The Banking Codes and Standards Board of India (BCSBI) [1] 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". It is not a compensation mechanism and looks into an individual complaint only to the extent it points to any systemic compliance failure. It is an independent and autonomous body, registered as a separate society under the Societies Registration Act, 1860 on 18 February 2006.[2] The Reserve Bank of India extended financial support to the Board, meeting its expenses for the first five years.[3] However, on 28 September 2021, the member banks passed resolutions approving BCBSI dissolution. Accordingly it has stopped its operations and is under dissolution.[4]
History
S S Tarapore (Former deputy general of RBI ) [7] came up with an idea to form a committee for the benefit of customer so that they can get better financial services.[8]
Governing Council
The board is governed by a six-member governing Council including one chairman.
Members
As of February 2013, 69 scheduled commercial banks, 11 Urban Co-operative Banks and 54 regional rural banks are members of the board.