1. Purpose

This policy outlines the conditions and procedures under which refunds may be processed for customers holding Prepaid Payment Instruments (PPIs) issued by the

Bank, in accordance with the RBI Master Directions on Prepaid Payment Instruments and the Bank's internal operational guidelines.

2. Eligibility for Refunds

Refunds shall be permitted only for:

a. Closure of Prepaid Card/PPI requested by the customer.

b. Unauthorised / failed / duplicate transactions, subject to dispute resolution procedures.

c. Expired Prepaid Cards with unutilised balance.

d. Load reversals where funds were erroneously loaded or where underlying transaction is cancelled.

e. Merchant refunds arising from cancellations, returns, or service failures.

f. KYC-related restrictions where a customer is unable to continue using the card due to non-completion of KYC within regulatorily mandated timelines.

3.  General Conditions

a. Refunds shall be made only to the source account / original payment instrumentused to load the card.

used to load the card.

b. Refunds to third-party accounts shall not be permitted.

c. No cash refunds shall be allowed under any circumstances.

d. Refund amounts shall not exceed the outstanding balance on the prepaid card.

e. Refunds for inactive or dormant cards shall require customer verification as per KYC/AML standards.

4.  Processing Timelines

a.  Refund requests shall be processed within T+5 working days from receipt of complete documentation.

b.  Refunds involving disputes or chargebacks shall follow the standard dispute resolution timelines prescribed by card networks or NPCI.

c.  Merchant refunds shall be credited to the customer's prepaid balance immediately upon receipt from the acquirer.

5.  Documentation Requirements

Depending on the nature of refund, the customer may be required to submit:

• Registered Mobile Number and Last four digit of the Prepaid card
• Proof of transaction or load slip clearly indicating transaction date and time.
• Disputed Amount

The Bank reserves the right to seek additional documents in cases involving disputes or regulatory review.

6.  Special Conditions for Non-KYC PPIs

a.  Refunds for non-KYC PPIs shall be allowed only up to the permissible balances as per RBI guidelines.

b.  In cases where KYC is not completed within stipulated timelines, remaining balance may be refunded only to the source account after mandatory cooling-off checks.

7.  Expired / Closed Cards

a.  Customers may request refund of unutilised balance within three years from card expiry.

b.  For cards closed voluntarily by the holder, refund shall be processed post authentication and after deducting any applicable fees.

8.  Fraud, AML, and Compliance Checks

All refund requests shall be subject to:

• Transaction pattern review
• AML/CFT monitoring
• Fraud risk assessments

The Bank may withhold or delay refund where suspicious or irregular activity is observed, or where regulatory instructions mandate enhanced scrutiny.

G. Record Retention

All refund records, transaction logs, approval notes, and communication trails shall be maintained for the period specified under RBI guidelines and the Bank's internal record retention policy.