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Terms Of Use

TERMS OF USE
The objective of these Terms of Use (“Terms”) is to inform You (defined below) of the terms that apply to Your (defined below) access/use of the Open Capital Platform (defined below), what Open Financial Technologies Private Limited (“Open”; “We”; “Company”; “Our” or “Us”, as the context requires, and includes its affiliates and assigns) expect of You and what You can expect from Us (defined below) as You use and interact with the Open Capital Platform provided by Us.
The Open Capital Platform enables merchants and businesses to leverage technology to avail credit facilities offered by Open"s partner financial entities (“Partner Entities”). This credit facility service requires accessing your Credit Information as supplied by our credit bureau partner (“Credit Bureau”) and sharing your Profile Data (defined below) with Partner Entities.
These Terms are an electronic record in terms of the Information Technology Act, 2000, and rules thereunder as applicable and as amended from time to time. This electronic record is generated by a computer system and does not require any physical or digital signatures. These Terms are published in accordance with the provisions of Rule 3(1)(a) of the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021 as amended in 2022 framed under the Information Technology Act, 2000 (as amended from time to time), that mandates publishing the terms of use for access or usage of the Open Capital Platform and Services (defined below) and they constitute a legally binding and enforceable contract between Us and the User (defined below).
These Terms govern the access and use of the website: www.opencapital.co.in (“Website” or “Open Capital Platform”, which includes any and all the related sub-links and the Services provided thereunder) offered by Us. These Terms governs the access and use of the Open Capital Platform hosted at:
IIFL- https://www.iifl.com
Aditya Birla- https://finance.adityabirlacapital.com/about-us/company-profile
Flexi Loan-https://loans.flexiloans.com
Indifi-https://www.indifi.com/
LendingKart-https://www.lendingkart.com/
Credit Saison-https://creditsaison.in/
Godrej-https://www.godrejcapital.com/
Clix-https://www.clix.capital/
Niyogin-https://www.niyogin.com/
Gromor-https://gromor.in/
Ugro-https://www.ugrocapital.com/
Protium -https://protium.co.in/
Incred -https://www.incred.com/
Please note, the list above may change from time to time. We encourage you to review these Terms regularly to stay informed of any updates to the list of Lending Partners.
Once You opt to accept an offer extended by a specific Lender, the term “Lender”/ “Lending Partner” will bear reference to that specific Lender/ Lending Partner whose offer you opted to accept. (Links to the various Lender websites have been provided above, where further/ detailed information about the loan products, the Lenders" customer care particulars, link to Sachet Portal, privacy policies, etc. can be accessed by You.)
By accessing or using Open Capital Platform, You hereby agree to adhere and be irrevocably bound by the Terms set out hereunder. This is an important document, you must read these Terms carefully before agreeing to it. These Terms also highlight certain risks associated with using the services offered on Open Capital Platform.
You are solely responsible for understanding and complying with any and all laws, rules and regulations of Your specific jurisdiction that are applicable to you in connection with Your business and Your use of the Open Capital Platform.
BY USING OR INSTALLING ANY PART OF THE SERVICE, THE USER EXPRESSLY AGREES TO AND CONSENTS TO BEING IRREVOCABLY BOUND BY THIS AGREEMENT AND ALL OF THE TERMS SET OUT HEREIN. IF YOU DO NOT AGREE TO ALL OF THE TERMS OF THIS AGREEMENT, YOU SHOULD NOT AVAIL ANY SERVICES OFFERED ON THIS OPEN CAPITAL PLATFORM. IF YOU DO NOT AGREE WITH THESE TERMS, ON BEING INFORMED, WE WILL PROMPTLY CANCEL THE ASSOCIATION AND THE USER MAY NOT ACCESS, USE OR INSTALL ANY PART OF THE SERVICE.
OPEN SHALL HAVE DEEMED TO HAVE ACCEPTED THIS AGREEMENT AND THE CONTRACT SHALL ONLY BE CONSIDERED TO BE DULY EXECUTED, VALID AND BINDING AFTER THE RECEIPT OF THE USER INFORMATION FROM THE USER AND DUE VERIFICATION OF THE SAME BY OPEN CAPITAL.
