Banking Codes and Standards Board of India

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Banking Codes and Standards Board of India
File:Short form of Banking Codes and Standards Board of India.gif
Banking Codes and Standards Board of India.svg
Agency overview
Formed February 18, 2006
Headquarters Mumbai, Maharashtra
Agency executive
  • A C Mahajan, Chairman
Website www.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 February 18, 2006.[2] The Reserve Bank of India extended financial support to the Board, meeting its expenses for the first five years.[3]

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.

[4][5]

History

S S Tarapore (Former deputy general of RBI ) [6]came up with an idea to form a committee for the benefit of customer so that they can get better financial services.[7]

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

References

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External links

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