The Banking Codes and Standards Board of India (BCSBI) was set up on 18th February _____.
2006
The Banking Codes and Standards Board of India (BCSBI) was an independent, autonomous body created to function as a watchdog that monitored whether banks actually followed fair and transparent practices towards their customers.
It was set up on 18th February 2006 on the initiative of the Reserve Bank of India, following the recommendations of the S. S. Tarapore Committee on customer service in banks.
Its main role was to frame and oversee voluntary codes such as the Code of Bank's Commitment to Customers, which laid down minimum standards of banking service.
Registered as a society, it worked separately from the RBI so that it could impartially assess member banks against these agreed codes.
The other years are incorrect: 2000, 2002 and 2008 do not correspond to its establishment, which is specifically tied to February 2006.
The board was later wound up in 2021, as its consumer-protection functions were absorbed into the RBI's own regulatory and supervisory framework.
Therefore the answer is 2006.
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Important Questions from Money and Banking
Which one of the following is likely to be the most inflationary in its effects?
Which one of the following effects of creation of black money in India has been the main cause of worry to the Government of India?
Consider the following statements :
The effect of devaluation of a currency is that it necessarily
1. improves the competitiveness of the domestic exports in the foreign markets
2. increase the foreign value of domestic currency
3. improves the trade balance
Which of the above statements is/are correct?
Indian Government Bond Yields are influenced by which of the following?
1. Actions of the United States Federal Reserve
2. Actions of the Reserve Bank of India
3. Inflation and short-term interest rates
Select the correct answer using the code given below.
With reference to “Urban Cooperative Banks" in India, consider the following statements :
1. They are supervised and regulated by local boards set up by the State Governments.
2. They can issue equity shares and preference shares.
3. They were brought under the purview of the Banking Regulation Act, 1949 through an Amendment in 1966
Which of the statements given above is/are correct?
