Financial Daily from THE HINDU group of publications
Sunday, May 08, 2005
Financial Daily from THE HINDU group of publications Sunday, May 08, 2005 |
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Money & Banking
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RBI & Other Central Banks RBI working out modalities for setting up BCSB Our Bureau
Mumbai , May 7 THE Reserve Bank of India said it was working out detailed modalities for setting up of the Banking Codes and Standards Board of India (BCSB). The S.S Tarapore Committee on Procedure and Performance Audit on Public Services had recommended setting up of BSCB. The board is to be evolved on the model of the mechanism in the UK and is expected to ensure that a code of conduct for fair treatment of customers is adhered to. The committee had said that BSCB will be set up this year as an independent organisation but supported and funded by the RBI. "Unless the board is supported by the RBI as a truly independent organisation and funded entirely by the RBI, such an institution is unlikely to take off, much less be effective," the committee's report said. The committee also urged the RBI to bear the financial cost of this institution "in the best interests of the entire banking system and more particularly the interests of the common person as customer". The board will consist of five members drawn from different disciplines such as banking, law and accountancy. There will also be a formal covenant between a bank and the board. The board could be assisted by a dozen qualified and experienced persons, the committee had said.
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