WhoWe Are

NIGAM SAHYOG NIDHI LIMITED is a Public Limited Company registered under Section 406 of the Companies Act, 2013, by Ministry of Corporate Affairs (MCA) exempt from Reserve Bank of India and functioning under Nidhi Rules 2014, regulated by dual Authorities Department of Company Affairs (DCA) Government of India and Reserve Bank of India (RBI).

The objective of the Company is to encourage the middle class and small business holders to save money by cultivating the habit of thrift and savings and lending money at favourable rate of interest on movable and immovable properties to those who are usually depending on money lenders. We transact with transparent Rules and Regulations with Latest Technology.

ELBANQ is accepting deposits from its members, shareholders at an attractive rate of interest through various scheme, suitable to each section of people.

ELBANQ is also offering loans to its members, shareholders against gold ornaments, and properties at a reasonable rate of interest, without any hidden charges.

ELBANQ is having locker facility, offering lockers of all size at reasonable rent in a safe and secured strong room as available in Banks.

Our Vision

We, at NIGAM SAHYOG NIDHI LIMITED are committed to become the Bank of choice by providing superior, proactive, innovative, state of the art Banking and Financial services with an attitude of care and concern for the customers and patrons.

- To be a financially viable, independent community bank that is committed to improving the quality of life of the communities we serve.

- To earn the loyalty of employees, customers and the community by operating with integrity and fairness at all times.

- To demonstrate behaviour that totally focuses on the customer and recognize they are the reason we are here.

- To have employees who are empowered to build long- term relationships with our customers.

- To provide our shareholders long-term growth and an attractive return on their investment in the ELBANQ.

-To satisfy the customer’s needs by offering a myriad of products that are driven by a sales and service philosophy.

Our Mission

We will create and maintain a professional environment that invites the ideas of our employees, fosters the confidence of our shareholders, and exceeds the expectations of our customers. Committed to those we serve:

-To provide superior, proactive banking service to niche markets globally while providing cost effective, responsive service to others in our role as a development bank, and in doing so, meet the requirements of our stakeholders.

We will be a specialized solution provider that-

* adds value for our customers,

* creates a positive economic impact in our communities, and

* creates positive personal and professional opportunities for our employees.

We want everyone to feel welcomed and respected at ELBANQ. It is important to take the time to listen and have face to face conversations with each other to help build empathy and learn to lean on each other when needed.

DESIRED CORE VALUES

EQUALITY

We stand with and for, the fair and equal treatment of men, women and children regardless of race, gender, age, creed or nationality. The pain we feel demonstrates a collective need to strengthen our communities both at the local and national level.

INTEGRITY & ETHICS

This is our cornerstone. We will operate with honesty, fairness and respect for others.

COMMITMENT

Commitment to achievement and taking advantage of opportunities. When we decide to do something, we will do it with quality, drive and passion.

WE INSIST ON QUALITY

In our leadership, work, and service.

LEADERSHIP

Leadership is illustrated through execution, and effective leadership demands accountability, courage and caring.

MUTUAL RESPECT

Operating in an environment of mutual respect sets the tone for how well we can work together.

POSITIVE LEGACY

We strive to give back to our communities.

FAMILY

We strive to serve our “family” as our employees, our community, our shareholders, and our leaders.

ACHIEVEMENT

We measure achievement with clear expectations of rate of return and frequent job- specific performance feedback, and we promote job satisfaction among our employees by rewarding achievement.

FAIR PRACTICE CODE

AS APPROVED BY THE BOARD OF DIRECTORS

1- PREAMBLE

The Fair Practice Code (FPC) has been formulated by NIGAM SAHYOG NIDHI LIMITED (The Company) with a view to institute fairness and healthy practice of the business of the Company and thereby creating cordial relationship between The Company and Customer and to foster confidence in the investment service system. The FPC will be applicable to all the Offices of the Company including the Head Office, B 40 PRASHANT GARDEN SECTOR 01 KHORA COLONY GHAZIABAD UTTAR PRADESH, the Regional Offices, located in various centres and the branches located across Fatehpur. The FPC shall be binding on all the employees and officers of the Company. In this code, the word “customer” shall also mean “share holder” / member of the Company and vice-versa.

