• BCSBI Objective
  • BCSBI monitors the implementation of the Codes
  • Different types of Issues Raised and BCSBI’s Clarifications

BCSBI Objective

The main objectives of the BCSBI area unit

  • To plan, evolve, prepare, develop, promote and publish comprehensive Codes and Standards for banks, for providing for truthful treatment to their customers.
  • To perform as associate degree freelance and autonomous body to watch, and to confirm that the Codes and Standards adopted by banks area unit adhered to, in letter and spirit, whereas delivering services to their customers.

BCSBI has unitedly with the Indian Banks’ Association (IBA), evolved 2 codes – Code of Bank’s Commitment to Customers and therefore the Code of Bank’s Commitment to small and tiny Enterprises – that set minimum standards of banking practices for member banks to follow after they area unit addressing individual customers and small and tiny enterprises. These Codes area unit subject to periodical review and revision. The central objective of those Codes is promoting sensible banking practices, setting minimum standards, increasing transparency, achieving higher operational standards and in particular, promoting a cordial banker-customer relationship which might foster confidence of the common person within the banking industry. The Codes lay nice stress on transparency and providing full info to the client before a product or service is sold to him. The Codes aren’t solely commitments of banks to their customers however conjointly in an exceedingly sense a Charter of Rights for the commoner. By setting the minimum standards of client service, the Codes create the client alert to he will expect every bank to upset the his / her day-after-day necessities,

BCSBI monitors the implementation of the Codes

BCSBI monitors the implementation of the Codes through the subsequent methods:

  • Obtains from member banks associate degree Annual Statement of Compliance (ASC)
  • Visits branches to seek out the standing of ground-level implementation of Codes
  • Studies complaints received from customers and orders / awards issued by Banking Ombudsmen / proceedings Authority to seek out whether or not there’s any system-wide deficiency
  • Organizes associate degree annual Conference with Principal Code Compliance Officers of the Member banks to debate implementation problems.

BCSBI also

  • Undertakes campaigns and initiatives to unfold awareness of the Codes amongst customers and banks
  • Provides college support to coaching institutions of banks
  • Participates in on-location workshops control by / for member banks to extend coverage
  • Associates with client awareness programmes conducted by Banking Ombudsmen
  • provides credit subject matter services in urban centre
  • publishes quarterly story entitled ‘Customer Matters’, containing matters of interest to customers

Different types of problems Raised and BCSBI’s Clarifications

•             Nomination is recorded within the principal account of the investor (Savings a/c) and President is issued at the request of the investor by debit to the bank account. Ought we to get a separate nomination for President. Whether or not position can modification once the account is opened with sweep facility. Whereas, As per BCSBI clarification mounted Deposit may be a separate account and can want separate nomination even if the President is issued to the debit of the Savings checking account of the client. Once associate degree account is opened with sweep facility the appliance type itself ought to clearly specify the position concerning political leader for the deposit.

•             BCSBI story are often provided in e-mail format and contents thence will specialise in Banking Codes initiatives in order that it are often wide circulated to bank branches. As per BCSBI clarification, BCSBI newsletters area unit obtainable on our web site computer underneath fast link – Publications. Banks might create use of an equivalent. Initiatives of the BCSBI area unit enclosed within the newsletters.

•             BCSBI will publish little handy booklets of do’s and don’ts concerning client service which might be purchased by member banks for wide circulation amongst their branches. As per BCSBI clarification, BCSBI has placed FAQs on BCSBI, MSE Code, Housing Loans and Credit Cards in BCSBI organisation on BCSBI conjointly publishes a quarterly story ‘Customer Matters’ to make awareness

•             A analysis of client complaints received by BCSBI could also be dole out monthly and BCSBI will offer findings of the analysis to all or any member banks, which is able to facilitate timely review and corrective actions by the member banks.

•             Keeping in sight the technology interface of the banking services and increasing role of IT in banking services and increasing prominence of alternate delivery channels like ATMs and web, a periodical interaction of BCSBI and IT heads of banks would be fruitful whereas BCSBI has noted the suggestion and is hospitable dialogue with IT officers of member banks, if necessary.

•             A periodical report on selections from Banking Ombudsmen wherever the bank involved was found wanting in commission levels, can conjointly be provided to all or any member banks which might also facilitate general corrections and enhancements in client service. As per BCSBI clarification, Compendium of cases handled by the offices of the Banking Ombudsmen, classified underneath sure heads like Operations in Deposit accounts, Complaints about loans etc.

•             BCSBI will follow the SLBC model for spreading the structure reach to State capitals. In every of the States, one in all the banks will take the responsibility for holding periodical conferences of all member banks on the themes associated with Banking Code compliance and client service within which a representative of BCSBI similarly as a representative from Head Offices of the member bank may also participate.

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Banking Professional with 16 Years of Experience. The idea to start this Blogging Site is to Create Awareness about the Banking and Financial Services.

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