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1. Introduction
These Terms & Conditions ("Agreement") govern the use of the digital platform nxtbanking.ai, operated by Laraware Private Limited, a company incorporated under the Companies Act, 2013 ("Company").
By creating an account or using any service, the Retailer/Distributor ("User/Partner") agrees to these Terms unconditionally.
2. Nature of Services
Laraware Private Limited provides technology-enabled services including:
- AEPS (Aadhaar Enabled Payment Services)
- BBPS (Bharat Bill Payment System)
- DMT (Domestic Money Transfer)
- Recharge and Utility Services
- Business Payout Solutions
- Commission/Settlement Dashboard
The Company is NOT:
- A Payment Aggregator
- A Payment Gateway
- A Bank
- A Financial Institution
- A Wallet Issuer under RBI PPI Guidelines
The Company operates only as a technology service provider for authorized banks and API partners.
3. Closed Wallet Declaration
The platform provides a closed-loop business wallet strictly for:
- Service usage (AEPS, BBPS, DMT, Payout, etc.)
- Commission settlement
- Retailer–Distributor internal business use
The wallet CANNOT be used for:
- Public payments
- P2P transfers
- Savings/interest
- Trading, gaming, betting, crypto
- Merchant collection from general public
This wallet is NOT a Payment Instrument under RBI PPI norms.
4. Wallet Load Rules
User agrees:
- Wallet can be loaded only from the User's own bank account/UPI ID.
- Third-party deposits are strictly prohibited.
- QR code/UPI handle cannot be forwarded to the public.
- Any suspicious or unknown fund source will lead to immediate suspension.
Company has absolute rights to:
- Block wallet
- Freeze settlement
- Forfeit balance if funds violate AML/PMLA norms
5. Prohibition on UPI Misuse
User agrees that:
- The QR code is NON-TRANSFERABLE.
- Collecting payments from the public for wallet load is illegal.
- The platform is not a merchant acquiring service.
- Any misuse results in termination + legal liability.
- The User is solely responsible for any third-party collections done through misuse.
6. Responsibilities of the User
The User shall:
- Use services only for legitimate business purposes
- Not perform unauthorized financial transactions
- Not attempt to reverse engineer, hack, misuse APIs
- Maintain KYC documents accurately
- Comply with NPCI, Bank, UIDAI, BBPS, PMLA laws
7. AEPS/BBPS/DMT/Payout Usage Rules
User agrees:
- AEPS transactions require genuine customer consent
- DMT transactions must be initiated only for verified customers
- Payout transactions must relate to legitimate business
- BBPS payments must not be used for cycling/round-tripping of funds
Any fraudulent or repeated chargeback activity will lead to FIR and termination.
8. Chargeback, Fraud & AML Policy
In case of:
- Fraudulent transaction
- Third-party deposits
- Customer disputes
- Reversal requests
- Bank/Partner audit flags
The User shall be solely liable for:
- Losses
- Penalties
- Investigations
- Recoveries
Company holds the right to freeze accounts and report suspicious activity to authorities.
9. Settlement & Commission Policy
- Commissions are auto-credited based on the plan.
- Company may revise charges, MDR, commission anytime.
- Settlements can be delayed due to bank downtime or compliance checks.
10. Termination & Suspension
Company may suspend or terminate User account immediately if:
- Misuse of UPI
- Fraud or suspicious activity
- Violation of T&C
- False KYC
- Law enforcement request
- Bank/partner directive
Unused balance may be withheld until compliance clearance.
11. Limitation of Liability
Laraware Private Limited is NOT liable for:
- Loss of funds due to User mistakes
- Third-party deposits
- Fraud by Retailer/Distributor
- Network/bank failures
- API downtime
- Any indirect or consequential damages
Maximum liability = wallet balance at that time (only if legally eligible).
12. Indemnity
The User agrees to indemnify and hold harmless:
Laraware Private Limited, its directors, employees and partners from any loss, penalty, legal dispute, regulatory action arising due to:
- Misuse of wallet
- Unauthorized UPI collection
- Fraudulent AEPS/DMT/BBPS usage
- Third-party deposits
- Any violation of law
This clause fully protects the company.
13. Governing Law
This Agreement is governed by the laws of India.
Jurisdiction: Lucknow / Uttar Pradesh
14. Consent
By clicking "I Agree", the User confirms that:
- They have read the T&C
- Accept all clauses
- Understand legal liabilities
- Accept wallet restrictions
Contact Information
For questions about these terms:
- Company: Laraware Private Limited
- Email: legalteam@laraware.com
- Website: www.nxtbanking.ai
- Jurisdiction: Lucknow, Uttar Pradesh, India
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