Full Form of BCSBI
Banking Codes and Standards Board of India
BCSBI Full Form is Banking Codes and Standards Board of India. BCSBI is an autonomous banking industry watchdog which protects the banking services’ consumers in India. The BCSBI is responsible for oversight of the compliance with what is called the Code of Bank’s Commitment to Consumers. The body is not to be understood as a compensation framework. It investigates into individual complaint to the extent it points out compliance failure.
BCSBI is an autonomous institution registered under the Societies Registration Act, 1860 in the year 2006. The Apex Bank of the country, the Reserve Bank of India extended financial assistance when the BCSBI was in its first five years of development and growth. The Board of the body comprises a 6 member governing council which includes the Chairman. It is an important decision-making body that undertakes key policy decisions in respect of the administration of the body.
The main objectives behind the inception of BCSBI are as follows: (1) To undertake planning, preparation, development, promotion, and publishing of comprehensive standards and codes for banks for the purposes of providing fair treatment to their customers. (2) To function as an autonomous and independent watchdog for monitoring and ensuring that the Codes and Standards so formulated are complied with. (3) To undertake research activities on Codes and Standards presently in use across the globe. (4) To engage in agreements with banks on the issue of compliance with the Codes and Standards and look into the training of employees of such banks with regards to the Codes. (5) To provide assistance to those who are affected by natural disasters.