BCSBIBanking Codes and Standards Board of India (est. 2005; Mumbai, India)
BCSBIBay County Small Business Incubator
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References in periodicals archive ?
These codes, which are prescribed by BCSBI, give the customer an idea of the minimum level of service he can expect from the bank.
When contacted, A C Mahajan, chairman, BCSBI, said that besides prescribing the codes, the BCSBI actually conducts branch visits to assess the implementation of codes by the banks.
Besides ranking banks, the BCSBI is also rewriting its list of codes to address customer issues that have arisen in recent years.
Given that the objective of the BCSBI is to promote transparency, the board is looking at getting banks to make disclosures to customers of the services available in a branch.
BCSBI is an independent body set up by the Indian central bank.
BCSBI is rating banks on customer services on five parameters - information dissemination, transparency, customer-centricity, grievance redress system and customer feedback.
THE next time you are taking a loan from a bank, especially a floating rate housing or car loan, check whether your bank is a member of the Banking Codes and Standards Board of India ( BCSBI).
Under the new codes announced on Tuesday, BCSBI has asked its 80- odd members to link their floating rate loans to a " verifiable benchmark" in the government securities market, so that the rates charged to the customer could track the changes in the benchmark throughout the tenure of the loan.
" This is one of the new codes brought in by the BCSBI to improve transparency, enhanced level of customer service and a more efficient grievance redressal system in the banks," said K.
Under the revised code approved by the Banking Codes and Standards Board of India (BCSBI), a proposal to make banks compensate customers who suffer electronic fraud is under consideration.