BANKING AFFAIRS

Detailed explanation-1: -The Banking Codes and Standards Board of India (BCSBI) 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".

Detailed explanation-2: -BCSBI was set up by the Reserve Bank in February 2006 as an independent and autonomous body, assigned to formulate codes of conduct to be adopted by banks voluntarily for ensuring fair treatment of customers.

Detailed explanation-3: -The BCSBI was registered on February 18, 2006 in Mumbai under the Societies Registration Act, 1860. The management of the Board has been entrusted to a Governing Council under the Chairmanship of Smt. K.J. Udeshi, a former central banker.

Detailed explanation-4: -BCSBI was set up to ensure that the common person as a consumer of financial services from the banking industry is in no way in a disadvantageous position and gets what he/she has been promised. ia (BCSBI), an independent industry watchdog that works in consumer rights in the banking sector.