Banking Codes and Standards Board of India

Updated on Dec 22, 2024

Edit

Comment

Formed February 18, 2006 Agency executive A C Mahajan, Chairman		Headquarters Mumbai, Maharashtra Website www.bcsbi.org.in

The Banking Codes and Standards Board of India (BCSBI) 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 February 18, 2006. The Reserve Bank of India extended financial support to the Board, meeting its expenses for the first five years.

Main aims

To plan, evolve, prepare, develop, promote and publish voluntary,comprehensive Codes 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 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.

References

Banking Codes and Standards Board of India Wikipedia

(Text) CC BY-SA

Contents

Main aims

History

Governing Council

Members

References