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Business EconomyPosted at: Feb 20 2018 6:01PM


BCSBI releases new Code of Bank’s Commitment to customers

New Delhi, Feb 20 (UNI) In order to ensure protection of customers’ rights in the dynamic banking environment, Banking Codes and Standards Board of India (BCSBI) released the new “Code of Bank’s Commitment to Customers” on Tuesday.
These codes have to be adopted and implemented without exception by the member banks with immediate effect.
The revised codes have been brought to light taking into account views and suggestions from relevant departments of Reserve Bank of India (RBI), Indian Bank’s Association (IBA), association of depositors, member banks and customers.
“The banking industry has gone through a number of changes. With initiatives like digital India the nation has seen an increased usage of digital banking services. Customer’s interface with bank has drastically transformed. Keeping in mind safeguarding of banking customers’ rights, this version of the codes is in line with the changing environment,” said A C Mahajan, Chairman BCSBI.
The 2018 edition of ‘Code of Bank’s Commitment to Customers’ has given significant importance to protect interests of consumers embracing digital transactions. The banks and customers are adopting measures to provide a secure banking environment, in spite of all the precautions taken by various stakeholders as there are instances of unauthorized electronic transactions.
In this edition, a list of “Do’s and Don’ts” has been added to make the customers aware of the safeguards they should adopt while experiencing new-age banking products.
The new Code has a number of safeguards for protecting the interest of the consumers viz ‘limited liability’ on account of unauthorized electronic transactions. Besides, an exclusive chapter on Internet and Digital Banking in view of the increasing thrust on digitization, new payment settlement systems and the move to a near cashless economy has been added.
The new Codes reflect the cause of protection of bank customer’s interest within the framework of regulatory guidelines.
UNI ADP SHK 1800
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