Saturday, 24 September 2016

The Banking Codes and Standards Board of India

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".

The Banking Codes and Standards Board of India was registered as a society under the Societies Registration Act, 1860 in February 2006. It functions as an independent and autonomous body. Membership of BCSBI is voluntary and open to scheduled banks. Initially the membership of BCSBI was open to scheduled commercial banks and has now been extended to include Regional Rural Banks and select Urban Co-operative Banks. The general superintendence, direction and control of the affairs and funds of the Society is vested in the Governing Council (constituted by RBI) consisting of members drawn from different disciplines such as banking, economics, service etc. The first Governing Council relinquished office in December 2011 after which a new Governing Council was constituted.

The main objectives of the BCSBI are
  • To plan, evolve, prepare, develop, promote and publish comprehensive Codes and Standards for banks, for providing for fair treatment to their customers.
  • To function as an independent and autonomous body to monitor, and to ensure that the Codes and Standards adopted by banks are adhered to, in letter and spirit, while delivering services to their customers.
BCSBI monitors the implementation of the Codes through the following methods:
  • Obtains from member banks an Annual Statement of Compliance (ASC)
  • Visits branches to find out the status of ground-level implementation of Codes
  • Studies complaints received from customers and orders / awards issued by Banking Ombudsmen / Appellate Authority to find out whether there is any system-wide deficiency
  • Organizes an annual Conference with Principal Code Compliance Officers of the Member banks to discuss implementation issues.
BCSBI also:
  • Undertakes campaigns and initiatives to spread awareness of the Codes amongst customers and banks
  • Provides faculty support to training establishments of banks
  • Participates in on-location workshops held by / for member banks to increase coverage
  • associates with customer awareness programmes conducted by Banking Ombudsmen
  • provides credit counselling services in Mumbai
  • publishes quarterly newsletter entitled ‘Customer Matters’, containing matters of interest to customers

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