Banking Codes and Standards Board of India

From Wikipedia, the free encyclopedia
Jump to: navigation, search
Banking Codes and Standards Board of India
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 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.[1] The Reserve Bank of India extended financial support to the Board, meeting its expenses for the first five years.[2]

Main aims[edit]

  • 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.

Governing Council[edit]

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

Members[edit]

As of February 2013, 69 scheduled commercial banks, 11 Urban Co-operative Banks and 54 regional rural banks are members of the board.

References[edit]

  1. ^ "Annual Report 2006 - 2007". Retrieved 27 February 2013. 
  2. ^ "Banking Codes and Standards Board of India". Retrieved 27 February 2013. 

External links[edit]