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.
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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