Privacy Policy

INTRODUCTION

BLOSTEM FINTECH Pvt. Ltd (“BLOSTEM”, “we”, “us”, “our” or “Company”) is a fintech company providing aggregated financial solutions and services to users through our Platform, as described in our “Terms of Service”. We at BLOSTEM are committed to protecting the privacy and security of its users (“user(s)”, “your”, or “you”). Your privacy is important and maintaining your trust is paramount to us. This “Privacy Policy” explains how we collect, use, process, disclose, and safeguard your information when you use our Services through our partners' mobile application /web application (hereinafter referred to as the “App”), which shall be incorporated into and subject to the Terms of Service and shall be read harmoniously and in conjunction. Any capitalized terms defined herein shall have the same meaning as prescribed in the Terms of Service.

Please read this Privacy Policy carefully to understand our policies and practices regarding your information and how we will treat it. By accessing or using our Platform and our Services, you agree to accept all the terms contained in this Privacy Policy and acknowledge and agree with the practices described herein.

If you have any questions regarding this Privacy Policy, please send us an email at support@blostem.com

WHAT INFORMATION DO WE COLLECT?

We collect Personal Information and Non-Personal Information (as defined below) from you when you register or set up account with us on our Platform. When you start using the Services, we ask you to provide certain information as part of the registration process, and in the course of your interface with the Platform. We will collect this information through multiple means and in various places through the Services, including but not limited to, account registration forms, contact us forms, or when you otherwise interact with BLOSTEM, including at customer support.

BLOSTEM acts as a bank correspondent and only collects such basic personal and financial information as is necessary to facilitate onboarding and provision of Services. All other sensitive personal information is collected directly by the partner Bank and not by BLOSTEM.

THIS PRIVACY POLICY APPLIES TO:

Information that you may provide to us voluntarily while registering on our Platform for using our Services, including but not limited to, full name, mobile number, email address, password, photograph, date of birth, gender, Permanent Account Number (PAN), Aadhar details, e-KYC through UIDAI, CKYC through CERSAI, income/salary information, marital status, and nominee details. We may also ask you to provide your financial information, including but not limited to, billing address, bank account details, credit/debit card details, payment related details, payment method data, debit instructions, e-mandates, standing instructions or any other personal/financial information as required by various applicable laws and regulations from time to time to process the Services (“Personal Information”).
We do not store Aadhaar numbers or any biometric information. Where Aadhaar authentication is required for KYC purposes, it is carried out via licensed entities in compliance with UIDAI guidelines, and with the user’s informed consent.
Certain additional information about yourself on a case to case basis. Further, when you visit our Platform, we may log certain non-personal information such as your IP address, cookie information, browser type, mobile operating system, manufacturer and model of your mobile device, geolocation, preferred language, access time and time spent.
Any information that is freely available, accessible in the public domain, furnished under the Right to Information Act, 2005 or any other law for the time being in forced, where such information shall not be regarded as sensitive personal data or information. We may also retrieve from your records available with third party Know Your Customer (KYC) Registration Agency (KRA), information such as your KYC details, KYC status, father’s name, occupation, address details and related documents.

Please note that our Platform may link you to third-party websites/apps (“Third-Party Sites”), that may collect your personal information, for which the Company is not in any manner responsible for the security of such Third-Party Sites or their privacy practices or content. Such third-party provides Third-Party Sites may have their own privacy policies governing their storage and retention of your information that you may be subject to. This Privacy Policy does not govern any information provided to, stored on, or used by such Third-Party Sites or third-party providers and we recommend that you review the applicable privacy policy when you enter a Third-Party Site. You agree and acknowledge that the Company is not liable for the information published by any Third-Party Site. Nonetheless, we seek to protect the integrity of the App and our Platform and welcome any feedback at about these websites. Please contact us at support@blostem.com

The Company’s use of information received from Google APIs will adhere to Google API Services User Data Policy, including the Limited Use requirements.

We take care to allow your Personal Information and Non-Personal Information to be accessed only by those who really need it in order to perform their tasks and duties and to third parties who have a legitimate purpose for accessing it and with your consent. Your Personal Information and Non-Personal Information will be transferred only to a Third-Party Sites that ensures the same level of data protection that is mandated under the IT Act and the SDPI Rules.

HOW DO WE USE YOUR INFORMATION?

We use the Personal Information and Non-Personal Information provided by you:

To create your account, verifying your identity and process your transaction(s) on the Platform;
To collect statistics about your usage of the Platform and its effectiveness;
To improve and personalize your experience of the Services, as well as customize our interactions with you to further expand the scope of the Platform;
To resolve disputes, provide customer support and troubleshoot problems that arise from using our Platform;
To help promote a safe service on the Platform and protect the security and integrity of the Platform, the Services and the users;
To collect the applicable fees from you in relation to the Services;
To inform you about online and offline offers, campaigns, programs, products, services and/or updates;
To customize your experience on the Platform;
To detect, prevent and protect the Company from any errors, frauds, and other criminal or prohibited activity on the Platform;
To enforce and inform you about our Terms of Service;
To process and fulfil your request for Services or respond to your queries on the Platform;
To contact you;
To communicate important notices or changes in the Services offered by the Company, use of the Platform, and the terms/policies which govern the relationship between you and the Company and with our affiliates; and
For any other purpose, for which you have granted access to such information to us, based on your interaction with Platform.

You may revoke your consent to the processing of your Personal Information at any time by writing to us at support@blostem.com.

We may send you text messages solely related to transactions, on your registered mobile number that you share with us.