THE CONTRACT SHALL BE DEEMED TO HAVE BEEN RECEIVED, ACCEPTED AND FORMED AT OPEN"S REGISTERED OFFICE, 3RD FLOOR, TOWER 2, RGA TECH PARK, 18 SARJAPUR ROAD, HADOSIDDAPURA, DODDAKANNELLI, BENGALURU, KARNATAKA – 560035.
These Terms govern the User"s use and/or access to the Open Capital Platform. These Terms form an integral part of, and will be read in conjunction with:-
The Privacy policy governing the use of the Website or provided to the User in any other manner or form, which is hosted at https://www.opencapital.co.in/privacy (“Privacy Policy”).
Terms and conditions, privacy policy, including but not limited to loan agreements, sanction letter, Key Fact Statement (KFS) and any other document stipulated by the Lender pursuant to the Services availed by You.
OPEN CAPITAL CREDIT TERMS - The terms and conditions hosted on https://www.opencapital.co.in/credit-terms (“Open Capital Credit Terms”) shall govern the credit facility and business loans facilities offered, by the Lender on the Open Capital Platform (hereinafter referred to as “Open Capital Credit”). By proceeding to use Open Capital Credit, the User signifies its consent to be bound by these Open Capital Credit Terms which shall be read in conjunction with these Terms and the Privacy Policy.
General Disclaimer
Open offers Loan Facilitation Services on Open Capital Platform, in which Open facilitates loans or credit terms through Lending Partners to You in accordance with these Terms and the terms of relevant loan products. This service also includes Open acting as a direct selling agent of Lending Partners.
Open is not a Bank (defined below) and does not hold or claim to hold a banking license. The business loans and other similar banking services/financial services offered on the Open Capital Platform are provided by banks/NBFCs licensed by the RBI. ). If in doubt, please make an enquiry with the concerned Lending Partner. Banking services/financial services offered on the Open Capital Platform are subject to security standards and legal requirements prescribed by the Lending Partner, in accordance with extant RBI guidelines.
By agreeing to these Terms, You agree that Open has communicated to You all the important terms and conditions in clear and simple language comprehensible to You, including but not limited to the following –
Information relating website links to the product features, loan limit and cost, etc., so as to make You aware of these aspects.
Information that You have been provided with links on Our website to Our Lending Partners" (defined below) website(s) where further/ detailed information about the loan products, the Lender, the LSP(s), particulars of customer care, link to their Sachet Portal, their privacy policies, etc. can be accessed by the You.
Information that We do not store Your personal information except some basic minimal data (viz., name, address, contact details of the customer, gender etc.) that may be required to carry out Our operations.
We do not store/collect Your biometric data unless required by our Lending Partners or to perform the Services availed on Our Open Capital Platform.
Definitions
Unless the context otherwise requires, the following capitalized words shall have the meaning assigned to them below:
“Admin Verified” shall mean the approval provided to the User by the administrator at Open Capital to use a particular Service or set of Services subject to the User"s information being submitted, Know Your Customer (“KYC”) compliance, risk assessment and execution of any other controls or protocols that may be required to verify and authenticate the User in accordance with applicable laws, including but not limited to the RBI Guidelines.
“Bank” refers to any company offering banking services like accepting, for the purpose of lending or investment, of deposits of money from the public, repayable on demand or otherwise, and withdrawable by cheque, draft, order or otherwise;
“Non-Banking Financial Company” or “NBFC” is a company licensed by the RBI and registered under the Companies Act, 1956 engaged in the business of loans and advances, acquisition of shares/stocks/bonds/debentures/securities issued by Government or local authority or other marketable securities of a like nature, leasing, hire-purchase, insurance business, chit business but does not include any institution whose principal business is that of agriculture activity, industrial activity, purchase or sale of any goods (other than securities) or providing any services and sale/purchase/construction of immovable property. “Business Days” shall mean any day in which banks are open for business in Bangalore, India.
“Business Current Account” or “Payment Account” shall mean a bank account that is linked by the User to the Open Capital Platform for disbursement of loans. The Business Current Account can either be opened afresh with any Bank and linked to the Open Capital Platform for settlements or by enabling KYC verification and linking an existing bank account to the Open Capital Platform. Usage of the Business Current Account by any User is subject to the terms stipulated by the concerned bank with which the User has opened a Business Current Account.
