Grow Money Capital Private Limited (Grow Money) was formerly known as Eclear Leasing & Finance Private Limited and incorporated on 31st May, 1995 as a Non-Banking Financial Company (NBFC) duly registered with Reserve Bank of India (RBI).
We are experienced and early adopters of finance market after globalization came to
India. Working as NBFC is rewarding as well as a challenge worth taking on and we have
been at it for many years.
- Promote good and fair practices by setting standards in dealing with thecustomer.
- Lay down a comprehensive guideline on code of conduct in order to achieve
organization’s core objectives.
- Ensuring effective dissemination of code of conduct throughout the organization
and stake holders.
- Benefiting the clients by inculcating/ingraining the values of code of conduct into
the fabric of the organization.
Code of Conduct
Grow Money Capital Private Limited shall adopt and practice the code of conduct as stated
hereunder in letter and spirit.
1. INTEGRITY AND ETICAL BEHAVIOUR
- Grow Money shall put strong systems and promote good governance
practices within the organization.
- Grow Money shall adhere to the Fair Practice Code, Client Protection
Principle,and Code of Conduct.
- All the compliances shall be regularly audited and presented in the ‘Board’
- Grow Money shall follow RBI rules and regulations while lending to any
clients and shall enquire about their business and activities.
- Grow Money shall design appropriate board approved policies and operating
guidelines to treat clients and employees with fairness and dignity.
- The incentive structure for the staff shall aim at promoting good business and
service practices towards customers.
- Grow Money shall disclose complete information to the clients, regarding
the loan products such as interest amount, number of instalments,
instalment amount, loan processing fee, insurance premium etc.
- Communicate all the terms and conditions for all products/services
offered to clients in a language understood by them
- Disclose Rate of interest on a reducing balance method, processing fee,
total charges recovered for insurance coverage and risks covered and any
other charges or fees howsoever described.
- Communicate in writing, charges levied for all financial services rendered.
Fee on non-credit products/services will be collected only after prior
declaration to the client.
- GDeclare all interest and fees payable as an all-inclusive Annual Percentage
Rate (APR) and equivalent monthly rate.
- The flat and reducing rate of interest shall be clearly printed in all the loan
- Formal records of all transactions must be maintained in accordance with
all regulatory and statutory norms, and borrowers’
acknowledgment/acceptance of terms/ conditions must form a part of
3. CLIENT PROTECTION
- Grow Money shall treat all its clients with respect and dignity.
- Grow Money ensures that the services are provided to the eligible
clients asper RBI guidelines.
- Grow Money shall complete documents requirements as per the
- The staffs shall not indulge in any kind of misbehavior while
interacting with the clients.
- The staffs shall keep in mind the appropriate timing to visit clients’
house for loan related work.
- The staffs shall not visit clients on inappropriate occasions such as
sickness, death etc.
- Grow Money shall provide induction trainings as well as classroom
trainings to all the staffs at the branch on Fair Practice code, Code of
Conduct, Staff Code of Conduct and Client Protection principle to
ensure respectful treatment of clients and fair collection practices.
- Grow Money shall comply with the pricing guidelines of Reserve Bank
- Grow Money shall provide flexibility to the clients to close their loans
whenever they wish to.
- Grow Money shall indicate the time taken within which customer can
expect a decision on their application and if sanctioned, the time taken
for disbursement of loan.
- Grow Money shall adhere to the total debt limit, processing fee, interest
and insurance premium as prescribed by the Reserve Bank of India (RBI).
- Grow Money shall take into consideration that the area is not overly
penetrated while opening new branch.
- Grow Money shall use pin code analysis report from the credit bureau to
understand the indebtedness of the clients.
- Grow Money shall also enquire about clients’ credit health from informal
APPROPRIATE INTERACTION AND COLLECTION PRACTICES
- Staffs shall talk politely, address the clients respectfully.
- Under no circumstance staff shall talk harshly, loudly or use any threat,
abusive or disrespectful language.
- Staff shall not show any aggression and shall not indulge in confrontation,
altercation with client or family members.
- On sensitive occasions such as death, accident, illness or any other
tragedy, staff shall inform the BM and shall not insist on repayment either
from the client or from the group members.
- Staffs will not use any physical force or enter dwellings of people.
- Staffs will not visit clients before 10:00 A.M. and after 7:00 P.M. at any
location for any business-related work.
- Grow Money shall provide valid receipt for every payment received from the
borrower and record the payment in the loan passbook with the client.
- Grow Money shall have a detailed Board approved process for dealing
with clients, at each stage of default.
PRIVACY OF CLIENT INFORMATION
- Grow Money shall treat client’s information and data as private and
- Client data shall be stored in Grow Money’s Management Information
System (MIS) which should be protected by required security system.
- Grow Money shall seek client’s consent on written disclosure in the
loan application form on sharing client’s data with the Credit Bureaus
or any third party.
- Grow Money shall have rights enabled Management Information
System (MIS) via a unique employee password which can be accessed
by the employee only.
- Grow Money shall store hard copies of client’s files in the central
warehouse of the Company.
- The privacy clause in the loan documents shall be in vernacular
language and clearly mentioned.
- Grow Money shall comply with all the RBI directives regarding the rate of
interest, margin, no collateral, qualifying assets etc.
- Grow Money shall be transparent in maintaining books of accounts and
shall getits financial statement audited by a reputed audit company.
- Observe high standards of governance by inducting persons with good
and sound reputation as members of Board of Directors/Governing body
and seek to comply with the best standards stipulated in Companies Act,
and RBI regulations.
- Ensure transparency in the maintenance of books of accounts and
reporting/ presentation and disclosure of financial statements by
- Place before the Board of Directors, a compliance report indicating the
extent of compliance with this Code of Conduct and the functioning of the
grievance redressal mechanism at various level of management,
specifically indicating any deviations and reasons therefore, at regular
intervals, as may be prescribed by Board.
- Grow Money shall recruit employees through a fair recruitment practice.
- Grow Money shall make it mandatory for the employees to furnish the
originaldocuments for verification.
- Grow Money shall conduct a thorough reference check on the employees.
- Grow Money shall honor notice period between employer and employee
subject to a minimum of one month for an outgoing employee. This will
exclude the cases where employees have violated Company ethics,
practice, and policy.
6. DATA SHARING
- Grow Money shall share clients’ data with the RBI approved credit
bureaus as per their guidelines.
- Grow Money shall provide the data and information called for by all
supervisory and regulatory bodies.
7. MECHANISM FOR COMPLAINT RESOLUTION
- Grow Money shall have an efficient and accessible grievance redressal
mechanism for clients.
- Grow Money shall act as per the ‘Grievance Redressal Policy’.
- Appropriate mechanism for ensuring compliance with the Code of
- Display toll-free number on loan card, on the website and at the
- Provide clients with contact numbers in case they have any complaint.
- Educate clients on different channels of grievance redressal system as
well as escalation processes during the two to three days of Compulsory
Group Training (CGT).
- The grievance redressal officer shall respond to the grievances in
prompt,efficient and courteous manner.
- The grievance redressal officer shall maintain a tracker of the
grievances received on the toll-free number with utmost clarity and