CBDC Terms and Conditions

1. Opening of Merchant Token Wallet by IDFC FIRST Bank for E-rupee transactions and conversion of E-rupees into physical currency.

2. Along with the token wallet the merchant will also get a QR code through which they will be able to accept tokens as payments from the customers. The merchant will be getting a merchant portal through which they can manage their MIDs, TIDs, QRs, reports, etc. They will get credit intimation for all and any successful transaction done via the QR through SMS. The amount collected by the merchant, will be auto swept in the IDFC FIRST Bank's current account they have mentioned in the form on T+1 basis

3. Merchant authorizes IDFC FIRST Bank Limited to debit Account(s) and/or the ERupee Wallet as per instructions received

4. Merchant agrees that any instruction given by the Merchant for any ERupee Transaction shall become irrevocable when it is executed by IDFC FIRST Bank.

5. Merchant agrees that it shall not be entitled to make any claim against RBI and/or NPCI in respect to ERupee Transactions.

6. Merchant shall ensure availability of funds in his Account(s) and/or ERupee in the ERupee Wallet, as the case may be, towards the fulfilment of the instruction. Merchant hereby authorizes IDFC FIRST Bank Limited to debit the Account(s) and/or ERupee Wallet of the Merchant for any liability incurred by IDFC FIRST Bank Limited on behalf of the Merchant for execution of the instruction issued by the Merchant.

7. Merchant shall not hold IDFC FIRST Bank Limited responsible for any damage, claim, and issue arising out or in connection with any purchase of goods/services from Merchants. The Merchant understands and agrees that all such losses, damages and issues shall constitute a claim against such Merchants.

8. Merchant shall inform IDFC FIRST Bank Limited immediately of any inquiry, question or issue raised by any authority including but not limited to any statutory authority or official regarding and relating to IDFC FIRST Bank, as well as expeditiously notify IDFC FIRST Bank Limited of any show causes, seizure or similar action and provide copies of any notices, memos, correspondences received from such authority. Merchant shall not unilaterally file any response / reply to such an authority without the prior approval and vetting by IDFC FIRST Bank Limited.

9. Merchant hereby understands that as part of registration process ERupee Application will require them to undergo device binding process through which Merchant’s mobile device’s details will be verified and stored with IDFC FIRST Bank. Merchant hereby consents and authorize IDFC FIRST Bank Limited to conduct such device binding and store Merchant’s device details for the purposes of providing the ERupee Application.

10. Merchant shall be solely responsible for keeping its Wallet PIN, confidential and not share it with any third party. IDFC FIRST Bank Limited shall not be responsible for any liability arising out of use, whether authorized or unauthorized, of Merchant’s credentials by a third party.

11. Minimum and Full KYC Merchants can send ERupee to Merchants registered with IDFC FIRST Bank’s ERupee Wallet using such Merchant’s mobile number. For this purpose, Merchant hereby gives IDFC FIRST Bank Limited consent to access Merchant’s contacts on their mobile to enable IDFC FIRST Bank Limited to provide this facility.

12. Merchant understands that ERupee Transaction may or may not be displayed in the official statement of your Account(s) due to technical considerations in enablement of ERupee Wallet.

13. Merchant understands that Wallet Recovery is possible using Wallet PIN only.

14. Merchant understands that in case of Full KYC ERupee Wallet, Merchant will not be able to reset Wallet PIN if the linked IDFC FIRST Bank Account is closed/blocked, or if there is no active Debit Card linked to the IDFC FIRST Bank Account.

15. Merchant understands that Wallet Recovery is possible using the same mobile number with which the Merchant had completed the registration. In case Merchant loses the mobile number, Merchant will not be able to do a Wallet Recovery from a new mobile number.

Disclaimer of Liability

IDFC FIRST Bank Limited does not hold out any warranty and makes no representation about the quality of the ERupee Application. The User agrees and acknowledges that IDFC FIRST Bank Limited shall not be liable and shall in no way be held responsible for any damages whatsoever whether such damages are direct, indirect, incidental or consequential and irrespective of whether any claim is based on loss of revenue, interruption of business, transaction carried out by the User and processed by IDFC FIRST Bank, information provided or disclosed by IDFC FIRST Bank Limited regarding User’s Account(s) or ERupee Wallet or any loss of any character or nature whatsoever and whether sustained by the User or by any other person. While IDFC FIRST Bank Limited shall endeavour to promptly execute and process the ERupee Transactions as proposed to be made by the User, IDFC FIRST Bank Limited shall not be responsible for any non-response or delay in responding due to any reason whatsoever, including due to failure of operational systems or any requirement of law. IDFC FIRST Bank Limited shall not be liable for any loss, claim or damage suffered by the User and/or any other third party arising out of or resulting from failure of an ERupee Transaction on account of time out transaction i.e. where no response is received from NPCI or the beneficiary Bank and/or where mobile number or VPA of the beneficiary does not exist. Neither IDFC FIRST Bank Limited nor its affiliates, directors, officers and/or agents shall be liable for any unauthorized persons accessing the ERupee Application and the User hereby fully indemnifies and holds IDFC FIRST Bank Limited, its affiliates, directors and officers harmless against any action, suit, proceeding initiated against it or any loss, cost or damage incurred by it as a result thereof. IDFC FIRST Bank Limited shall under, no circumstance, be held liable to the User if ERupee Application access is not available in the desired manner for reasons including but not limited to natural calamities, legal restraints, faults in the telecommunication network or network failure, or any other reason beyond the control of IDFC FIRST Bank Limited.

