Terms & Conditions

The following terms and conditions (“T&C’s”) establish a binding agreement between you (“You”) and Ibizz Cash Financial Services Private Limited (“Ibizz Cash”). By utilizing Ibizz Cash’s services, you agree to be bound by these T&C’s.

1. Working Procedure Ibizz Cash provides its services in the following manner: First Step: Ibizz Cash becomes the Business Correspondent (BC) of Banks / FIs. Second Step: Ibizz Cash appoints BC agents (typically a retail merchant) for conducting Domestic Money Transfer business. The BC Agent deposits initial capital (for example Rs. 5,000/-) in Ibizz Cash’s Bank account to start the business. Ibizz Cash provides equivalent Trading balance (i.e., Rs. 5,000/- in this example) in the form of ‘E-money’ to the retailer on Ibizz Cash’s portal. Third Step: Ibizz Cash appoints Distributors (field boys) for collecting cash from merchant’s outlets. A Walk-in customer comes to the BC agent’s (Merchant) outlet and gives cash (e.g., Rs. 4,000/-+ transfer fee of 1% - Rs. 40/-) to be transferred to his family member’s bank account in his village. Merchant collects Rs. 4,040/-, feeds in the mobile number of the walk-in customer and bank details of the beneficiary on Ibizz Cash’s portal, and then sends a request for transferring Rs. 4,000/-. Ibizz Cash transfers Rs. 4,000/ from its settlement bank account to the beneficiary’s bank account. Ibizz Cash debits the Trading balance (e-money) of the Merchant on its portal with Rs. 4,000/-+ fee of Rs. 40/-). Hence, the retailer’s trade balance now reduces to Rs. 960/- (i.e., Rs. 5,000/ – Rs. 4,040/-). Ibizz Cash’s appointed Distributor (field boy) goes to the Merchant’s shop, collects cash of Rs. 4,040/- and deposits it in Ibizz Cash’s bank account. Ibizz Cash reconciles it and gives e-money of Rs. 4,040/- to the Merchant, and his trade balance again becomes Rs. 5,000/-. He can now serve customers the next day.

2. KYC Compliance The use of Ibizz Cash’s services will be allowed in adherence to RBI KYC policy. For compliance with RBI KYC policy, Ibizz Cash shall collect, verify, and securely maintain your personal identification details before any Services can be delivered and at the time of Registration and/or on a later date, for availing and/or continuation of Ibizz Cash’s services.

3. Registration Data You agree that if you provide any information that is false, inaccurate, incomplete, or there are otherwise reasonable grounds to suspect that such information is suspicious, inaccurate, or not in accordance with these T&C’s, Ibizz Cash shall have the right to cancel/not effectuate the transaction.

4. Charges for Money Transfer You shall pay the service charges prescribed by Ibizz Cash in the form and manner prescribed for such payment. Ibizz Cash’s charges for Domestic Money Transfer are up to 1% of the transaction amount. Ibizz Cash may, at its discretion, change, amend, increase, or reduce the service charges without any prior intimation to you. You are advised to peruse the T&C’s thoroughly before effecting any transaction.

5. Disclaimer of Warranties a. As has been stated hereinabove, Ibizz Cash has executed Business Correspondent Agreements with various Banks and FIs to provide its services/transfer your money to the intended beneficiary. Ibizz Cash is not responsible for the failure of any transaction where such failure has resulted because of the fault (in any manner) of any such Bank or FI. b. Ibizz Cash shall be responsible for addressing all customer service aspects related to any transaction being affected by using its services. c. Ibizz Cash is responsible for all acts of omission or commission of its authorized/designated agents, including safety and security aspects.

6. Indemnity a. You agree to indemnify, save, and hold Ibizz Cash, its affiliates, contractors, employees, officers, directors, agents and its third-party suppliers, licensors, and partners harmless from any and all claims, losses, damages, and liabilities, costs and expenses, including without limitation legal fees and expenses, arising out of or related to use, misuse, misrepresentation, any violation by you of these T&C’s, or any breach of the representations, warranties, and covenants made by you herein. b. Ibizz Cash reserves the right, at your expense, to assume the exclusive defense and control of any matter for which you are required to indemnify Ibizz Cash, including rights to settle, and you agree to cooperate with Ibizz Cash’s defense and settlement of these claims. Ibizz Cash will use reasonable efforts to notify you of any claim, action, or proceeding brought by a third party that is subject to the foregoing indemnification upon becoming aware of it.

7. Limitation of Liability Notwithstanding else contained in these T&Cs or anywhere else, the maximum aggregate liability of Ibizz Cash shall be limited to the amount of the transaction sought to be affected by you.

8. Force Majeure Ibizz Cash shall not be liable for failure or delay in performing its obligations under these T&C’s if such failure or delay is due to circumstances beyond reasonable control, including, without limitation, acts of any governmental body, lock-downs, pandemics, epidemics, war, insurrection, sabotage, embargo, terrorist or other attack, fire, flood, strike, or other labor disturbance, interruption of or delay in transportation, unavailability of or interruption or delay in telecommunications or third-party services, failure of third-party software or inability to obtain raw materials, supplies, or power used in or equipment needed for provision of the services etc.

9. Governing Law and Jurisdiction These T&C’s shall be interpreted and construed according to and governed by the laws of India. All disputes arising under this Agreement or any other agreement are subjected to the exclusive jurisdiction of courts at Gurugram, Haryana, India, to the exclusion of any other Court anywhere.

10. Entire Agreement: These T&C’s (including all such conditions and policies that are incorporated herein by reference) set forth the entire understanding and agreement between you and Ibizz Cash. Customer Grievance link: https://ibizzcash.in/grievance FAQ link available on the website: https://ibizzcash.com/contact

11. Grievance and Customer Support You have the right to register your complaint if you are not satisfied with the services of Ibizz Cash. You can lodge a complaint by sending an email to [support@ibizzcash.com].

12. Escalation Level 2: Grievance Officer: Email ID: support@ibizzcash.com On receiving the escalation, the complaint will be acknowledged within twenty-four (24) hours. Post-acknowledgment, resolution will be provided up to a maximum of seven (7) days.