“Know Your Customer” or “KYC” shall mean the various norms, orders, rules, regulations, laws, and statutes as per applicable laws, including the RBI"s Master Directions ‐ Know Your Customer Directions dated February 25, 2016, as amended from time to time, according to which Open Capital procures personal identification details from the User desiring to access/use the Open Capital Platform.
“User Account” shall mean the online account opened by the User on Open Capital Platform in accordance with the RBI Guidelines, subject to the onboarding requirements stipulated on the Open Capital Platform.
“RBI Guidelines” shall mean the extant rules, regulations, orders, directions, notifications and guidelines issued by RBI applicable to services offered on Open Capital Platform, including but not limited to The Guidelines on Regulation of Payment Aggregators and Payment Gateways dated March 17, 2020; RBI Guidelines on Digital Lending dated Sep 02, 2022; and Master Directions for Know Your Customer (KYC), 2016, (each as amended from time to time).
“Regulated Entities (REs)” shall mean the concerned
Commercial Bank(s),
Primary (Urban) Co-operative Bank(s),
State Co-operative Bank(s),
District Central Co-operative Bank(s);
and
Non-Banking Financial Companies (including Housing Finance Companies)
“Service(s)” shall mean and include the following services provided by Open Capital to the User at the request of the User:
Collection of KYC documents and onboarding the User on the Open Capital Platform.
Facilitation of Open Capital Credit and enabling execution of sanction letter and loan agreement with the Lender in this regard.
To provide You details of Open Capital Credit availed and interest and in coordination with Lending Partner principal repayments for such loan, on the Open Capital Platform.
Providing support to the User in respect of any queries/clarifications that the User may have in respect of the Open Capital Platform.
“Transaction” shall mean the disbursal of loans from the Lender to the User.
“User”, “You”, “Your” and “Yourself”, as the context requires, shall mean and include a natural person or legal person (sole proprietor, partnership firm, company, LLPs, trusts, societies or HUFs) that registers on the Open Capital Platform and/or transacts or avails Services. The term ‘User" shall also include such personnel of the User (including but not limited to any current or former officers, directors or employees of the User) who access the Open Capital Platform using the User Account credentials with either full rights or limited rights, as the case may be.
Eligibility
The Open Capital Platform must be accessed/used only by persons above 18 (eighteen) years of age and who can enter into legally binding contracts with Us in accordance with the Indian Contract Act, 1872 by virtue of being ‘competent to contract" within the meaning of Section 11 of the Indian Contract Act, 1872. Your use or access of the Open Capital Platform shall be treated as Your representation that You are competent to contract and if You are registering as a business entity, then You represent and warrant that You have the authority to bind such business entity to these Terms.
Note : The Open Capital Platform shall be accessed and used by Users solely for their legitimate business requirements.
Assistance By Open Capital
Subject to your eligibility to avail loan products from specific Lending Partners, Open Capital will assist You in connecting with the Lending Partners and facilitate the execution of loan documents with Lending Partner so that You may avail the services of Open Capital Credit.
Based on Your eligibility limit as per Your credit score and other criteria (as determined by the concerned Lender), the Lender will disburse the business loan to You. The details of Your eligibility limit can be viewed on Your Account at the Open Capital Platform. Subject to this eligibility limit, You may be permitted to avail a business loan from the Lender, by confirming the disbursal amount and other terms and conditions of the disbursal (as determined by the Lender), on the Open Capital Platform and set out in the loan documents to be entered into with the Lender.
Registration and Access
To access and use the Open Capital Platform and Services, You must open a User Account on the Open Capital Platform. In this regard, You will provide the Us and Lender with all documents and information required to carry out KYC compliance in accordance with the RBI Guidelines. You must provide true, accurate, current and complete information at all times, failing which, We may at any time reject Your registration and terminate Your right to use or access the Open Capital Platform.. For the purpose of conducting KYC compliance for the User, Open Capital has the right to seek the self-attested copies of the documents, as submitted during/post the registration process.
When You register on the Open Capital Platform, a User Account will be created based on the information You have provided. You are advised to keep the credentials of the User Account in confidence as You will be solely responsible for the activities on the User Account. You will ensure that the User Account details provided and/or updated are correct and complete at all times. You shall inform Open Capital of any change in the User email address, mobile number, address, change in authorization, control or legal status or cessation of the User"s business by giving an advance written intimation of at least 30 (thirty) Business Days.