DISCLOSURE OF INFORMATION

We may disclose your Personal Information and Non-Personal Information, to the extent necessary:

To statutory and regulatory authorities to comply with applicable laws and to respond to lawful requests and due legal process;
To protect the rights, property and safety of the Company, our business and services partners and the users, including to enforce the Terms of Service;
To our subsidiaries and affiliates, in the ordinary course of business;
To third-party service partners, including business partners, affiliates, service providers, entities registered under applicable laws with Securities Exchange Board of India (SEBI), National Stock Exchange of India Limited, Bombay Stock Exchange Limited, authorized payment gateways, collecting banks, KRAs, credit bureaus, etc. for the purpose of billing and collection, providing content, products, customer support etc that is necessary for carrying out the Services;
In case of a corporate sale, merger, acquisition, sale of business, reorganization, dissolution, insolvency or such similar events;
To fulfil the purpose for which the user provided such information;
For any other purpose for which the User provided it;

HOW DO WE RETAIN YOUR INFORMATION?

We may store and retain your Personal Information and Non-Personal Information, to the extent necessary:

To carry out the Services for the user on the Platform. Generally, this means, we will keep your Personal Information and Non-Personal Information as long as your account is active or as needed to provide our Services;
Retain and use the information collected as necessary to comply with our legal obligations, resolve disputes or for other business purposes;
Retain your Personal Information and Non-Personal Information for such time period as prescribed under applicable law, after you cancel/ deactivate/ unsubscribe your account with us, as our business practice; and
Where we have no continuing legitimate business need to process your Personal Information and Non-Personal Information, we will either delete or anonymize it or, if this is not possible (for example, because your personal data has been stored in backup archives), then we will securely store your personal data and isolate it from any further processing until deletion is possible.

HOW DO WE PROTECT INFORMATION WE COLLECT?

We are dedicated to guarding the security of your information and our Platform has several industry-standard security technologies and procedures devised to help protect your data from unauthorized access, use, destruction or disclosure, including technical and organizational security measures to protect the security of your personal data both online and offline. The App receives regular security scans and penetration tests. The App also receives regular malware scans. In addition, the App uses an SSL certificate as an added security measure. Access to any Personal Information stored or processed by the Company is strictly limited to authorised personnel who require it to fulfil their duties for providing the Services, and on a need-to-know basis. In addition, we actively prevent third parties from getting access to the personal information of Users that we store and/or process on the servers. We will implement reasonable security measures every time you (a) place an order, (b) enter, submit, or access your information, (c) register, or (d) access the App.

HOW DO YOU UPDATE YOUR INFORMATION?

You specifically consent and agree that the Personal Information pertaining to your account on the Platform shall be both accurate and current. If you wish to update your Personal Information which is inaccurate or incorrect, we shall provide self-help tools for you to directly review or update certain aspects of your Personal Information in our records. As per the existing legal regulations, specific data fields (such as name, Aadhar number, address etc.) in your Personal Information would be locked in our systems once you enter that information in our Platform. If any part of your Personal Information changes during the course of your engagement with us and your use of our Platform, please use these self-help tools provided by us to update that Personal Information or email us at support@blostem.com

We will respond to all requests in accordance with the applicable laws.

HOW DO YOU DELETE/DEACTIVATE YOUR ACCOUNT?

BLOSTEM does not sell, trade, or otherwise transfer to outside third parties your Personal Information. Please note that (i) if we delete your Personal Information as requested, we will no longer be able to provide our Services to you and (ii) we may need to keep such Personal Information for a while during the shutting down and billing process. Users also have the option to request for an account deactivation instead. This will temporarily block user access to the App and the Platform until they send a re-activation request and successfully re-activate their account.

To make a request for such disclosure, or identification, deactivation and/or deletion of the Platform account and Personal Information in all our systems that we store on you, please send an email to support@blostem.com or write to us at:

BLOSTEM
8A/37G, GF, PLOT NO-37G, BLOCK NO-8A, W.E.A KAROL BAGH,
Delhi, Central Delhi, Delhi, India, 110005

WILL WE UPDATE THE PRIVACY POLICY?

We reserve the right, at our sole discretion, to revise, change or modify this Privacy Policy from time to time and such modifications shall be binding on only upon your acceptance. Therefore, we urge you to review the Privacy Policy periodically to ensure that you agree with our latest information on our privacy practices.

COPYRIGHT POLICY

The contents of this website and the Platform may not be reproduced partially or fully, without due permission from BLOSTEM, as per the Copyright Act, 1957. If referred to as a part of another publication, the source must be appropriately acknowledged. The contents of this website cannot be used in any misleading or objectionable context.

GOVERNING LAW

This Privacy Policy shall be governed by the law of the republic of India, without respect to its conflicts of laws principles. Each of the parties to this Privacy Policy consents to the exclusive jurisdiction and venue of the courts located in New – Delhi, India for any actions not subject to Dispute Resolution and Arbitration provisions as set forth below in (Dispute Resolution).

DISPUTE RESOLUTION

Any claim, dispute or difference relating to or arising out of this Terms of Service and Platform Privacy Policy shall be referred to the arbitration, of a sole arbitrator appointed mutually. The arbitration shall be subject to the Arbitration and Conciliation Act, 1996 as may be amended from time to time. The seat and venue of arbitration shall be New – Delhi, India. The proceedings shall be undertaken in English. The arbitration award shall be final and binding on the parties.

PRIVACY QUESTIONS AND GRIEVANCE REDRESSAL

To ask questions or comment about this Privacy Policy and our privacy practices, please contact us at:

Privacy Officer: Akshat Gupta
Email: Legal@blostem.com
Address: 8A/37G, GF, PLOT NO-37G, BLOCK NO-8A, W.E.A KAROL BAGH, Delhi, Central Delhi, Delhi, India, 110005