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]
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.
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 Counciledit
The board is governed by a six-member governing Council including one chairman.
Membersedit
As of February 2013, 69 scheduled commercial banks, 11 Urban Co-operative Banks and 54 regional rural banks are members of the board.
^The Banking Code Rules (2012). (PDF). Archived from the original (PDF) on 4 March 2016. Retrieved 1 August 2015.
^(PDF). Archived from the original (PDF) on 11 October 2012. Retrieved 27 February 2013.
^. Archived from the original on 23 January 2013. Retrieved 27 February 2013.
^. 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)
^(PDF). Customer Matters. 2012. Archived from the original (PDF) on 18 March 2015. Retrieved 1 August 2015.
^Audit Details. (PDF). Archived from the original (PDF) on 11 December 2015. Retrieved 1 August 2015.
^BCSBI. History of BCSBI(PDF). Retrieved 1 August 2015.
External linksedit
Code of Bank’s Commitment to Customers in English 5 October 2014 at the Wayback Machine
Code of Bank’s Commitment to Customers in Hindi 22 April 2014 at the Wayback Machine
Code of Bank's Commitment to Micro and Small Enterprises in Hindi 6 February 2015 at the Wayback Machine
April 11, 2024
banking, codes, standards, board, india, bcsbi, independent, banking, industry, watchdog, that, protects, consumers, banking, services, india, board, oversee, compliance, with, code, bank, commitment, customers, compensation, mechanism, looks, into, individual. 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 Banking Codes and Standards Board of IndiaAgency overviewFormed18 February 2006HeadquartersMumbai MaharashtraAgency executiveA C Mahajan ChairmanWebsitewww wbr bcsbi wbr org wbr in Contents 1 Main aims 2 History 3 Governing Council 4 Members 5 See also 6 References 7 External linksMain aims editTo 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 5 6 History editS 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 editThe board is governed by a six member governing Council including one chairman Members editAs of February 2013 69 scheduled commercial banks 11 Urban Co operative Banks and 54 regional rural banks are members of the board See also editIndian Banks Association List of financial regulatory authorities by jurisdictionReferences edit 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 a href Template Cite book html title Template Cite book cite book a 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 editOfficial 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 Retrieved from https en wikipedia org w index php title Banking Codes and Standards Board of India amp oldid 1185248435, wikipedia, wiki, book, books, library,