You shall be responsible at all times for keeping Your information updated and for maintaining the safety and confidentiality of the username, password and any other information pertaining to the User Account and for preventing unauthorized access to the User Account and devices. Open Capital will not be liable for any mistake or misuse of User Account either by the User, by any person authorized by the User, or by any person gaining access to the Services through the User Account, attributable to act/omission of the User.
It shall be Your responsibility to review these Terms periodically for updates/changes. Your continued use of the Open Capital Platform following any amendments of these Terms is construed as deemed acceptance of such amendments. Subject to the User"s continued compliance with these Terms, Open Capital grants the User a personal, non-exclusive, non-transferable, limited privilege to access and use the Open Capital Platform.
You will use the Open Capital Platform and the Services contemplated by it only for lawful business activities and will not carry out any activity which is banned, illegal or immoral, or in any manner facilitate furtherance of any such activities which constitutes a violation of any law or regulation, including but not limited to the RBI Guidelines.
You will be responsible and shall indemnify Us against any liability, costs or damages arising in connection with (a) the User providing false, incorrect or misleading information; and (b) compromise of the User Account credentials. Open Capital reserves the right to refuse access to the Open Capital Platform, terminate accounts, or remove or edit content at any time without notice to the User concerned if these Terms or the Privacy Policy are violated.
Aadhar Offline e-KYC Verification
You have a number of options to complete KYC compliance on the Open Capital Platform. If you proceed to register on the Open Capital Platform using Aadhar offline e-KYC, You (the Aadhaar holder), hereby irrevocably undertake to:
Place a request to Open Capital, Lender and Perfios Software Solutions Private Limited (“Perfios”) to access Your Aadhaar Information (defined below) from Unique Identification Authority of India (“UIDAI”), to fetch regarding Aadhaar XML, (“Aadhaar Information”).
Explicitly authorise Open Capital, and Perfios to fetch Your Aadhaar Information from UIDAI to make it available to Open Capital, and Perfios and/or any third party, as may be required for completing KYC verification.
Agree to take all the necessary actions required for the purpose of authenticating and verifying Your Aadhaar Information.
Give a valid, binding, explicit authorisation and consent as may be required under applicable laws, rules, regulations and guidelines for availing the Aadhaar API services of Open Capital, and Perfios including, but not limited to the transmission and storage of Your Aadhaar Information by Open Capital.
Understand and agree that the consent has been submitted by You voluntarily and without any coercion from Open Capital, Perfios or any other party.
fully understand and accept sole and complete responsibility for any issues, legal suits, damages, losses, penalties, fines or liabilities (“Losses”) arising out of Your sharing of Aadhaar Information and authorising Open Capital, and Perfios for fetching Your Aadhaar Information and that You will fully hold harmless Open Capital, and Perfios, its representatives, employees and directors for any Losses arising out of such request and actions.
Understand and agree that Perfios does not store or retain any of Your Aadhaar Information including the Aadhaar number after it has processed Your request.
Gifts and Bribes
We do/will not accept any gifts from You and any bribes/ kickbacks offered to Us or any of Our employees whether in cash or kind will be promptly reported to the concerned regulator(s), Our Lending Partner and any other concerned authority.
We do not, directly or indirectly, make or offer any payment, gift or other advantage that is intended to, or does, influence or reward any person including You (whether or not they are in the public sector) for acting in breach of an expectation of good faith, impartiality or trust or otherwise performing their function improperly.
Data, Audit, and Security
The User and Open Capital each represents and covenants to the other that it will adhere to the data security protocols prescribed under the RBI Guidelines, including the procedures for incident management and reporting.
Open Capital and the Lender at their sole and absolute discretion may direct the User to upgrade its infrastructure in compliance with applicable laws.
We employ the use of cookies on the Open Capital Platform. Most interactive websites use cookies to enable retrieval of the User details for each visit. Cookies are used in some areas of the Open Capital Platform to enable and enhance the functionality and ease of use for the Users. By using the Open Capital Platform, the User consents to the use of cookies in accordance with the Privacy Policy. Some of the Lending Partners may also use cookies.
