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Banking Codes and Standards Board of India

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Banking Codes and Standards Board of India
Agency overview
Formed18 February 2006
HeadquartersMumbai, Maharashtra
Agency executive
  • A C Mahajan, Chairman
Websitewww.bcsbi.org.in

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

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  • 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.

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History

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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

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The board is governed by a six-member governing Council including one chairman.

Members

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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

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References

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  1. ^ The Banking Code Rules (2012). BCSBI The Banking Code Rules (PDF). Archived from the original (PDF) on 4 March 2016. Retrieved 1 August 2015.
  2. ^ "Annual Report 2006 - 2007" (PDF). Archived from the original (PDF) on 11 October 2012. Retrieved 27 February 2013.
  3. ^ "Banking Codes and Standards Board of India". Archived from the original on 23 January 2013. Retrieved 27 February 2013.
  4. ^ "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.
  5. ^ Survey on 2007. Survey of compliance with provision of codes (PDF). Retrieved 1 August 2015.{{cite book}}: CS1 maint: numeric names: authors list (link)
  6. ^ "BCSBI News" (PDF). Customer Matters. 2012. Archived from the original (PDF) on 18 March 2015. Retrieved 1 August 2015.
  7. ^ Audit Details. Audit of Public Services (PDF). Archived from the original (PDF) on 11 December 2015. Retrieved 1 August 2015.
  8. ^ BCSBI. History of BCSBI (PDF). Retrieved 1 August 2015.
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