All the records of IDFC FIRST Bank Limited generated by the ERupee Transactions arising out of the use of the ERupee Application, including the time the transaction is recorded shall be conclusive proof of the genuineness and accuracy of the ERupee Transaction. For the protection of both the parties, and as a tool to correct misunderstandings, the User understands, agrees and authorizes IDFC FIRST Bank, at its discretion, and without further prior notice to the User, to monitor and record any or all telephone conversations between the User and IDFC FIRST Bank Limited and any of its employees or agents. IDFC FIRST Bank Limited expressly disclaims all warranties of any kind, whether express or implied or statutory, including, but not limited to the implied warranties of merchantability, fitness for a particular purpose, data accuracy and completeness, and any warranties relating to non-infringement.

Termination

The User may request for termination of the ERupee Application by de-registering the ERupee Wallet and un-installing the ERupee Application. The User will remain responsible for all the ERupee Transactions made through the ERupee Application. IDFC FIRST Bank Limited may suspend or terminate the provision of the ERupee Application to the User anytime without assigning any reasons whatsoever.

General Conditions

The laws of India shall govern these terms and conditions and/or the operations in the Account(s) maintained with IDFC FIRST Bank. Any legal action or proceedings arising out of these Terms shall be brought in the courts or tribunals at Mumbai in India. IDFC FIRST Bank Limited may, however, in its absolute discretion commence any legal action or proceedings arising out of these Terms in any other court, tribunal or other appropriate forum, and the User hereby consents to that jurisdiction. The clause headings in these Terms are only for convenience and do not affect the meaning of the relative clause. IDFC FIRST Bank Limited may sub-contract and employ agents to carry out any of its obligations hereunder. IDFC FIRST Bank Limited may transfer or assign its rights and obligations under this contract to any other entity. IDFC FIRST Bank Limited has the absolute discretion to amend or supplement any of the Terms as stated herein at any time and will endeavour to give prior notice of fifteen days for such changes wherever feasible. By continuing to use the ERupee Application, the User shall be deemed to have accepted the changed Terms. Notices under these Terms may be given in writing by delivering them by hand or by sending them by post to the last address given by the User and in the case of IDFC FIRST Bank Limited to its corporate office address. In addition, IDFC FIRST Bank Limited may also publish notices of general nature, which are applicable to all Users in a newspaper or on its website at www.idfcfirstbank.com. Such notices will have the same effect as a notice served individually to each User. Any provision of these Terms, which is prohibited or unenforceable in any jurisdiction, shall, as to such jurisdiction, be ineffective to the extent of prohibition or unenforceability but shall not invalidate the remaining provisions of these Terms or affect such provision in any other jurisdiction. IDFC FIRST Bank Limited 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 Account(s) to the extent of all outstanding dues, whatsoever, arising as a result of the ERupee Transaction.

Dispute Redressal Mechanism

(i) User understands that any refunds, reversals, chargebacks in the event of a failed transaction shall be done within [14] days.

(ii) For grievances in relation to the ERupee Transaction, the User can raise a dispute through the ERupee Application. IDFC FIRST Bank Limited shall make best efforts to resolve the grievances and provide appropriate response in the event the grievance is attributable to a default by IDFC FIRST Bank Limited.

Reconciliation and Settlement Flows

Reconciliation will be done at IDFC FIRST Bank on daily basis. IDFC FIRST Bank LTD will share the respective file to merchants. Post reconciliation, Settlement between IDFC FIRST Bank LTD and the merchant will be T+1 only for CBDC transactions.

Merchant Information Details

Settlement will be done with merchant by IDFC FIRST Bank LTD via RTGS/IMPS/NEFT/IFT payment mode. Merchant needs to share the account details to IDFC FIRST Bank where Debit and Credit will be done.