Unauthorised access to your financial information:
To help prevent unauthorised access to your personal financial information, You agree to:
maintain the security of your account by not sharing your login credentials with others and restricting access to your account on your computer or mobile or other device;
ensure that you logout from your Open Capital Account each and every time you use it;
ensure that you have enabled a two-factor authentication such as a pattern lock, password protection, etc. on your device and do not leave your computer or mobile or other device unattended or unlocked; and
take responsibility for all activities that occur under your Open Capital Account and accept all risks of unauthorised access. If you believe your password or devices has been lost or stolen, or if you suspect any fraudulent activity, please immediately de-activate your account and report this to us immediately at lsp.grievances@bankopen.co
You are solely responsible for any unauthorized access to your personal or financial information that results from your failure to properly follow the security procedure detailed in these Terms and Conditions. Open Capital will not be liable for any loss, damage or other liability arising from your failure to comply with these Terms or from any unauthorized access to or use of your Open Capital Account. We will also have no liability and you agree to assume all risk of loss that arises out of or relates to any loss or theft of your device or any information contained within any device.
Risks:The use of a device such as mobiles, tablets and laptops involves risks as also does the usage of the internet. For example, sensitive personal information or financial data that is transmitted from or to a device or internet may be intercepted and used by third parties without your knowledge. Viruses, spyware and other “malicious code” can also be downloaded to your devices without your knowledge. By using a device and internet to access the Sites, you assume all of those risks and agree that we will have no liability whatsoever to you for any loss or theft (including identity theft) occurring as a result of such risks.
PCI DSS AND ISO Certification:We provide Payment Card Industry (PCI) Data Security Standard (DSS) certified and ISO 27001 certificated services. We have implemented technical and organizational measures designed to secure your personal information from accidental loss and from unauthorized access, use, alteration or disclosure. Encryption:Data transferred via the Sites is encrypted in an effort to provide transmission security. Notwithstanding our efforts to ensure that the Sites are secure, you acknowledge that mobile transmissions and the Internet are inherently insecure and that all data transfers, occur openly and potentially can be monitored and read by others. We cannot and do not warrant that all data transfers utilizing our Sites will not be monitored or read by others.
Additional Security Procedures:We may from time to time use reasonable additional or alternative procedures to ensure the security and confidentiality of your payment transactions through our Sites. At all times you agree to comply with all security procedures we may impose in connection with your use of the Sites. You agree that all security procedures we use are commercially reasonable, and to the extent allowed by law, you assume all risk of loss for unauthorized transactions where we have followed our then-current security procedures.
Data Localization: We maintain all data obtained in the course of providing our services exclusively within the geographical boundaries of India. This includes, but is not limited to, user information, transaction data, and any other data collected during the performance of our services.
Duty of Reasonable Care:We will exercise good faith and reasonable care in processing your transactions in accordance with these Terms and Conditions. You will similarly exercise good faith and reasonable care in:
using the Site,
observing and maintaining security procedures,
communicating with us, and
In reviewing your transaction records for any errors or discrepancies.
Content
Unless specifically permitted by the User, usage of the Services does not grant Us the license to use, reproduce, adapt, modify, publish or distribute the content created and/or stored in the User Account. Notwithstanding the above, the User grants Us the permission to access, copy, distribute, store, transmit, reformat, or disclose the data /content of the User Account for the purpose of providing the Services requested/availed by the User.
The User may transmit or publish content created by using any of the Services or otherwise. However, the User shall be solely responsible for such content and the consequences of its transmission or publication. Any content that the User may receive from third-parties while using the Services, is provided to the User on an ‘AS IS" basis for their information and personal use only and the User agrees not to use, copy, reproduce, distribute, transmit, broadcast, display, sell, license or otherwise exploit such content for any purpose, without the express written consent of the person who owns the rights to such content.
User undertakes that it shall not do any act or post, display, upload, modify, publish, transmit, update or share any information that belongs to another person and to which the User does not have any right;
is grossly harmful, harassing, blasphemous, , obscene, pornographic, paedophilic, , invasive of another"s privacy, hateful, or racially, ethnically objectionable, disparaging, relating or encouraging money laundering or gambling, or otherwise unlawful in any manner whatever;
infringes any patent, trademark, copyright or other intellectual proprietary rights of any third party;
violates any law for the time being in force;
impersonates another person;
contains software viruses or any other computer code, files or programs designed to interrupt, destroy or limit the functionality of the Open Capital Platform;
is prohibited under applicable law(s) for the time being in force including the Bharatiya Nyaya Sanhita, 2023, as amended from time to time and rules made there under; and
threatens the unity, integrity, defence, security or sovereignty of India, friendly relations with foreign states, or public order or causes incitement to the commission of any cognizable offence or prevents investigation of any offence or is insulting any other nation, content that promotes enmity between different groups based on religion or caste with the intent to incite violence, and which communicates misinformation.
