Refund & Cancellation Policy

1. Setup Fee Clause (for Neo-Banking VA Services)

The setup fee for activating virtual account services, account aggregator integration, tax automation, and pay-in/payout infrastructure is a one-time charge. This fee is non-refundable once the setup process is initiated, regardless of subsequent usage or discontinuation of services.

2. Eligibility for Refunds & Reversals

A refund or transaction reversal may be initiated under the following circumstances:

• Failed Transactions – When money is debited but not credited due to banking or network failures.
• Duplicate Payments – If a customer is charged twice for the same transaction.
• Merchant-Initiated Refunds – For cancellations, order failures, or returns.
• Disputed Transactions – For unauthorized charges, fraud, or non-fulfilment.
• UPI Disputes & Chargebacks – As per NPCI UPI Dispute Redressal Mechanism.

Note: bluFin360 does not directly approve refunds for purchases— refund eligibility depends on the merchant’s refund & cancellation policy. Customers must first raise refund requests with the merchant.

3. Refund Timelines & Processing for Different Payment Modes

Refund timelines vary based on the payment method used:

T = Date of Refund Request Initiation

NPCI UPI Auto-Reversal Rule: Failed UPI transactions are auto-reversed within T+1 working day.

Regulatory Reference: RBI Circular on Turnaround Time (TAT) for Failed Transactions (2019)

4. Roles & Responsibilities in Refund Processing

The refund process involves multiple entities:

4.1 bluFin360’s Role

• Facilitates refund processing by forwarding refund requests to banks/payment processors.
• Ensures that merchants adhere to their refund policies & timelines.
• Provides real-time refund status tracking via the bluFin360 dashboard.
• Assists customers & merchants in case of delayed or disputed refunds.

4.2 Bank & Payment Processor’s Role

• Processes fund reversals as per RBI timelines.
• Verifies & resolves failed transactions through the automated dispute resolution mechanism.
• Reconciles refunds and updates transaction records.

4.3 Merchant’s Role

• Defines and communicates their refund and cancellation policy.
• Initiates timely refunds for cancelled transactions.
• Resolves customer refund complaints related to refunds & disputes.

Important:Refunds are subject to the merchant’s policy, and luFin360 does not have authority over order cancellations or service issues.

5. Transaction Security Policy

bluFin360 ensures bank-grade security measures for all transactions, preventing fraud and unauthorized access.

5.1 Security Standards & Compliance

• PCI-DSS Level 1 certified – Ensures secure storage & processing of card transactions.
• AES 256-bit Encryption – Protects payment data in transit & at rest.
• Two-Factor Authentication (2FA) – Mandatory for high-value transactions.
• Tokenization of Card Data – Complies with RBI’s Card-on-File Tokenization (CoFT) guidelines.

5.2 Fraud Prevention & Risk Monitoring

• Real-time AI-driven fraud detection to flag unusual transaction behaviour.
• Suspicious transaction alerts for large or high-frequency payments.
• Geolocation tracking & device fingerprinting to prevent unauthorized UPI fraud.

5.3 Customer Responsibilities

• Do not share OTPs, PINs, or passwords with anyone.
• Always verify merchant legitimacy before making a payment.
• Report suspicious transactions to bluFin360 within 24 hours.

6. Dispute Resolution & Grievance Redressal

Customers can raise complaints for:

6.1 How to Raise a Refund or Dispute Request

1. Step 1 : Contact the merchant first for service-related refunds.
2. Step 2 : If the merchant is unresponsive, contact bluFin360 at info@bluFin360.com.
3. Step 3 : If unresolved, escalate the complaint to the RBI Ombudsman.

6.2 Grievance Redressal Officer Contact

Email: compliance@bluFin360.com

Helpline: +91 7795510723

Working Hours: Monday–Friday, 9:00 AM to 6:00 PM

Escalation to RBI Ombudsman: If a refund is not processed within the defined turnaround time (TAT), users may approach the Banking Ombudsman as per RBI’s Consumer Protection Guidelines.

7. Governing Law & Compliance

This policy is governed by:

• RBI Circular on TurnAround Time for Failed Transactions (2019)
• NPCI UPI Dispute Resolution Guidelines
• IT Act 2000 & Payment Security Rules

Any disputes will be resolved in courts of Bengaluru, Karnataka., India.