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20
February 2018
 |
Digital (The Total Investment & Insurance Solutions)
The
Banking Codes and Standards Board of India (BCSBI) on Tuesday released a new
"Code of Bank's Commitment to Customers" to ensure protection of
consumers' rights in the dynamic banking environment.
A
BCSBI statement said the new codes will be adopted and implemented, without
exception, by the member banks with immediate effect.
The
independent banking industry watchdog that protects consumers of banking
services in India said the 2018 edition of the code 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 unauthorised electronic transactions," the
institution said in a statement.
According
to the BCSBI, 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," said A.C. Mahajan, Chairman, BCSBI.
"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," Mahajan added.
The
BCSBI monitors and ensures that the Banking Codes and Standards adopted by the
banks are adhered to while delivering their services.The Total Investment & Insurance Solutions
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