Last Updated on: 23/07/2021
Banking Codes and Standards Board of India (BCSBI)
BCSBI was promoted by Reserve Bank and 11 Banks public, private and foreign. It is “An independent and autonomous watch dog to monitor and ensure that the Banking Codes and Standards adopted by the banks are adhered to in true spirit while delivering their services”. It has been set up as recommended by Committee on Procedures and Performance Audit of Public Services, under the Chairmanship of Shri S.S.Tarapore which was constituted to study the Customer Service prevailing in Banks with the primary objective of providing hassle free service to the Common Man.
BCSBI, jointly with Indian Banks Association, has scripted a Code of Bank’s Commitment to Customers. Bank will make available a copy of the same, free of cost to each individual customer. These code have come into effect from 1st July 2006.
The objectives of the Code are spelt out by BCSBI as follows:
1. To promote good and fair banking practices by setting minimum standards in dealing with customers.
2. To increase transparency so that customers have a better understanding of what they can reasonably expect of the services.
3. To encourage market forces through competition to achieve higher operating standards.
4. To promote a fair and cordial relationship between the customers and the Bank.
5. To foster confidence in the banking system.
The code will apply to all products and services of the Bank. The Code dwells upon interest rates, tariff schedule, terms and conditions governing relationship between the bank and the customer, compensation of loss, privacy and confidentiality of the information relating to the customer, norms governing advertisements, marketing and sales by banks.
The Bank has designated the General Manager, Customer Service Department as Code Compliance Officer for the Bank, to whom customers are free to refer any systemic deficiency observed by them in day to day operations.