You are also prohibited from:
violating or attempting to violate the integrity or security of the Open Capital Platform or any Content thereto;
transmitting any information (including job posts, messages and hyperlinks) on or through the Platform that is disruptive or competitive to the provision of Service(s) by Open Capital;
making any unsolicited communications to other Users;
using any engine, software, tool, agent or other device or mechanism (such as spiders, crawlers, robots, avatars or intelligent agents) to navigate or search the Open Capital Platform;
attempting to decipher, decompile, disassemble or reverse engineer any part of the Open Capital Platform; or
copying or duplicating in any manner any of the content or other information made available from the Open Capital Platform.
We are not responsible for the accuracy, completeness or correctness of the information made available on the Open Capital Platform. The material on the Open Capital Platform is provided for general information only and should not be relied upon or used as the sole basis for making decisions without consulting primary, more accurate, more complete or more timely sources of information. Any reliance on the material on the Open Capital Platform is at the User"s own risk. The Open Capital Platform may contain certain historical information. Historical information may not necessarily be updated and is provided for the User"s reference only. We reserve the right to modify the contents of the Open Capital Platform at any time without any obligation to update any information on the Open Capital Platform. The User agrees that it is the User"s responsibility to monitor changes on the Open Capital Platform.
Third-Party Links
The Open Capital Platform may refer to or may contain, links to third-party websites, applications, services and resources. We provide these links only as a convenience to the User to avail certain services and should not be construed as an endorsement of these third-party websites applications and services by Open Capital. We make no representation or warranty of any kind regarding the accuracy, reliability, effectiveness, or correctness of any aspect of any third-party services, and consequently, We are not responsible for the content, products or services that are available from these third-party services. The User is responsible for reading and understanding the terms and conditions and privacy policy that applies to the User"s use of any third-party services, and the User acknowledges its sole responsibility and assume all risks arising from User‘s use of any third-party services.
Malicious Behaviour
The Open Capital Platform shall not allow any party and/or entity that steal data, secretly monitor or harm Users, or are otherwise malicious. Therefore, the following are expressly prohibited:
viruses, trojan horses, malware, spyware or any other malicious software.
apps/ websites that link to or facilitate the distribution or installation of malicious software.
apps/ websites that introduce or exploit security vulnerabilities.
apps/ websites that steal User"s authentication information (such as usernames or passwords) or that mimic other apps or websites to trick Users into disclosing personal or authentication Data.
apps/ websites that install other apps on a device without the User"s prior consent.
apps/ websites designed to secretly collect device usage, such as commercial spyware apps.
Intellectual Property Rights
All copyrights, patents, trade secrets, know-how, trade dress, trademarks, service marks, trade names, moral rights and other intellectual property and proprietary rights (“IPR”) in the Open Capital Platform shall remain the sole and exclusive property of Open Capital and its licensors/partners including Lending Partner, as applicable. The IPR may not be copied, reproduced, distributed, transmitted, broadcasted, displayed, sold, licensed, uploaded, or otherwise exploited without the prior written consent of Open Capital.
Relationship
You understand and agree that nothing contained in these Terms shall be deemed or construed as creating a partnership or joint venture between the User and Us, or deemed to cause any party to be responsible in any way for the debts and obligations of the other party.
You will not describe (whether online or otherwise) Yourself as an agent or representative of Open Capital or make any representations to any User or any third party or give any warranties which may require Us or Service Providers to undertake or be liable for, whether directly or indirectly, any obligation and/or responsibility to the User or any third party.
Confidentiality
The User agrees not to disclose or attempt to use or personally benefit from any non-public information that it may learn or discover on the Website or through the Services. This obligation shall continue until such time as the non-public information has become publicly known through any action of the User. If the User is compelled by order of a court or other governmental or legal body (or have notice that such an order is being sought) to divulge any such non-public information, the User agrees to promptly and diligently notify Us and cooperate fully with Us in protecting such information to the extent possible under applicable law.