2- OBJECTIVES

The objectives of the FPC are as under:

• Adopt the best practices in dealings with customers.
• Set challenging benchmarks and strive to achieve high operating standards for ensuring customer satisfaction.
• Follow transparent, fair, ethical and legally tenable practices while conducting business.
• Provide all necessary information and inputs to customer/ prospective customers and promote a mutually beneficial long term relationship.
• Facilitate a continuously growing base of satisfied customers while scrupulously avoiding acquisition of members having doubtful credentials or criminal background.

3- DECLARATIONS & COMMITMENTS

• The Company undertakes to abide by all applicable laws, regulations and guidelines passed/ issued by the Regulators and other competent Authorities.
• The Company commits itself to full customer satisfaction through efficient, professional and courteous services across all its offices.
• The Company shall consistently strive to meet with and improve upon the internally set benchmarks and practices and be ahead of the standards prevalent in the industry.
• The Company undertakes not to discriminate customers on grounds of religion, caste, gender or language.
• The Company will provide clear and full information about its products and services to its customers/ prospective customers and will not resort to any misleading or potentially misguiding advertisement or publicity.
• The Company undertakes to desist from introducing any products / services having elements of “hidden charges” or lack of transparency.
• The Company will communicate in the local language with the customer and in English at the request of the customer.
• The Company undertakes to take all possible and reasonable measures to secure the safe custody of the security pledge by the customer and to compensate the customer for any accidental, inadvertent or fraudulent loss of the security whilst in the custody of the company.
• The Company undertakes not to take advantage of any unintentional or clerical error made by the customer while transacting business.
• The Company is committed to put in place a system for promptly addressing complaints and suggestions of the customers supplemented with a structure Grievance Redressal Mechanism having an escalation matrix. (An escalation plan is a set of procedures set in place to deal with potential problems in a variety of contexts. In a call centre, for example, an escalation plan specifies measures to be implemented when unexpected strain or an increased level of stress is placed upon the centre. This stress can be in the form of a disaster or increased call volume. The escalation plan is put into effect once a certain threshold is hit, such as when the queue hits an unacceptable level.)
• The Company shall display the Fair Practice Code on all the places of its operation and also make available to the Customer, on request, a copy of the FPC on demand.

4- FAIR PRACTICES

Loans, Terms & Conditions, Interest Rate & Charges and Marketing & Promotion

* The Company shall make available loan application forms in English to all prospective customers free of cost at concerned branches mentioning also the supporting documents to be submitted along with. An acknowledgement for receipt of duly completed loan application forms will be given to the customer in all cases. As a matter of policy and customer service, loan applications are sanctioned/ rejected immediately. Disbursement of the loan and acceptance of security will be carried out nearly simultaneously.

* The company shall disclose all relevant information relating to a loan / product such as eligible loan amount, interest rate, charges, penal/ overdue interest, interest calculation methodology, etc.... before sanction of the loan to enable the customer/ prospective customer will also be provided, on request, the detailed terms and conditions of the loan before sanction.

* The Company shall ensure that a loan sanction letter is given to the customer containing all the terms and conditions governing the loan facility in English language and explained to the customer. The loan sanction letter will also mention the loan amount, loan account number, interest rate, charges, loan processing fees etc. The loan sanction letter which will bear the signature of the authorized official of the company will also serve as a receipt for the security pledged at the branch by the customer.

* The Company shall not in the normal course, make any charges / modifications in the terms and conditions of the loan, including rate of interest, which could adversely affect the customer financially or otherwise.

In abnormal circumstances, when such changes / modifications are inevitable, keeping in view the new circumstances, adequate and proper notice shall be given to the customer about any such change/ modification.

2- Recovery of dues, Exercise of lien & Delivery of Security

* The Company will not, as a matter of fair dealing, normally recall the loan before the initially agreed tenure except in unanticipated or abnormal circumstances where the Company’s interests are adversely affected. e.g. when the security value diminishes substantially, when the quality of security is not found to be acceptable, due to any regulatory / government directives etc. In all such cases proper and reasonable notice shall be given to the customer recalling the loan before expiry of the normal tenure.

