Banking Codes and Standards Board of India
- A C Mahajan, Chairman
The Banking Codes and Standards Board of India (BCSBI) [1] is an independent banking industry watchdog that protects consumers of banking services in India. The board oversee compliance with the "Code of Bank's Commitment to Customers". It is not a compensation mechanism and looks into an individual complaint only to the extent it points to any systemic compliance failure. It is an independent and autonomous body, registered as a separate society under the Societies Registration Act, 1860 on 18 February 2006.[2] The Reserve Bank of India extended financial support to the Board, meeting its expenses for the first five years.[3] However, on 28 September 2021, the member banks passed resolutions approving BCBSI dissolution. Accordingly it has stopped its operations and is under dissolution.[4]
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 ) [7] came up with an idea to form a committee for the benefit of customer so that they can get better financial services.[8]
Governing Council
The board is 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
- List of financial regulatory authorities by jurisdiction
References
- ^ The Banking Code Rules (2012). BCSBI The Banking Code Rules (PDF). Archived from the original (PDF) on 4 March 2016. Retrieved 1 August 2015.
- ^ "Annual Report 2006 - 2007" (PDF). Archived from the original (PDF) on 11 October 2012. Retrieved 27 February 2013.
- ^ "Banking Codes and Standards Board of India". Archived from the original on 23 January 2013. Retrieved 27 February 2013.
- ^ "Banking Codes and Standards Board of India". Banking Codes and Standards Board of India. Archived from the original on 1 February 2022. Retrieved 1 April 2022.
- ^ Survey on 2007. Survey of compliance with provision of codes (PDF). Retrieved 1 August 2015.
{{cite book}}: CS1 maint: numeric names: authors list (link) - ^ "BCSBI News" (PDF). Customer Matters. 2012. Archived from the original (PDF) on 18 March 2015. Retrieved 1 August 2015.
- ^ Audit Details. Audit of Public Services (PDF). Archived from the original (PDF) on 11 December 2015. Retrieved 1 August 2015.
- ^ BCSBI. History of BCSBI (PDF). Retrieved 1 August 2015.
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
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