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Banking Codes and Standards Board of India

From Wikipedia, the free encyclopedia

Banking Codes and Standards Board of India
Agency overview
Formed18 February 2006
HeadquartersMumbai, Maharashtra
Agency executive
  • A C Mahajan, Chairman
Websitewww.bcsbi.org.in

The Banking Codes and Standards Board of India (BCSBI) [1] is an independent banking industry watchdog that protects consumers of banking services in India. The board oversee compliance with the "Code of Bank's Commitment to Customers". It is not a compensation mechanism and looks into an individual complaint only to the extent it points to any systemic compliance failure. It is an independent and autonomous body, registered as a separate society under the Societies Registration Act, 1860 on 18 February 2006.[2] The Reserve Bank of India extended financial support to the Board, meeting its expenses for the first five years.[3] However, on 28 September 2021, the member banks passed resolutions approving BCBSI dissolution. Accordingly it has stopped its operations and is under dissolution.[4]

YouTube Encyclopedic

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  • ATM Processing White Board Diagram
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Transcription

Hi Noah Wieder here from ATM Depot your ATM processing company bringing you another video tutorial. today we're going to talk about ATM processing it's a real simple explanation. Say this is your ATM machine this is your customer that uses their ATM card on the back of the card are all these different network logos We have national and regional networks. regional networks include Star, NYCE Pulse and AFFN, National Networks include Cirrus and Plus, Cirrus is owned by MasterCard Plus is owned by Visa, those are some of the national networks you can see on the back of the ATM card which networks are which our ATM processing center detects from the ATM which network it is and then contacts the customer's bank to get approval to make sure their bank has the funds that are going be withdrawn from your ATM Machine So when your customer sticks their ATM card in your ATM Machine your ATM sends a signal to the ATM processing center the ATM processing center looks the network then routes the transaction to cardholders bank cardholders bank says if their are funds in the account or not approve the transaction and sends the information back to the ATM processing center the ATM processing center sends a dispense signal back to your ATM machine. That's as simple as it gets. If there's no money it doesn't dispense if there's only a little bit of money left in the machine, it will dispense what's in the machine and then reverse the rest of the transaction. That's an explanation for another video in our next video we'll talk about how the funds get back to your bank so watch the next video when it's available Thanks

Main aims

  • To plan, evolve, prepare, develop, promote and publish voluntary, comprehensive Code and Standards for banks, to provide fair treatment to their customers.
  • To function as an independent and autonomous watchdog to monitor and ensure that the Codes and Standards are adhered to.
  • To conduct and undertake research of Codes and Standards currently in use around the world.
  • To enter into covenants with banks on observance of codes and standards and to train employees of such banks about the Codes.
  • To help people affected by natural calamities.

[5][6]

History

S S Tarapore (Former deputy general of RBI ) [7] came up with an idea to form a committee for the benefit of customer so that they can get better financial services.[8]

Governing Council

The board is governed by a six-member governing Council including one chairman.

Members

As of February 2013, 69 scheduled commercial banks, 11 Urban Co-operative Banks and 54 regional rural banks are members of the board.

See also

References

  1. ^ The Banking Code Rules (2012). BCSBI The Banking Code Rules (PDF). Archived from the original (PDF) on 4 March 2016. Retrieved 1 August 2015.
  2. ^ "Annual Report 2006 - 2007" (PDF). Archived from the original (PDF) on 11 October 2012. Retrieved 27 February 2013.
  3. ^ "Banking Codes and Standards Board of India". Archived from the original on 23 January 2013. Retrieved 27 February 2013.
  4. ^ "Banking Codes and Standards Board of India". Banking Codes and Standards Board of India. Archived from the original on 1 February 2022. Retrieved 1 April 2022.
  5. ^ Survey on 2007. Survey of compliance with provision of codes (PDF). Retrieved 1 August 2015.
  6. ^ "BCSBI News" (PDF). Customer Matters. 2012. Archived from the original (PDF) on 18 March 2015. Retrieved 1 August 2015.
  7. ^ Audit Details. Audit of Public Services (PDF). Archived from the original (PDF) on 11 December 2015. Retrieved 1 August 2015.
  8. ^ BCSBI. History of BCSBI (PDF). Retrieved 1 August 2015.

External links

This page was last edited on 15 November 2023, at 14:37
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