BCSBI::
Key Commitments: Important rights of the customer are covered under the BCSBI Code, which are:
• Right to fair treatment
• Right to transparency, fair and honest dealing
• Right to suitability of services
• Right to privacy
• Right to grievance redressal and compensation
Functions: The functions of BCSBI cover three areas, which are:
• It ensures bank’s commitment to minimum standards of service to individual customers in relation to products and services offered by the bank.
• It protects individual customers in their day to day operations
• It persuades member banks to be voluntarily compliant to the code
Applicability of the code: The Code is applicable to different products and services offered by banks, such as:
• Deposits
• Loans and advances
• Payments
• Cards
• Third party products
• Digital Products
• Miscellaneous services
Provisions of the Codes: Time lines are laid down in the Codes for certain services/functions of banks, which are:
• Closure of accounts – 3 working days
• Transfer of accounts – 3 working days
• Issue of duplicate DDs – 14 days
• Customer complaint redressal – 30 days
• Settlement of deceased customer’s accounts – 15 days
• Choice of changing type of account – 14 days
• Documents/Securities/Title deeds return on closure of loan accounts – 15 days
Information – Transparency: It is mandatory under the BCSBI guidelines for banks to maintain transparency in their dealings with customers through different channels, such as:
• Notice Board in the branch
• Contacting the branch or Helplines
• Bank website
• Asking the designated staff / help desk
• Referring to the tariff schedule at the branch / website
Monitoring the Code of Compliance: The role of BCSBI in monitoring the compliance of banks with the guidelines is clearly defined by:
• Ensuring a Code Compliance officer at each Controlling office above the level of the branch
• Obtaining an annual statement of compliance
• Visiting branches of member banks to verify code implementation
• Studying the customer complaints
• Analyzing orders from Ombudsman to find any service deficiencies
How you can involve with BCSBI codes?
• As an employee at branch level, you can comply with BCSBI Codes in all areas of branch functioning, by:
• Ensuring a Help desk/Helpline at the branch
• Ensuring the display of your branch name and contact number of the Code Compliance Officer
• Displaying the name and address of the Banking Ombudsman
• Customers need to be treated with utmost care so that they are not forced to resort to complaints. As an employee of the bank, be aware of all the products and services of the bank so that you can engage with the customers appropriately and be aligned with BCSBI guidelines.
Key Commitments: Important rights of the customer are covered under the BCSBI Code, which are:
• Right to fair treatment
• Right to transparency, fair and honest dealing
• Right to suitability of services
• Right to privacy
• Right to grievance redressal and compensation
Functions: The functions of BCSBI cover three areas, which are:
• It ensures bank’s commitment to minimum standards of service to individual customers in relation to products and services offered by the bank.
• It protects individual customers in their day to day operations
• It persuades member banks to be voluntarily compliant to the code
Applicability of the code: The Code is applicable to different products and services offered by banks, such as:
• Deposits
• Loans and advances
• Payments
• Cards
• Third party products
• Digital Products
• Miscellaneous services
Provisions of the Codes: Time lines are laid down in the Codes for certain services/functions of banks, which are:
• Closure of accounts – 3 working days
• Transfer of accounts – 3 working days
• Issue of duplicate DDs – 14 days
• Customer complaint redressal – 30 days
• Settlement of deceased customer’s accounts – 15 days
• Choice of changing type of account – 14 days
• Documents/Securities/Title deeds return on closure of loan accounts – 15 days
Information – Transparency: It is mandatory under the BCSBI guidelines for banks to maintain transparency in their dealings with customers through different channels, such as:
• Notice Board in the branch
• Contacting the branch or Helplines
• Bank website
• Asking the designated staff / help desk
• Referring to the tariff schedule at the branch / website
Monitoring the Code of Compliance: The role of BCSBI in monitoring the compliance of banks with the guidelines is clearly defined by:
• Ensuring a Code Compliance officer at each Controlling office above the level of the branch
• Obtaining an annual statement of compliance
• Visiting branches of member banks to verify code implementation
• Studying the customer complaints
• Analyzing orders from Ombudsman to find any service deficiencies
How you can involve with BCSBI codes?
• As an employee at branch level, you can comply with BCSBI Codes in all areas of branch functioning, by:
• Ensuring a Help desk/Helpline at the branch
• Ensuring the display of your branch name and contact number of the Code Compliance Officer
• Displaying the name and address of the Banking Ombudsman
• Customers need to be treated with utmost care so that they are not forced to resort to complaints. As an employee of the bank, be aware of all the products and services of the bank so that you can engage with the customers appropriately and be aligned with BCSBI guidelines.
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