MEMBERS

Content for Preamble / Introduction

• Justice: The commitment to ensure social, economic, and political justice for all citizens
• Liberty: The freedom to choose one's way of life, have political views, and behave in society
• Equality: The idea that no section of society should have special privileges and that everyone should have equal opportunities
• Fraternity: The feeling of brotherhood and emotional attachment to the country and all its people

The objectives of the FPC are as under:

• Adopt the best practices in dealings with customers
• Set challenging benchmarks and strive to achieve high operating standards for ensuring customer satisfaction.
• Follow transparent, fair, ethical, and legally tenable practices while conducting business.
• Provide all necessary information and inputs to customers / prospective customers and promote a mutually beneficial relationship.
• Facilitate a continuously growing base of satisfied customers while scrupulously avoiding the acquisition of customers having doubtful credentials or criminal backgrounds.

These commitments ensure transparency, fairness, and protection of borrower rights under the RBI's guidelines:

• Commit to providing clear, understandable terms and conditions regarding interest rates, charges, and repayment obligations.
• Loans will be granted without discrimination based on caste, creed, gender, or religion.
• Loan decisions will be based on an unbiased and fair assessment of creditworthiness.
• Maintain confidentiality regarding the borrower's personal and financial information unless required by law or with customer consent.
• Communicate a reasonable timeline for loan processing and ensure timely disbursement of approved loans.
• Give proper advance notice of any changes in interest rates, charges, or loan terms.
• Commit to ethical practices during loan recovery, treating borrowers with dignity and following due legal process.
• Borrowers will have access to a transparent and efficient mechanism to resolve complaints and disputes.

The Fair Practices of the Indian Constitution are principles embedded within the Constitution to ensure justice, equality, and fairness for all citizens:

• Everyone is subject to the law, ensuring fairness in legal proceedings and governance.
• Guarantees that no individual is above the law and everyone has equal protection under the law.
• Ensures freedom of speech, expression, assembly, and movement, among others, for all citizens.
• Prohibits human trafficking, forced labor, and child labor in hazardous conditions.
• Ensures the right to life and personal liberty, meaning that no person shall be deprived of their life or liberty except according to the procedure established by law.
• Ensures a transparent, impartial, and speedy trial system, maintaining fairness in legal judgments.
• Guides the government in making laws and policies aimed at social justice and equitable development.
• Ensures that citizens have the right to approach the courts in case of violation of their fundamental rights.