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: -These are: (i) Right to Fair Treatment; (ii) Right to Transparency; Fair and Honest Dealing; (iii) Right to Suitability; (iv) Right to Privacy; and (v) Right to Grievance Redress and Compensation.

Detailed explanation-3: -MICR stands for Magnetic Ink Character Recognition. MICR is used by the banking industry to ease the processing and clearance of cheques and other documents.

Detailed explanation-4: -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-5: -This is a Code of Customer Rights, which sets minimum standards of banking practices member banks have to follow while they deal with individual customers. It provides protection to customers and explains how banks are expected to deal with customers in their day-to-day operations.