* The Company will make all possible soft or persuasive efforts to get the customer to repay the dues without resorting to disposal of the security. The Company does not accept not will it encourage the use any coercive or hard measures to recover its dues from the customer.

* The Company will deliver the security to the customer immediately upon settlement of the loan in the same condition as it was at the time of sanction of the loan. In case of any damage caused to the security due to mishandling by its employees, the Company shall at its cost get damage repaired or alternately pay reasonable compensation to the customer on a case to case basis. If the security has signs of damage thereon, before being taken custody of by the company at the time of sanction of loan, the fact will be briefly incorporated in the sanction letter.

*The Company will exercise only legitimate right of lien over the pledged security or such cash surplus as may arise upon settlement of existing loans at any time. Such right of lien shall arise only if the customer has any other dues, either directly or as guarantor, and will be subject to proper intimation of such right of lien being given to the customer by the Company.

* The Company shall issue a signed and, normally, a system generated receipt for all cash payments made by the customer immediately. The Company shall also accept payments vide cheques, demand drafts, electronic transfers etc. Subject to the condition that return of the security will be made only after confirmation of realization.

* Even though the loan sanction letter contains all applicable terms and conditions of the loan, the Company shall, nevertheless, Endeavour, on a best effort basis, to send advices, reminders etc. regarding due date for payment of interest, principal etc. by letter, courier service, telephone, SMS etc.

* The Company shall, on demand, provide the customer or his duly authorized representative with a statement of the loan account at any time during the currency of the loan or immediately upon closure. However, the Company may, at its discretion, require payment of reasonable processing charges by the customer for providing statement of account if such demand is made 30 calendar days after closure of the account.

* The Company will resort to disposal of security only as a last resort and that too after adequate and proper notice is served on the customer to repay the dues. Such notice will be as per the terms contained in the sanction letter and also in compliance with applicable laws and regulatory guidelines. The disposal of the security will be taken up through public auction when the customer does not positively respond o the communications sent by the Company to close the loan account along with interest and other charges.

* Where the Company processes to dispose of the security even before the normal tenure of the loan based on the rights conferred on the Company vide loan application and loan sanction letter adequate and proper notice will be served on the customer before such action is initiated for recovery of dues.

* The Company prefers and encourages customers to take back delivery of the security immediately upon full settlement of all dues. However, should there be exceptional instance of the Customer being unable to take delivery of the security, not attributable to the inability of the Company, after closure of the loan account reasonable safe custody charges may be payable which will be duly advised to the customer or displayed in the branch premises and the Company’s website.

* The Company will not interfere in the affairs of the customers except for the purposes mentioned in the terms & conditions of the loan or when constrained to do so due to inadequate or false disclosures made by the borrower at the time of putting through the transactions.

3- Customer services & Grievance Redressal

* The Company will implement all possible steps to prevent and minimize customer complaints/ grievances.

* The Company will facilitate the customer to pay the whole or part of the dues at any of the branches of the Company subject to the condition that delivery of the pledged security shall be made only at the branch where loan was originally disbursed.

* The Company will put in place an effective Customer Grievance Redressal Mechanism, details of which will be displayed on the website and in all the branches. The mechanism will specify inter-alia the names & designations of the officials with whom complaints can be registered, their postal address/ telephone numbers / email address, escalation matrix, time limit for acknowledge receipt of complaints, time limit for dealing with the complaint etc.

*The Company will put in place an effective training system to ensure that employees of the Company are customer- friendly and do not resort to rude inappropriate or unethical behaviour.

* The Company will endeavour to work out and display the time norms for putting through and completing the various transactions.

* The Company will have a sympathetic approach to the problems faced by the customer especially the poor and underprivileged sections.

4- Miscellaneous

* The Company shall display the normal business hours at the respective branches, the list of holidays and notify the changes, if any, by way of a notice displayed in the premises of the branch or through press notification.

* Personal information of the customer will not be shared with unauthorized persons or agencies or third parties by the Company. However, the Company will be bound to honour and comply with legal or regulatory requirements, if any, in this matter obligating it to part with such information even without notice to the customer.