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  • Circular No MF 0430

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    Phantom Knights
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    The circular announces that starting January 1st, 2024, field employees of Asirvad Micro Finance Limited will no longer be allowed to process online loan payments using their personal mobile numbers. Some employees had been collecting cash from customers and then making online payments, posing fraud risks. To address this, the company's online payment system will now block payments made by employees using their personal or office phone numbers. Any employee found collecting payments from customers and then making online payments themselves may be penalized Rs. 500 and receive a written warning.

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    The circular announces that starting January 1st, 2024, field employees of Asirvad Micro Finance Limited will no longer be allowed to process online loan payments using their personal mobile numbers. Some employees had been collecting cash from customers and then making online payments, posing fraud risks. To address this, the company's online payment system will now block payments made by employees using their personal or office phone numbers. Any employee found collecting payments from customers and then making online payments themselves may be penalized Rs. 500 and receive a written warning.

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    © All Rights Reserved
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    4 views1 page

    Circular No MF 0430

    Uploaded by

    Phantom Knights
    The circular announces that starting January 1st, 2024, field employees of Asirvad Micro Finance Limited will no longer be allowed to process online loan payments using their personal mobile numbers. Some employees had been collecting cash from customers and then making online payments, posing fraud risks. To address this, the company's online payment system will now block payments made by employees using their personal or office phone numbers. Any employee found collecting payments from customers and then making online payments themselves may be penalized Rs. 500 and receive a written warning.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    ASIRVAD MICRO FINANCE LIMITED

    Date:20-01-2024
    Circular No: MF 0430

    Subject: Blocking of EMI Online payments by internal employees.

    It is hereby promulgated that circular no: MF 0430 dated 20th January 2024 issued by
    Operation department will be effective from 01st January 2024 retrospectively.

    Intent and content of the circular for compliance as given below:

    As few FDAs are collecting cash from customers and processing online payments using
    their mobile numbers, this process poses a risk of potential fraud on their end. As per
    policy, it is unacceptable for FDAs to make online payments using their mobile
    numbers.

    Therefore, we have implemented a control in the online payment collection module. If


    our employees attempt to make loan EMI payments through online channels using
    their personal or CUG numbers, the system will not allow it, and the same should be
    blocked in the online payment module.

    If any employee found collecting online payment from customer and doing online
    payment from their end/any other number or collecting cash from customer and doing
    online payment from their end /any other number, a penalty of Rs.500/- with warning
    memo will be issued.

    Prabhakaran S

    Head-Operations

    ************************************

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