, is protected. If you use the bank’s website or mobile app to transfer funds, etc. there are protections like firewalls and SSL encryption that make sure your data is safe and cannot be used by anyone else.

That being said, there are some measures that you must take when doing mobile banking or online banking. These are:

  1. Use a safe network connection – It is important that you do not use any public Wi-Fi and/or someone else’s device for online banking. If you have to use a public network, set up a VPN software and only then go ahead.
  2. Licensed anti-virus – Make sure you have anti-virus software installed in your device for an added layer of protection. Also, this should be a licensed software for which you will receive a key when you buy it. Without this key, nobody can make any changes in the software. This provides full-proof protection.
  3. Subscribe for push message notification – Doing this ensures that you are always informed about any transaction that takes place to/from your account. Also, if there are any unsuccessful login attempts to your internet banking account, your bank will send you a notification. In such cases, you can contact your bank and get your account secured.
  4. Avoid signing in via a third-party website or promotional emails – Never click on URLs received in an SMS or promotional email. Also, avoid using third-party websites to sign in to your account at all costs. This can be extremely harmful and can place a big dent in the security of your accounts.

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Frequently Asked Questions (FAQs)

What is the full form of USSD?

Full form of USSD is Unstructured Supplementary Service Data.

What is *99#?

*99# is a USSD based channel for basic banking services like balance enquiry, fund transfers and mini statement, etc. It is launched by NPCI and is supported by all the leading banks in India.

Can I transfer funds without downloading a mobile banking app?

Yes. Most of the banks provide this facility where customers can simply transfer funds by logging into the bank’s official website using their mobile browser.

How to activate mobile banking?

Get your mobile number linked to your bank account and then request for activation of mobile banking on your registered number. Once your number is registered, dial *99# and follow the steps to get your MPIN. This will be used every time you want to transfer funds via USSD.  For banking on mobile apps, install your bank’s app and register on it. You will need to create a User ID and Password. Some apps, like SBI YONO or iMobile allow login using debit card details.

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