Terms and Conditions for Bankonia

Services and Eligibility

Bankonia (a product of Laraware Private Limited) offers digital payment services including a digital wallet (a prepaid payment instrument under RBI regulation), mobile/DTH recharges, and bill payments via the Bharat Bill Payment System (BBPS). We also enable multi-tier partner programs: white-label partners (rebranding our platform), master distributors, distributors, and retailers (agent outlets). All services comply with RBI/NPCI rules: for example, RBI’s BBPS guidelines mandate clear disclosure of all terms, fees and charges. Similarly, NPCI’s rules require that fees, contact details and grievance procedures be communicated in simple language.

Eligibility for Bankonia services generally requires Indian residency and legal capacity. You must be at least 18 years old (or the age of majority in India) and provide valid KYC information (ID, address proof, etc.). Partners (distributors/agents) must meet our onboarding criteria and comply with statutory KYC/AML checks. All users and partners must register an account and accept these Terms.

Account Registration and Verification

To create an account, you must provide accurate personal information (name, contact, government ID, etc.) and complete KYC as required. We use OTP (one-time password) sent to your mobile and/or email for identity verification during registration. For the wallet, full KYC (bank-based or Aadhaar-based verification) must be completed within 24 months of signup; otherwise wallet usage will be restricted (see Wallet Usage below). Your mobile number and email must be valid and remain active, and you should keep them updated in your profile.

Fees, Activation and Commissions

Bankonia charges a one-time activation fee for certain accounts (e.g. retail/agent activation) where applicable, as disclosed at signup. We also levy service charges or convenience fees on transactions and may pay commissions to partners on a pre-agreed basis. All fees, charges and commission rates are disclosed to you in advance. These fees will not exceed any caps prescribed by RBI/NPCI (for example, any extra service charge for BBPS payments must not exceed the maximum allowed by BBPS rules) and will be prominently displayed on our app or at partner outlets. We may update fees from time to time with notice. Failure to pay any required fee may result in account suspension or termination.

Cashback, Loyalty and Rewards

Bankonia may run promotional programs offering cashback, loyalty points, or rewards. These incentives are optional and subject to specific terms (e.g. minimum transaction, eligible services). Reward points or cashback have no cash value (unless converted per program rules) and may expire if unused within a specified time. We reserve the right to modify, cancel or claw back any cashback/reward if we suspect fraud or abuse (for example, if a rewarded transaction is later reversed or found ineligible). Users must comply with the loyalty program rules posted by Bankonia; any fraud in claiming rewards will be treated as a violation of these Terms.

Transactions: Refunds and Cancellations

Transactions (recharges, bill payments, etc.) are typically processed instantly. In general, once a payment is successfully debited for a completed service (such as a mobile recharge or bill pay), it cannot be canceled. However, if a transaction fails or is unprocessed, funds will be refunded to the original source as follows: BBPS and PPI (wallet) refund rules apply – any failed payment will be credited back within a maximum of five working days. For example, RBI rules require that failed PPI transactions be auto-refunded within 5 working days. If a transaction was unauthorized or duplicated, contact us immediately; RBI’s “zero liability” policy may apply if you report fraud within 3 days. We will process refunds in the form used for payment (wallet balance or original bank account), subject to standard banking timelines. Service charges on completed transactions (if any) are non-refundable. If you request a cancellation before a transaction is processed, a nominal cancellation fee may apply or we may retain any processing fee charged.

User Responsibilities

You agree to use Bankonia services lawfully and responsibly. In particular, you must:

• Provide accurate, up-to-date information during registration and keep it current. You are responsible for any consequences of providing false or incomplete information.
• Keep your account credentials and OTPs confidential. Do not share your login, passwords, or OTP codes with anyone. We are not liable for unauthorized transactions resulting from your failure to protect access.
• Use services only for permitted purposes (e.g. bill payments, recharges, personal transfers as allowed). You may not use Bankonia for illegal activities, money laundering, gambling, or to make payments on behalf of others without authorization.
• Comply with all relevant laws (including IT Act 2000, PSS Act 2007, and RBI guidelines) and these Terms. Do not abuse or hack our systems, and do not send spam or malicious code.
• Promptly notify Bankonia of any security breach or unauthorized use of your account. We may ask you to change your password or take other actions to secure your account.

Wallet Usage and RBI Compliance

The Bankonia wallet is a RBI-authorized Prepaid Payment Instrument (PPI). It is subject to RBI’s Master Direction on PPI. The wallet must be KYC-verified and follows RBI’s balance/usage limits. For example:

• Minimum-KYC Wallet: If only partial KYC (e.g. OTP-based), wallet limits apply as per RBI: monthly loading up to ₹10,000, annual loading up to ₹1,20,000, and maximum balance ₹10,000. These wallets must be converted to full KYC within 24 months; after 24 months, no further top-ups are allowed.
• Full-KYC Wallet: Once full KYC is done, the wallet is reloadable (up to ₹2,00,000 outstanding balance) with no limits on monthly credits/debits. Full-KYC wallets can send funds to other full-KYC accounts (₹10,000 per month by default, higher if beneficiary is pre-registered).
• No Interest: Like all PPIs, the wallet does not earn interest. Funds in the wallet are held in a secure escrow account with a scheduled bank (reconciled daily) to protect your balance.
• Expiry: Wallet balances do not expire, but unused small-KYC wallets must be upgraded as above. If you close your wallet, the remaining balance can be transferred to your bank account (up to the PPI withdrawal limits).

