April 18, 2020

Dear FIDC Members,

ADVISORY

As you may be aware, subsequent to Representations made by FIDC , the Ministry of Home Affairs, Government of India has permitted vide its notification dated April 16, 2019 permitted NBFCs to operate their branches with bare minimum staff, with effect from 20th April, 2020.

FIDCFIDC would like to advise its members as follows:

Members may decide to open such of their branches/departments as are considered absolutely necessary. In deciding this, they may consider the following:

All member NBFCs must ensure total compliance to “National Directives for COVID-19 Management” as per Annexure I to the MHA Order and “Standard Operating Procedure for Social Distancing for Offices, Work Place, Factories and Establishments” as per as per Annexure II of the MHA order.

Keep the Branch open for minimum hours only

Only operate such branches which fall in locations cleared by local authorities.

Wherever possible, staff may be encouraged to work from home

Maintain shift system or other mechanism by which there is no overcrowding in the member’s offices

EmplEmployee should carry his ID Card and the Authority from the Company on its letter head by mentioning the name of the employee, ID number to attend office and a tag that he is attending essential service

Whether the function is absolutely essential or notPossibility and effectiveness of operating the function by staff working from homeExtent of customer contact (face to face) neededWhetherWhether opening such an office would materially enhance customer wellbeing (for instance, redemption of principal or payment of interest on deposits to senior citizen customers)WhetherWhether the branch/office is safe for its employees/customers to access (e.g., not in a “hotspot” zone)Whether the respective state government has imposed harsher restrictions or not

In case the member has given moratorium to its customers, the member may facilitate the customers who may be covered by the moratorium

In any case, FIDC would request its members not to adopt strict collection

methods or any coercive method for collections.

Members may also consider waiver of late payment fee/cheque bounce charges and take a liberal view of the customers’ situation before deciding on a course of action

Stay Safe

FIDC would advise all its members to set examples of behaviour as good corporate citizens. Members are also advised to strictly comply with any restrictions that may be imposed by the

local/state authorities considering the local situation.

These are only some guidelines and FIDC does not take any responsibility on behalf of any member. The members need to be self responsible & accountable for their decisions & actions.

Health and safety of our staff and customers areof paramount importance.