We may access, preserve and disclose any of User‘s information if required to do so by applicable law, or if we believe in good faith that it is reasonably necessary to (i) respond to claims asserted against Us or to comply with legal process, (ii) for fraud prevention, risk investigation, User support, product development and de-bugging purposes, or (iii) protect Our rights, property or ensuring safety of the Users or members of the public.
Disclaimer of Warranties & Limitation of Liability
In providing the services via Open Capital Platform, We shall be entitled to rely upon all electronic communications, orders or messages sent to Us to the extent they are in compliance with any applicable laws and the RBI Guidelines. We shall not be obligated to verify or make further inquiry into the identity of the sender, or the message integrity, of any communications, orders or messages.
We will endeavour to ensure that access to and availability of the Open Capital Platform remains uninterrupted and error-free. However, access to the application may occasionally be suspended or restricted to allow for repairs, maintenance, or for the introduction of new facilities and Services and in such cases We shall not be liable for the disruption of any of the Services. We reserve the right to determine the timing and content of software updates, which may be automatically downloaded and installed by an application without prior notice to the User.
WE REITERATE THAT OPEN CAPITAL IS NOT A LENDER. OPEN CAPITAL HAS A CONTRACTUAL RELATIONSHIP WITH THE LENDING PARTNERS PURSUANT TO WHICH THE LENDING PARTNER OFFERS CREDIT TO THE USERS OF THE OPEN CAPITAL PLATFORM. ANY CREDIT FACILITY MADE AVAILABLE TO YOU BY THE LENDING PARTNER SHALL BE GOVERNED BY TERMS AND CONDITIONS AGREED BETWEEN YOU AND THE LENDING PARTNER.
Open Capital and its directors, officers, employees and agents shall not be responsible in any manner whatsoever for:
The rejection of Your Open Capital application or other refusal by the Lender of the Open Capital with or without reason;
Open Capital is not obliged to inform reasons for such refusal/rejection; and
If the facility of Open Capital is made available to You by the Lender, the terms and conditions governing the same shall be solely between You and the Lender and Open Capital shall not be a party to the same.
The Services are provided on an as-is-and-as-available basis. We expressly disclaim all warranties of any kind, whether express or implied, including, but not limited to, the implied warranties of merchantability and fitness for a particular purpose. We make no warranty that the Services will be uninterrupted, timely, secure, or error free. To the maximum extent permitted by law, the entire risk arising out of the User"s access of and use of the Website and Services, remains with the User. A separate limitation over liability shall be applicable to each of the Services.
We shall not be liable for any breach of these Terms due to any force-majeure event that prevents or delays performance of our obligations under these Terms. Force-majeure events would include but not limited to lockdown, such as act of God, fire, lightning, explosion, flood, adverse weather conditions, power failures, failure in any communication systems, equipment breakdown, strikes, lock-out, pandemic, endemics, or any other cause beyond the control of Open Capital. We shall not be liable to You for any indirect Losses, special, consequential or punitive damages or Losses, including but not limited to, loss of business or data or profits or goodwill.
Indemnity
The User shall keep Us indemnified from and against any and all liability (including but not limited to liabilities, judgments, damages, losses, claims, costs and expenses,) or any other loss that may occur, arising from or relating to any claim, suit or proceeding brought against Us by another User/ Service Provider/ third party for reasons including, but not limited (i) a breach, non-performance, non-compliance or inadequate performance by the User of any of the terms, conditions, representations, obligations or warranties made by him/her; (ii) any acts, errors, fraud, misrepresentations, wilful misconduct or negligence of the User, or their employees, subcontractors and agents in performance of their obligations under these Terms.
Communication Policy
By accepting these terms You acknowledge and consent that the You may receive notifications from Us via text messages including SMS or through WhatsApp or through emails, for the purpose of collecting feedback. You understand that receipt of non-service related communications can be deactivated from User Account settings or by sending an email to lsp.grievances@bankopen.co or by ab-initio not consenting to receive these communications. The User acknowledges that the SMS service provided by Us is an additional facility provided for the User"s convenience and that it may be susceptible to error, omission and/ or inaccuracy.