We will disclose all applicable fees and the wallet’s expiration terms as required. If RBI or law imposes any additional limits or requirements (e.g. new KYC norms, transaction caps), they will automatically apply to your wallet.

Partners and Agents (Distributors, Retailers, White-Label)

Bankonia’s multi-tier partners must comply with our Partner Agreement and NPCI standards. All agents and institutions on-boarded by us must:

• Be properly KYC-verified and trained to use Bankonia services.
• Display all service charges or convenience fees prominently (in outlets or on digital interface) before transaction, as mandated by BBPS rules. Such fees must not exceed caps set by BBPS or Bankonia.
• Display the BBPS logo and follow its branding guidelines when accepting bill payments.
• Use customer data only for bill payment services. Bankonia (as BBPOU) and its agents will not use customer data collected during transactions for any other purpose without the customer’s consent. An opt-out option must be provided if data is to be used for marketing.
• Promptly address customer complaints per BBPS grievance procedures (provide unique complaint ID, track resolution, no charges for complaints).
• White-label partners may rebrand our platform under a separate license and must follow additional compliance (we will provide separate T&C in that agreement). Distributors and master-distributors handle inventory (e.g. recharge PINs, airtime top-ups) and downstream partner onboarding per our policies. Commissions to partners will be paid as agreed, subject to reconciliation (e.g. commission may be adjusted if an underlying customer transaction is refunded).

Termination

Bankonia reserves the right to suspend or terminate your account (and/or access to services) at its sole discretion, with or without notice, if:

• You violate these Terms or any law (e.g. fraud, money laundering, or illegal transactions).
• You provide false information or fail to complete required KYC.
• Your account is inactive for an extended period (e.g. 12 months), or if wallet limits are exceeded.
• You abuse promotions (like cashback programs) or attempt to game the system.
• We are required to do so by law, regulator or court.

On termination, your right to use services ceases immediately. We will attempt to transfer any remaining wallet balance to your pre-designated bank account or PPI per RBI PPI closure norms. We may also close subordinate partner accounts if an upstream partner is terminated. Termination does not affect rights that accrued prior (for example, obligations to pay any outstanding fees).

Data, Privacy and Disclosures

Your use of Bankonia is subject to our Privacy Policy, which explains how we collect, use and protect your personal information. We comply with India’s IT Act 2000 (including rules on sensitive personal data) and RBI data security requirements. In particular, per RBI’s data-localization rule, all payment transaction data is stored on servers in India. We use reasonable security practices to protect your data. Bankonia will not share your personal data with unaffiliated third parties except as required by law (e.g. court orders) or authorized by you. If needed, we may disclose information to banks, NPCI or law enforcement for fraud investigation or compliance. Our agents and partners are also bound by these data rules (see above).

We may collect transaction and usage data (logs, audit trails) as required for compliance and fraud prevention. Such information is retained as per RBI guidelines and used only for legitimate business and regulatory purposes. For example, RBI mandates annual security audits and 10-year log retention for payment providers. By using Bankonia, you consent to these practices and to receiving service communications (email/SMS/phone) from us (you may opt-out of marketing communications anytime, but not transactional alerts).

Limitation of Liability and Disclaimers

THE SERVICES ARE PROVIDED “AS IS” AND “AS AVAILABLE.” Bankonia and Laraware Private Ltd. disclaim all warranties, whether express or implied (including merchantability, fitness for a particular purpose, or non-infringement) to the fullest extent permitted by law. We do not guarantee that the service will be uninterrupted, error-free or secure, and we are not responsible for any delays or failures caused by third-party networks or your internet connection.

In no event will Bankonia or its officers be liable for any indirect, incidental, special, punitive or consequential damages (such as lost profits or data) arising from your use of the service or inability to use it, even if advised of the possibility of such damages. Our total liability for direct damages (for example, failure to execute a payment) will be limited to the transaction amount. This limitation applies even if any remedy fails of its essential purpose. You agree to indemnify and hold us harmless from any claims arising from your violation of these Terms, your misuse of the service, or third-party claims related to your actions.

No Guarantee of Performance: We facilitate transactions but do not guarantee the solvency or performance of any merchant, biller or external service provider. We act as an intermediary (for billers, telecom operators, etc.) and are not a party to those provider contracts. We also do not endorse any third-party content or links, and we are not liable for third-party losses.

Governing Law, Dispute Resolution and Contact Information

These Terms are governed by and construed in accordance with the laws of India. All disputes arising out of or relating to these Terms will be subject to the exclusive jurisdiction of the competent courts in Mumbai, India. (By way of example, many Indian fintech agreements specify Indian law and courts.) Any arbitration or alternative dispute resolution will be conducted in India (unless otherwise agreed).

For any questions or grievances about these Terms or the services, you may contact us at:
Laraware Private Limited (Bankonia) – Office: Narjoga Tower -D-262, Vibhooti Khand Gomti Nagar, Gomtinagar, Lucknow, Lucknow, Uttar Pradesh, India, 226010, India. Email: nodal@laraware.com (or nodal@bankonia.com). Phone: +91 8188949800. We will make best efforts to respond to your queries or complaints in a timely manner.

Change of Terms: We may update these Terms from time to time (for example, to comply with new regulations or change fees). We will notify you of material changes through the app or email. Your continued use of the service after changes means you accept the new Terms.

Entire Agreement: These Terms, together with our Privacy Policy and any partner agreements, constitute the entire agreement between you and Bankonia regarding these services. If any provision is found unenforceable, the remainder will continue in effect.