Banking Codes and Standards Board of India

Banking Codes and Standards Board of India

Agency overview
Formed	18 February 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 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.

^{[5] [6]}

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

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.
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). Archived from the original (PDF) on 6 March 2016. 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