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Terms & Conditions

This document sets out the Terms and Conditions ("T&C") applicable to the Peko RuPay Corporate Card issued by Pine Labs. Pine Labs have a co-branding agreement with Peko to issue Peko RuPay Corporate Card ("Cards"/ "Card").

The Peko RuPay Corporate Card ("Card") is a corporate expense management solution issued by Pine Labs Limited ("Issuer") under authorization granted by the Reserve Bank of India and distributed through Peko Platforms Private Limited ("Peko" or "Co-branding Partner"). Peko does not issue the Card and does not undertake any issuer‑side regulatory obligations.

The Card is issued to employees, contractors, directors, or other authorized representatives ("Authorized Users") of a business entity ("Corporate") for the purpose of managing and recording business expenses.

"Corporate" means the company, partnership, LLP, trust, sole proprietorship or other business entity that has entered into an agreement with Peko and/or Pine Labs for issuance of Cards.

"Authorized User" or "Cardholder" means an employee, contractor, director or other individual authorized by the Corporate to use the Card.

"Corporate Administrator" means the individual(s) designated by the Corporate to manage Card issuance, limits, controls and user access.

All funds loaded onto the Card remain funds of the Corporate and do not constitute personal funds of the Authorized User.

These T&Cs may be updated from time to time in accordance with applicable laws and at the sole discretion of Pine Labs and Peko with prior or reasonable notice to the Corporate and the Cardholder, as required under RBI guidelines. Continued use of the Card after such notice shall constitute acceptance of the revised Terms and Conditions.

The Cards are reloadable Full KYC / Small PPIs which are issued and operate in accordance with the RBI Master Directions on Prepaid Payment Instruments (PPIs) dated August 27,2021 ('MD-PPIs) as amended from time to time.

The following terms and conditions are applicable to the Corporate and the Cardholder upon purchase of the Card from Peko:

