terms and conditions

Fave Money – Terms and conditions

Pine Labs Private Limited (“ Pine Labs”) has been granted authorization to issue Prepaid Payment Instruments by the Reserve Bank of India (“ RBI”). This document sets out the Terms and Conditions (“ T&C”) applicable to the Fave Money Prepaid Payment Instrument (❛ Wallet❜, ❛ PPI❜) issued by Pine Labs.
These T&Cs may be updated from time to time at the sole discretion of Pine Labs. The Wallet are issued as reloadable Full KYC PPI or Small KYC PPI and will operate in accordance with the Master Direction on Prepaid Payment Instruments (PPIs) dated August 27,2021 (❛Master Directions – PPI❜) as amended from time to time.

The following terms and conditions are applicable to the person accepting these Terms & Conditions including via use of the Wallet (“ Wallet Holder ”) upon opting for the Wallet from Pine Labs :

      1. The Wallet shall be valid for a period of 10 (Ten) years from the date of issuance. The validity of the Wallet may be extended upon request from the Wallet Holder and maybe subject to additional fees at the sole discretion of Pine Labs
      2. The Wallet can be used at Fave App against eligible purchase. Full KYC users can also use the wallet on UPI network.
      3. The Wallet cannot be resold transferred for value or redeemed/exchanged for its value in cash by the Wallet Holder .
      4. Only one Wallet will be issued per Wallet Holder under this program identified by unique mobile number.
      5. This Wallet will be issued by Pine Labs on request of the Wallet Holder.The Wallet Holder needs to agree to these T&C (as maybe updated from time to time) and needs to successfully fulfill the eligibility and Know Your Customer (“KYC”) criteria as defined by Reserve Bank of India for full KYC PPIs and Small PPI. Wallet Holder agrees and acknowledges that Wallet Holder has read and understood the contents of these T&C and Wallet Holder shall use the Wallet in strict compliance with these T&C.
      6. The Wallet Holder hereby acknowledges and agrees that if there are no transactions for a period of one (1) year on the Wallet subject to validity of the Wallet the Wallet shall be made inactive by Pine Labs by sending a notice to the Wallet Holder. Such deactivated Wallets maybe reactivated only after validation and due diligence.
      7. Full KYC Wallet features:
        1. The amount outstanding in a Wallet at any point of time shall not exceed Rs. 2,00,000/- (Rupees Two lakhs Only). Subject to applicable RBI guidelines Pine Labs may set a periodic transaction limit to the Wallet at its sole discretion. This limit is applicable at the user level and is across all the programs issued by Pine Labs.
        2. Wallet Holders will have an option to link their Wallet to the UPI network through the interoperability provided by Pine Labs.

        Small KYC Wallet features:

        1. The amount loaded per Wallet during any month shall not exceed Rs.10,000 (Rupees Ten Thousand) and the total amount loaded during the financial year shall not exceed Rs.1,20,000 (Rupees One Lakh and Twenty Thousand). The amount outstanding per Wallet at any point of time shall not exceed Rs.10,000 (Rupees Ten Thousand). This limit is applicable at the user level and is across all the programs issued by Pine Labs.
      8. The Wallet can be closed or cancelled at any time and the balance funds available in the Wallet can be transferred ‘back to source’ (payment source from where the PPI was loaded) at the time of closure. The Wallet Holder should write to care@myfave.in to understand the refund process.
      9. If the Wallet Holder information provided by the Wallet Holder is found to be incorrect at any time the wallet in question is liable to be cancelled and the entire amount forfeited and no claims in respect thereof will be entertained by Pine Labs.
      10. The Wallet Holder shall indemnify defend and hold harmless Pine Labs from and against any and all third party liability losses costs and expenses (including reasonable attorney’s fees) relating to or arising out of the breach of these T&C the negligence or wilful misconduct or fraud by the Wallet Holder or its agents.
      11. PINE LABS DO NOT MAKE ANY WARRANTIES EXPRESS OR IMPLIED WITH RESPECT TO THE WALLET INCLUDING WITHOUT LIMITATION ANY EXPRESS OR IMPLIED WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR THAT THE WALLET WILL BE FREE FROM ERRORS OR DEFECTS AND IS PROVIDED ON AN ‘AS IS’ BASIS. IN THE EVENT THE WALLET IS NON-FUNCTIONAL THE CARDHOLDER AND THE WALLET HOLDER’S SOLE REMEDY WILL BE THE CANCELLATION OF THE WALLET.
      12. The Wallet Holder shall inform Pine Labs by contacting the customer care at support@pineperks.in within 10 (Ten) days of occurrence of any transaction if any irregularities or discrepancies exist in such transaction or if such Wallet Holder has any query or complaint in relation to the transaction including for any unauthorised transaction. If Pine Labs does not receive any information to the contrary within 10 (Ten) days of occurrence of any Wallet transaction it shall be entitled to assume and proceed on the basis that the relevant Wallet transaction(s) was effected without any irregularity/ discrepancy. Subject to the foregoing all such transactions as aforesaid shall be dealt with in accordance with the Customer Grievance Redressal Policy of Pine Labs which can be accessed at https://www.pineperks.in/grievancePolicy. Wallet Holder can reach out to Pine Labs via email at support@pineperks.in or by contacting at 080-69806393 for any complaints and escalation as per its grievance redressal policy.
      13. All fees surcharges goods and applicable taxes with respect to Wallet shall be borne by the Wallet Holder. Pine Labs shall have no liability towards the same. There may be surcharge applicable on certain Wallet transactions. In such an event the same will be deducted from the Wallet balance available in the Wallet at the time of transaction. In case the Wallet balance is not sufficient to provide for the surcharge the transaction shall be declined.
      14. Wallet Holder can check the available balance of Wallet by logging in on the Fave mobile application.
      15. Any dispute in relation to the Wallet shall be referred to Pine Labs and the decision of Pine Labs shall be final in this regard. Any disputes and claims in relation to the card shall be subject to the laws of India and the jurisdiction of the courts at New Delhi only.
      16. For detailed terms and conditions please visit www.pineperks.in/termsConditions

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