What is the Full Form of BCSBI? 

The full form of BCSBI is the Banking Codes and Standards Board of India. It was established on February 18, 2006. It is a collaborative effort between the Reserve Bank of India (RBI) and Banks. This board functions on the lines of the ‘Banking Code’ of ‘The British Bankers Association (BBA)’. It was formed on the recommendation of the Tarapore Committee or Committee on Procedures and Performance Audit on Public Services. This committee laid down the guidelines of BCSBI in its 6th Report. This report deals with ISO Certification, Performance Audit, and Benchmarking.

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Functions of BCSBI

Thereafter, it is essential to know about BCSBI’s functions. It is responsible for establishing and promoting codes and standards for the banking industry in India. Its functions include ensuring transparency, fairness, and customer protection in banking operations, as well as promoting good banking practices and addressing customer grievances. Furthermore, BCSBI monitors the implementation of its codes and standards by member banks, conducts audits, and provides guidance to enhance customer experience and build trust in the banking sector.

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Governing Council of BCSBI

Further, the Banking Codes and Standards Board of India has a Governing Council with 5 members, a Chief Executive Officer (CEO) and a chairperson. These members are appointed by RBI for 5 years. RBI appoints members from different backgrounds like accountancy, banking, and law. They look after the managerial policies and financial affairs of Indian banks and RBI.

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First Governing Council of BCSBI

Furthermore, let us view the composition of the 1st Governing Council of BCSBI as tabulated below:

Names	Designations in 1st Governing Council of BCSBI	Former Designation
Ms KJ Udeshi	Chairperson	Deputy Governor of RBI
Mr V Baijal	CEO	Chief General Manager of RBI
Mr RK Krishna Kumar	Member	Vice Chairman of Indian Hotels Company Limited
Mr MG Bhide	Member	Chairperson and MD of Bank of India
Mr SR Kolarkar	Member	Legal Adviser to RBI
Mr S Divakara	Member	Joint Secretary of AIBDA (All India Bank Depositors Association) and Director General of Forum of Free Enterprise Mumbai
Mr MM Chitale	Member	Chartered Accountant

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