BANKING CODES AND STANDARDS BOARD OF INDIA
The
Code has been evolved by the Banking Codes and Standards Board of India (BCSBI) in
collaboration with the
Reserve
Bank of India
“to
monitor and ensure that the Banking Codes and Standards adopted by the banks
are adhered to in true spirit while delivering their services”.
BCSBI
has evolved two sets of Codes – Code of Bank’s Commitment to Customers and
the Code of Bank’s Commitment to Micro and
Small Enterprises. These Codes have been adopted by
member banks of BCSBI which include scheduled commercial banks, urban
cooperative banks and
regional
rural banks.
BCSBI
by its design and mandate is not a grievance redressal forum. However, BCSBI
looks at complaints with a view to identifying systemic deficiencies, if any,
in terms of gaps in policies, procedures and practices at the banks and
initiates action for their rectification.
For further information about BCSBI
please log on to the website www.bcsbi.org.in
This is a Code of Customer
Rights, which sets minimum standards of banking practices member banks have to
follow while they deal with individual customers. It provides protection to customers and explains
how banks are expected to deal with customers in their day-to-day operations.
The Code does not replace or
supersede regulatory or supervisory instructions of the Reserve Bank of India
(RBI) and we will comply with such instructions/directions issued by RBI from
time to time. Provisions of the Code may have set higher standards than those
prescribed in the regulatory instructions and such higher standards will
prevail as the Code represents best practices voluntarily agreed to by us as
our commitment to you.
It says “We will Endeavour to
adopt higher standards of banking practices to extend better customer service
and achieve higher levels of customer satisfaction.”
In the Code, ‘you’ denotes the customer and ‘we’ / ‘us’, the bank, the customer
deals with.
Objectives of the Code
The Code has been developed
to:
a. promote good and fair
banking practices by setting minimum standards in our dealings with you;
b. increase transparency so
that you can have a better understanding of what you can reasonably expect from
us;
c. encourage market forces,
through competition, to achieve higher operating standards;
d. promote a fair and cordial
relationship between you and your bank;
e. foster confidence in the
banking system.
The standards of the Code are
covered by the key commitments in Section 2.
Application of the Code
This Code applies to all the
products and services listed below, whether they are provided by our branches
or agents acting on our behalf, whether across the counter, over the phone, by
post, through interactive electronic devices, on the internet or by any other
method. However, all products discussed here may or may not be offered by us.
a. Current accounts, savings accounts, term deposits, recurring deposits, PPF
accounts and all other deposit accounts;
b. Payment services such as
pension, payment orders, remittances by way of Demand Drafts, wire transfers
and all electronic transactions
e.g. RTGS, NEFT;
c. Banking services related
to Government transactions;
d. Demat accounts, equity,
Government bonds;
e. Indian currency
notes/coins exchange facility;
f. Collection of cheques,
safe custody services, safe deposit locker
facility;
g. Loans, overdrafts and guarantees;
h. Foreign exchange services
including money changing;
i. Third party insurance and
investment products marketed through
our branches and / or our
authorised representatives or agents;
j. Card products including credit cards, debits cards, ATM cards,
smart cards and services (including credit
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