Banking Codes and Standards Board of India
Banking watchdog in India
From Wikipedia, the free encyclopedia
The Banking Codes and Standards Board of India (BCSBI) [1] was an independent banking industry watchdog that protects consumers of banking services in India. The board oversaw compliance with the "Code of Bank's Commitment to Customers". It was not a compensation mechanism and looked into an individual complaint only to the extent it points to any systemic compliance failure. It was 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]
- A C Mahajan, Chairman
 | |
 | |
| Agency overview | |
|---|---|
| Formed | 18 February 2006 |
| Dissolved | 28 September 2021 |
| Headquarters | |
Agency executive |
|
| Website | www |
However, on 28 September 2021, the member banks passed resolutions approving BCBSI 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.
History
Governing Council
The board was 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.
