Refund & Cancellation Policy

1. Overview

Lendright Micro Association (“we”, “us”, “our”) processes electronic debit transactions and loan repayments through the National Automated Clearing House (NACH) system operated by NPCI. This Refund Policy governs how refund requests, mandate cancellations, and disputed transactions are handled in accordance with NPCI guidelines and the applicable regulatory framework.

2. Refund Eligibility

Refunds will be processed only under the following circumstances:

• A transaction initiated through NACH is unauthorized or incorrect
• A mandate debit occurs despite prior cancellation or suspension
• Technical errors result in duplicate debits or incorrect amounts
• Disputes are raised within stipulated timelines and upheld after investigation

3. Mandate Cancellation & Suspension

• Users may request to Cancel, Amend, Suspend, or Revoke (CASR) their NACH mandates at any time through online/electronic channels or by contacting us
• Mandate cancellation requests are processed as per NPCI timelines and in coordination with the sponsor bank
• Suspended mandates can be revoked to resume debit transactions
• Users are responsible for initiating timely mandate cancellation to prevent unintended debits

4. Dispute and Refund Process

• In case of unauthorized or incorrect debit, customers must notify us immediately through customer support or the grievance mechanism
• We initiate an investigation as per NPCI dispute resolution procedures in coordination with banks
• If the dispute is upheld, the wrongly debited amount will be refunded to the customer’s bank account within NPCI-prescribed timelines (generally within 10 working days of resolution)
• In partial disputes, only the disputed portion will be refunded
• Delays due to inter-bank settlements or system constraints may occur but will be minimized

5. Penalties and Bounce Charges

If a transaction fails due to insufficient balance or other user-related reasons, penalties or bounce charges may be levied as per the loan agreement and bank policy. Such charges are non-refundable. Refunds do not apply to legitimately processed transactions.

6. User Responsibilities

• Maintain updated bank account and contact details for smooth processing
• Monitor NACH mandates via bank portals or mobile applications
• Report discrepancies or unauthorized transactions promptly

7. Grievance Redressal

Customers may raise refund or dispute-related complaints by contacting the Grievance Officer (details available on the website). If unresolved, complaints may be escalated to the sponsor bank or NPCI grievance redressal mechanism as per NPCI procedures. NPCI mandates availability of user guides, FAQs, and tutorials for mandate management.

8. Amendments to this Policy

Lendright Micro Association reserves the right to amend this Refund Policy to reflect regulatory changes or operational improvements. Updated versions will be published on the website with effective dates.