⦁ NICB Internet Banking transactions in the User’s Account are permitted only after authentication of the User ID and Password of the User. The User grants express authority to the Bank for carrying out the banking transactions performed by him through NICB Internet Banking. The Bank shall have no obligation to verify the authenticity of any transaction received from the User through NICB Internet Banking or purporting to have been sent by the User via NICB Internet Banking other than by means of verification of the User ID and the Password. Illegal or improper use of the NICB Internet Banking facility shall render the User liable for payment of financial charges as decided by the Bank or will result in the suspension of the operations through NICB Internet Banking.
⦁ The display or printed output that is produced by the User at the time of operation of NICB Internet Banking is a record of the operation of the Internet and shall not be construed as the Bank’s record of relative transactions. The Bank’s own record of transactions maintained through CBS or otherwise shall be accepted as conclusive and binding for all purposes unless any discrepancy is pointed out within one week from the date of access of his/her/their/its account by the User.
⦁ The User is responsible for the correctness of information supplied to the Bank through the use of NICB Internet Banking or through any other means such as electronic mail or written communication. The Bank accepts no liability for the consequence arising out of erroneous information supplied by the User. The User shall at periodic intervals check the correctness of the statement and shall notify the Bank about any discrepancies that may occur.
⦁ All outputs of statements are duplicate statements of account and will be prepared by electronic means and the information contained therein will be extracted from a computerized back up system maintained by the Bank. While the Bank will take all reasonable steps to ensure the accuracy of the statement, the Bank is not liable for any error. The User shall hold the Bank harmless against any loss, damages, etc. that may be incurred/suffered by the User if the information contained in the above said outputs turns out to be inaccurate / incorrect.
⦁ Liability of the User:
⦁ The User alone shall be liable for any loss from unauthorized transactions in the NICB Internet Banking accounts if he has breached the terms or contributed or caused the loss by negligent actions such as the following:
⦁ Keeping a written or electronic record of NICB Internet Banking Password.
⦁ Disclosing or failing to take all reasonable steps to prevent disclosure of the NICB Internet Banking Password to anyone including any minor, Bank staff and/or failing to advise the Bank of such disclosure within reasonable time.
⦁ Not advising the Bank in a reasonable time about unauthorized access to or erroneous transactions in the NICB Internet Banking accounts.
⦁ The Bank shall in no circumstances be held liable by the User if NICB Internet Banking access is not available in the desired manner for reasons including but not limited to natural calamity, floods, fire and other natural disasters of any kind, legal restraints, faults in the telecommunication network or Internet or network failure, power breakdown or UPS breakdown, software or hardware failure and or error or any other reason beyond the reasonable control of the Bank. The Bank shall in no way be liable for any loss or damage that may occur due to hacking of the account by any persons other than the User, which fits in the definitions of a ‘Cyber Related Crime’ as accepted internationally. The Bank shall under no circumstances shall be liable for any damages whatsoever whether such damages are direct, indirect, incidental, consequential and irrespective of whether any claim is based on loss of revenue, investment, production, goodwill, profit, interruption of business or any other loss of any character or nature whatsoever and whether sustained by the User or any other person.
⦁ Indemnity:
⦁ The User shall indemnify and hold the Bank harmless against all actions, claims, demands, proceedings, losses, damages, costs, charges and expenses whatsoever which the Bank may at any time incur, sustain, suffer or be put to as a consequence of or by reason of arising out of providing NICB Internet Banking facility or by reason of the Bank in good faith taking or refusing to take or omitting to take action on any instruction given by the User.
⦁ Disclosure of Personal Information:
⦁ The User agrees that the Bank or its contractors may hold and process his Personal Information on computer or otherwise in connection with NICB Internet Banking services as well as for statistical analysis and credit scoring. The User also agrees that the Bank may disclose, in strict confidence, to other institutions, such personal information as may be reasonably necessary for reasons inclusive of, but not limited to, the following:
⦁ For participation in any telecommunication or electronic clearing network.
⦁ In compliance with a legal directive.
⦁ For credit rating by recognized credit rating/scoring agencies.
⦁ For fraud prevention purposes.
