1. As we plan to do most of the work online, can we take the agreements online itself instead of getting the customers signature on the hard copy. Eg : like there would be an option of " I Agree " for terms & conditions & privacy policy ...." , If customer clicks the button, it should be legal binding. How legally viable is this.
Such agreements shall be effective for the online business not involving financial services/transactions.
If the T & C are violated in general matters legal action can be taken and the service may be terminated abruptly quoting the violations as reason.
Whereas in money transaction how can you recover the loan if he denies his signature or claims innocence of the knowledge of pressing or clicking the button. The customer cannot be made liable and it will be hard to prove the same since this technical issue which can be handled by more people without the knowledge of one another.
If not, is there any other option, where we can take agreements without customer Signing the hard copy.
Any financial transaction with the customer's signature in the relevant papers or documents cannot be held legally valid.
2. As we act as an intermediary between Borrowers and NBFC, how can we we handle payments and receipts on behalf of NBFC in order to keep a track on borrowers monthly payments details.
This modality should have been arranged even before accepting the contract from the NBFC for recovering or transacting with the customers.
If you are responsible for all the money involved between the NBFC and the customer, you should make proper records for each and every transaction and secure them with backup facilities so that the charges of embezzlement or misappropriation may not arise at a later stage followed by police action etc.
3. Since NBFC is Governed by RBI ACT, does it require any local state approvals ( eg: money lending).
All the NBFCs are governed by RBI act only.
The BFC has to obtain money lending licence and registration of the company.
It should comply with the other requirements as per the provision of shops and establishment act.