Banking Codes and Standards Board of India
The Banking Codes and Standards Board of India (BCSBI) was an independent banking industry watchdog that protects consumers of banking services in India. The board oversaw compliance with the "Code of Bank's Commitment to Customers". It was not a compensation mechanism and looked into an individual complaint only to the extent it points to any systemic compliance failure. It was an inde
Overview
The Banking Codes and Standards Board of India (BCSBI) was an independent banking industry watchdog that protects consumers of banking services in India. The board oversaw compliance with the "Code of Bank's Commitment to Customers". It was not a compensation mechanism and looked into an individual complaint only to the extent it points to any systemic compliance failure. It was an independent and autonomous body, registered as a separate society under the Societies Registration Act, 1860 on 18 February 2006. The Reserve Bank of India extended financial support to the Board, meeting its expenses for the first five years. However, on 28 September 2021, the member banks passed resolutions approving BCBSI dissolution.
Main aims
To plan, evolve, prepare, develop, promote and publish voluntary, comprehensive Code and Standards for banks, to provide fair treatment to their customers. To function as an independent and autonomous watchdog to monitor and ensure that the Codes and Standards are adhered to. To conduct and undertake research of Codes and Standards currently in use around the world. To enter into covenants with banks on observance of codes and standards and to train employees of such banks about the Codes. To help people affected by natural calamities.
History
S S Tarapore (Former deputy general of RBI ) came up with an idea to form a committee for the benefit of customer so that they can get better financial services.
Governing Council
The board was governed by a six-member governing Council including one chairman.
Members
As of February 2013, 69 scheduled commercial banks, 11 Urban Co-operative Banks and 54 regional rural banks are members of the board.
See also
Indian Banks' Association
External links
Official website Code of Bank’s Commitment to Customers in English Archived 5 October 2014 at the Wayback Machine Code of Bank’s Commitment to Customers in Hindi Archived 22 April 2014 at the Wayback Machine Code of Bank's Commitment to Micro and Small Enterprises in Hindi Archived 6 February 2015 at the Wayback Machine
Wikipedia contributors · Banking Codes and Standards Board of India · revision 1378510822 · CC BY-SA 4.0 · Plain text extracted and formatting adapted; tags derived from linked topics.