CAIIB RB Unit 14 - Service Standards for Retail Banking

Banking Codes and Standards Board of India (BCSBI) prescribed the various compliance requirements for the promises made by the banks for offering services to retail banking customers and they have codified the promises into a document. This is a voluntary Code, which sets minimum standards of banking practices for banks to follow when they are dealing with individual customers.

The Code has been developed to:

(a) promote good and fair banking practices by setting minimum standards while dealing with you.
(b) increase transparency so that you can have a better understanding of what you can reasonably expect of the services.
(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.

BCSBI has spelt out various commitments regarding the various services which are detailed below for information.

1. Objectives of the Code
2. Application of Code
3. Key Commitments
4. Our key commitments to you
5. Information - Transparency
6. General
7. Do Not Call Service
8. Interest rates
9. Tariff schedule
10. Terms and conditions
11. Advertising, Marketing and Sales
12. Privacy and Confidentiality
13. Credit Reference Agencies
14. Collection of dues
15. Security Repossession Policy
16. Complaints, Grievances and Feedback
17. Internal Procedures
16. Banking Ombudsman Service
17. Products and Services
18. Deposit Accounts
19. Clearing Cycle/Collection Services
20. Cash transactions
21. Stop Payment Facility
22. Cheques/Debit instructions issued by you
23. Branch closure/shifting
24. Settlement of claims in respect of Deceased Account Holders
25. Safe Deposit Lockers
26. Foreign Exchange Services
27. Remittances within India
28. Lending
29. Guarantee
30. General Information
31. Credit Card
32. Insurance
33. Mobile Banking
34. Credit Counselling Facility
35. Getting Records
36. Protecting Your Accounts
37. Secure and Reliable Banking and Payment Systems
38. Keeping Us Up To Date
39. Checking your account
40. Taking care
41. Internet banking
42. Cancelling payments
43. Liability for losses.