  1. All Cards shall be valid for a period of 5 (Five) years and shall remain valid till the date mentioned on the Card. Upon request of the Corporate or Cardholder and subject to applicable fees and at the sole discretion of Pine Labs and Peko Platforms Private Limited, the validity of the Card may be extended, or a replacement Card may be issued after expiry. The associated Prepaid Payment Instrument Account shall be valid for 10 (ten) years.
  2. The Pine Labs Issued RuPay Corporate Card can be used at any websites and offline locations that accept it.
  3. Only the Corporate may fund Cards issued under the Program or authorize funding thereof. Authorized Users shall not independently load money onto the Card except as explicitly permitted under applicable law and Program Terms.
  4. The Corporate shall have the right to, through the Peko platform or other designated channels:
    1. Distribute Cards to Authorized Users;
    2. Set limits on spending;
    3. Define merchant category restrictions;
    4. Enable or disable types of transactions;
    5. Suspend or cancel Cards;
    6. Reclaim available balances;
    7. Approve or reject expense transactions where applicable.
  5. Multiple Cards identified by unique mobile numbers may be issued to each Cardholder.
  6. The Card may be integrated with Peko's expense management platform. Authorized Users may be required to submit supporting documents, including invoices, receipts, expense details, tax invoices, and other information as requested by the Corporate.
  7. Failure to provide required supporting documents may result in restriction, suspension or cancellation of Card privileges by the Corporate.
  8. This Card is issued only upon request by the Corporate or Cardholder by Pine Labs and will be distributed to Cardholder by the co-branding partner upon acceptance of these Terms and Conditions (as updated from time to time) and successful fulfillment of eligibility and Know Your Customer ("KYC") criteria as defined by the Reserve Bank of India for Full KYC PPIs / Small PPIs.
  9. Subject to the validity of the Card, if there is no transaction on the Card for a continuous period of one (1) year, Pine Labs through Peko as distributor shall deactivate the Card by sending a notice to the Corporate and Cardholder. The Cardholder hereby acknowledges and agrees to this. If the Card remains inactive for a period as determined by the distributor in accordance with RBI regulations, the Card may be temporarily suspended. Thereafter, the Corporate may request reactivation of the Card, subject to applicable verification requirements.
  10. Full KYC PPI Feature:
    1. The amount loaded in each Card shall not exceed ₹2,00,000/- (Two Lakh Rupees). The outstanding amount on each Card at any point in time shall not exceed ₹2,00,000/- (Two Lakh Rupees). Subject to applicable RBI Master Directions, Pine Labs may set transaction limits for the Card from time to time at its sole discretion. This limit applies at the user level and across all programs issued by Pine Labs.
    2. Full KYC PPI Cardholders are also permitted to withdraw cash from ATMs. Each transaction limit shall be ₹2000/- and customers can withdraw a maximum of ₹10,000 per month. The monthly limit is at the customer level across all programs.
    3. ATM withdrawal may be enabled or disabled by the Corporate. Where enabled, withdrawal limits shall be determined by the issuer, applicable network rules, RBI regulations, and Corporate policies.
    4. ATM withdrawal/usage charges will apply to Full KYC PPI as below:
      • Financial transaction: [INR 25 + GST].
      • Non-Financial transaction like balance check PIN Change Mini statement: INR 10 + GST].
  11. All funds loaded in the Card shall remain the Corporate's assets. Authorized Users shall not have any ownership rights over such funds and may use the Card only for authorized business purposes.
  12. The Corporate may instruct Pine Labs or Peko to reclaim unused balances without charging, restrict access to funds, or close the Card upon termination of employment, change of role, suspected misuse, policy breach, or any other business reason. Upon Card closure, termination or cancellation, any remaining balance shall be returned to the Corporate funding account or dealt with according to Corporate instructions and applicable RBI regulations.
  13. Upon resignation, termination of employment, suspension, or termination of relationship with the Corporate, the Corporate may immediately suspend or close the Card. Any remaining balance shall belong to the Corporate.
  14. Authorized Users shall immediately notify the Corporate, Peko or Pine Labs of any suspected unauthorized transactions, loss of Card, or misuse of credentials.
  15. Responsibility for unauthorized transactions shall be determined according to applicable RBI regulations, network rules, Corporate policies, and the circumstances of the incident.
  16. The Corporate is responsible for ensuring that Authorized Users comply with its internal expense policies. Pine Labs and Peko shall not be responsible for monitoring whether transactions comply with Corporate's internal policies.
  17. The Corporate is solely responsible for determining how taxes apply to expenses incurred using the Card, maintaining records necessary for compliance with accounting, GST regulations, tax filing and audits.
  18. Authorized Users acknowledge and agree that transaction details, merchant information, receipts, location data (where available), expense records and related information may be shared with the Corporate, Peko and Pine Labs for expense management, fraud prevention, compliance and program administration.
  19. Transactions may be subject to controls established by the Corporate, including:
    1. Merchant category restrictions;
    2. Limits on transaction amounts;
    3. Daily, weekly or monthly limits;
    4. Geographic restrictions;
    5. Online transaction controls;
    6. Cash withdrawal controls; and
    7. Other risk controls determined by the Corporate or Card issuer.
  20. In the event of breach of these Terms or misuse of the Card, subject to applicable law, the Card may be suspended or cancelled. Any available balance shall be returned to the Corporate that funded the Card, or dealt with in accordance with RBI directives and applicable law.
  21. The Cardholder shall indemnify, defend and hold harmless Pine Labs and co-branding partner from and against any and all third party liability, losses, costs and expenses (including reasonable attorneys' fees) arising out of or relating to breach of these Terms and Conditions, or negligence, willful misconduct or fraud by the purchaser or its employees or agents.
  22. CO-BRANDING PARTNER and PINE LABS DOES NOT MAKE ANY WARRANTIES, EXPRESS OR IMPLIED, WITH RESPECT TO THE CARD, INCLUDING WITHOUT LIMITATION, ANY EXPRESS OR IMPLIED WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR THAT THE CARD WILL BE FREE FROM ERRORS OR DEFECTS AND IS PROVIDED ON AN 'AS IS' BASIS. IN THE EVENT THE CARD IS NON-FUNCTIONAL, THE CARDHOLDER AND THE CARD HOLDER'S SOLE REMEDY WILL BE THE CANCELLATION OF THE CARD.
  23. If any transaction has any irregularities or discrepancies or if the Cardholder has any query or complaint regarding any transaction, including any unauthorized transaction, the Cardholder shall notify the co-branding partner within 10 (Ten) days of occurrence by calling the helpdesk or contacting customer service via email [to be inserted]. However, if the co-branding partner does not receive any information to the contrary within 10 (Ten) days of the transaction, it shall be entitled to assume and proceed on the basis that the relevant Card transaction(s) was effected without any irregularity/discrepancy.

Level 1 – Peko Support: Cardholders can contact reach@peko.one for all Card-related questions and complaints.

Level 2 – Issuer Escalation: If the complaint is not resolved, the Cardholder may escalate the matter to Pine Labs Private Limited, the Card issuer.

Level 3 – RBI Ombudsman: If the complaint remains unresolved, the Cardholder may contact the RBI Ombudsman in accordance with applicable RBI regulations.

  1. Detailed complaint redressal policy is available at https://peko.one/in/t&c which includes details on escalation to the Card issuer.
  2. All fees, surcharges, goods and applicable taxes with respect to Card shall be borne by the Card Holder's Corporate. Pine Labs / co-branding partner shall have no liability towards the same. There may be surcharge applicable on certain card transactions. In such an event the same will be deducted from the Corporate balance or Card balance available in the Card at the time of transaction. In case the Corporate balance or Card balance is not sufficient to provide for the surcharge the transaction shall be declined.
  3. Corporate Load and Bank Transfer Fee shall be 2.5% of the load value (including applicable taxes). Co-branding partner has the right to waive or modify this fee based on offers run from time to time. All fees and charges applicable to Cardholder shall be transparently disclosed and may be changed as required by applicable law, with prior notice to the Cardholder.
  4. Cardholders can check the available balance of the Card by logging into co-branding partner's website or mobile application. Any dispute relating to the Card shall be referred to co-branding partner and Peko's / Pine Labs' decision in this matter shall be final, provided the Cardholder has statutory and regulatory rights under applicable law, including the right to contact appropriate judicial or regulatory authorities. All disputes and claims relating to the Card shall be subject to the laws of India and the jurisdiction of the courts at New Delhi only.

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