⦁ Bank’s Lien:
⦁ The Bank shall have the right of set-off and lien, irrespective of any other lien or charge, present as well as future on the deposits held in the User’s accounts whether in single name or joint name(s), to the extent of all outstanding dues, whatsoever, arising as a result of the NICB Internet Banking service extended to and/or used by the User.
⦁ Proprietary Rights:
⦁ The User acknowledges that the software underlying the NICB Internet Banking service as well as other Internet related software which are required for accessing NICB Internet Banking are the legal property of the respective vendors. The permission given by the Bank to access NICB Internet Banking will not convey or confer any proprietary or ownership rights in the above software. The User shall in no way try to alter/tamper or experiment with the said programme. Any breach on the part of the User will be dealt under the appropriate law and User shall be liable for damages that may be incurred by the Bank.
⦁ The User shall not attempt to modify, translate, disassemble, decompile or reverse engineer the software underlying NICB Internet Banking or create any derivative product based on the software.
⦁ Change of Terms and conditions:
⦁ The Bank has the absolute discretion to amend or supplement any of the terms at any time and will endeavor to give prior notice of seven days for such changes wherever feasible except for changes to interest rates and/ or other variations that are subject to market changes. The Bank may introduce new services within NICB Internet Banking from time to time. The existence and availability of the new functions will be notified to the User as and when they become available. The changed terms and conditions applicable to the new NICB Internet Banking services shall be communicated to the User. By using these new services, the User agrees to be bound by the terms and conditions applicable.
⦁ Non-Transferability:
⦁ The grant of facility of NICB Internet Banking to a User is not transferable under any circumstance and shall be used only by the User.
⦁ Notices:
⦁ The Bank and the User may give notices under these Terms and Conditions:
⦁ Electronically to the mailbox of either party. Such notices will be regarded as being in writing.
⦁ In writing by delivering them by hand or by sending them by post to the mailing/registered address given by the User.
⦁ In addition, the Bank may also publish notices of general nature, which are applicable to all Users of NICB Internet Banking on its web site. Such notices will have the same effect as a notice served individually to each User and or that of a notice published in a newspaper of print media.
⦁ Governing Law:
⦁ The terms and conditions and/or the operations in the accounts of the User maintained by the Bank and/or the use of the services provided through NICB Internet Banking shall be governed by the appropriate laws of the Republic of India and no other nation. The User and the Bank agree to submit to the exclusive jurisdiction of the Courts located in Mumbai, India, as regards any claims or matter arising under these terms and conditions.
⦁ Any dispute or difference arising between the User and the Bank shall be settled by mutual consultation/discussion failing which; the same shall be referred to Arbitration. The Arbitration proceedings shall be governed and conducted in accordance with the Indian Arbitration and Conciliation Act, 1998 and that the Arbitration proceedings shall take place in Mumbai.
⦁ The Bank accepts no liability whatsoever, direct or indirect, for non-compliance or breach of the laws of any country other than the Republic of India. The mere fact that the NICB Internet Banking service can be accessed through Internet by a User in a country other than India shall not be interpreted to imply that the laws of the said country shall govern these terms and conditions and/or the operations in the NICB Internet Banking accounts of the User and/or the use of NICB Internet Banking. The User of the NICB Internet Banking facility by a person from any place other than India will not alter the situation and the said User shall be deemed to have submitted himself to the laws of the Republic of India
⦁ Termination of NICB Internet Banking facility:
⦁ The User may request for termination of the NICB Internet Banking facility anytime by giving a written notice of at least 15 days to the Bank. The User will remain responsible for any transactions made on his NICB Internet Banking account(s) through NICB Internet Banking prior to the time of such cancellation of NICB Internet Banking facility.
⦁ The Bank may withdraw NICB Internet Banking facility anytime provided the User has given reasonable notice under the circumstances
⦁ The closure of all NICB Internet Banking accounts by the User will automatically terminate the facility
⦁ The Bank may suspend or terminate NICB Internet Banking facilities without prior notice if the User has committed breach of these terms and conditions or the Bank learns of the death, bankruptcy or legal incapacity of the User.
⦁ General:
⦁ The clause headings in this agreement are only for convenience and do not effect the meaning of the relative clause. The User shall not assign this agreement to anybody else. The Bank may subcontract and employ agents to carry out any of its obligations under this contract.
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