Customer Complaints
If We receive any general complaint against the User in connection with the use of the Open Capital Platform, We will forward the complaint to User"s registered email address. The User must respond to the complaint within 24 (twenty-four) hours of receiving the complaint as forwarded by Us.. If the User does not respond to the complainant within stipulated time, We may at our sole discretion opt to disclose the User"s contact information to the complainant for enabling the complainant to take legal action against the User. The User understands that its failure to respond to the forwarded complaint within the stipulated time limit will be construed as the User"s consent to disclosure of the User"s name and contact information by Us. Notwithstanding the foregoing, the User acknowledges and agrees that We can disclose any information relating to the User if it deems in its sole discretion that such disclosure is required in the interest of justice.
It is understood between that a Transaction is solely between the Lender and the User and Open Capital does not provide any guarantees or warranties, or delivery level commitment with respect to the User. Use of the Open Capital Platform by a User in no way represents any endorsement by Us of any User.
JLB
Suspension and Termination
In the event (a) the User breaches these Terms; (b) the User engages in or is suspected of engaging in any illegal, fraudulent or abusive activity; or (c) the User provides any information that is untrue, inaccurate, not current or incomplete or We have reasonable grounds to suspect that such information is untrue, inaccurate, not current or incomplete, or not in accordance with these Terms, Open reserves the right, to suspend/terminate such User"s access to any or all of the Open Platform and Services without notice, and this will be without prejudice to Open"s right to exercise any other remedy available to it under applicable law.
In the event Open identifies any suspicious or unusual activity being carried out by the User on the Open Platform, Open at its discretion may temporarily or permanently suspend the User"s access to the Open Platform and/or take any such actions necessary to mitigate risk.
Open reserves the right to suspend/discontinue Open Capital account for the User for any reason whatsoever. This includes the following grounds, based on suspicion or otherwise:
Violation of the RBI Guidelines;
Violation of any of these Terms;
Express instructions of the Lending Partner;
Discrepancy in the information and KYC documentation provided by the User;
To prevent potential fraud, sabotage, wilful destruction or threat to national security;
Where Open in its sole opinion and discretion believes that cessation/ suspension of the Open Capital is necessary to meet the ends of justice.
violating or attempting to violate the integrity or security of the Open Capital Platform or any Content thereto;
transmitting any information (including job posts, messages and hyperlinks) on or through the Platform that is disruptive or competitive to the provision of Service(s) by Open Capital;
making any unsolicited communications to other Users;
using any engine, software, tool, agent or other device or mechanism (such as spiders, crawlers, robots, avatars or intelligent agents) to navigate or search the Open Capital Platform;
attempting to decipher, decompile, disassemble or reverse engineer any part of the Open Capital Platform; or
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copying or duplicating in any manner any of the content or other information made available from the Open Capital Platform.
Governing Law, Jurisdiction and Disputes
Without prejudice to the provisions mentioned below, these Terms are subject to the laws of India and any disputes arising out of or in connection with the Terms will be subject to the exclusive jurisdiction of the competent courts at Bangalore, India.
Open Capital and the User acknowledge and agree that, in the event of any dispute/claim between arising out of or in connection with the Terms: (a) the transaction logs maintained by Us will be the only source of data to verify the accuracy of such transactions; (b) such logs will be fully binding as evidence for the purposes of adjudicating the said dispute /claim; and (c) the said dispute/claim shall be settled by binding arbitration in accordance with the Arbitration and Conciliation (Amendment) Act, 1996 and the rules of the Conciliation and Arbitration Centre, Bangalore as amended from time to time with the exclusive seat of arbitration at Bangalore, India.
If any part of these Terms is determined to be invalid or unenforceable pursuant to applicable law including, but not limited to, the warranty disclaimers and liability limitations set forth herein, then the invalid or unenforceable provision will be deemed superseded by a valid, enforceable provision that most closely matches the intent of the original provision and the remainder of the Terms shall continue in effect.
Customer Grievance Redressal
You may contact us with any enquiry, complaints or concerns by writing to the Grievance Officer at the coordinates mentioned below:
Grievance Officer ‐ Premjith Mr
e-mail: lsp.grievances@bankopen.co
Open Financial Technologies Private Limited
3rd Floor, Tower 2, RGA Tech Park,
18 Sarjapur Road, Hadosiddapura
Doddakannelli, Bengaluru, Karnataka - 560035

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