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 year.