07 June, 2007
First Annual General Meeting of the Banking Codes and
Standards Board of India
The First Annual General Meeting of the Banking Codes and
Standards Board of India (BCSBI) was held on June 7, 2007 and was well attended
by member banks.
The statement of accounts of BCSBI for the year ended
March 31, 2007 was adopted. A Public Awareness Fund has been created with the
objective of achieving greater financial inclusion and encouraging higher
service standards in the banking industry through greater public awareness.
Addressing the member banks Smt. K.J. Udeshi, Chairman
stressed on the uniqueness of the organization and that it is for members to
work towards enlarging the collaborative and cooperative approach with minimal
regulatory oversight on issues relating to customer service. The Chairman spoke
about the activities of the BCSBI since its inception, which included putting in
place the Code of Bank’s Commitment to Customers (released on July 1, 2006),
issuing Guidance on the Code and policies on Compensation, Cheque Collection,
Security Repossession and Grievance Redressal. The BCSBI has undertaken visits
to Head Offices of banks to ascertain the systems in place.
BCSBI has initiated the first ever comprehensive survey in
the four Metro cities to assess the degree of dissemination of the Code at
grassroot level. Arrangements are being finalised with Administrative Staff
College of India, Hyderabad and Indian Institute of Bank Management, Guwahati
for commissioning of a similar survey of bank branches in the twin cities of
Hyderabad and Secunderabad and the State Capitals of the North East Region.
BCSBI is also working on a Code for Small and Medium Enterprises (SMEs) this