BCSBI was set up to ensure that the common person as a consumer of financial services from the banking Industry is in no way at a disadvantageous position and really gets what he/she has been promised. BCSBI stands for-?

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

A	Branch Codes and Standards Board of India
B	Banking Codes and Stability Board of India
C	Banking Codes and Standards Bank of Industry
D	Banking Codes and Standards Board of India

Explanation:

Detailed explanation-1: -Ans. (e) Sol. In November 2003, Reserve Bank of India (RBI) constituted the Committee on Procedures and Performance Audit of Public Services under the Chairmanship of Shri S.S. Tarapore (former Deputy Governor) to address the issues relating to availability of adequate banking services to the common person.

Detailed explanation-2: -The BCSBI would function as an independent and autonomous watch dog to monitor and to ensure that the banking codes and standards voluntarily adopted by banks are adhered to, in true spirit by banks in delivering the services, as promised, to their customers.

Detailed explanation-3: -The following are the main objectives of the BCSBI: To research and analyze the Codes and Standards followed by the banks around the world. To keep a close watch on the banks across the nation to ensure they comply with the Codes and Standards provided to them.

Detailed explanation-4: -The Banking Codes and Standards Board of India was registered as a Society under the Societies Registration Act, 1860 and approved as a trust under the Maharashtra Public Trusts Act, 1950.

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