Banking Codes and Standards Board of India
|Formed||February 18, 2006|
|Agency executive||A C Mahajan, Chairman|
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. The Reserve Bank of India extended financial support to the Board, meeting its expenses for the first five years.
- 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.
The board is governed by a six-member governing Council including one Chairman.
As of February 2013, 69 scheduled commercial banks, 11 Urban Co-operative Banks and 54 regional rural banks are members of the board.
- Official website
- Code of Bank’s Commitment to Customers in English
- Code of Bank’s Commitment to Customers in Hindi
- Code of Bank's Commitment to Micro and Small Enterprises in Hindi