Banking Codes

BCSBI Rankings: Banking Codes and Standards Board of India (BCSBI) has rated only one-fourth of the 51 banks in the country which comply their code. BCSBI has stated that only 12 banks focus on fair customer treatment. This independent body set up by the RBI works on objectives to set minimum standards, promoting good banking practices, achieving higher operating standards, increasing transparency and promoting a cordial banker-customer relationship.

IDBI marked the only public sector lender of the 12 banks rated high and featured in the list. Rest all were private and foreign banks as per the annual code compliance rating released by BCSBI. RBL Bank, Axis Bank, HDFC Bank, IndusInd Bank, Kotak Mahindra Bank, ICICI Bank, DCB Bank, Yes Bank, Standard Chartered Bank, CitiBank, and HSBC are the other banks that scored high rating. RBL Banks scored the highest at 95 among all.

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All banks scored an average of 77 in the code of compliance in fiscal 2016-17, this was slightly lower than the score of 78 in the year ended 2014-15. “Although private and public sector banks secured a score of ‘above average to high’ and ‘average to above average’ respectively, there was a marginal decrease in the overall average score of banks to 77 in fiscal 2017, from 78 in fiscal 2015,” the report said.

BCSBIs Chairman A C Mahajan claimed that fall in average score from 78 to 77 was a matter of concern. “Not only have overall average scores fallen, even some banks have been downgraded,” says, Mahajan. He also said that with stiff competition in retaining customers, lenders need to focus on areas which need improvement. Also, they need to pay close attention in monitoring code compliance.

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The rating also takes the private, foreign public sector, and scheduled urban cooperative banks into consideration while rating. The rating is given based on the banks fair banking practices depending on transparency, grievance redressal, information dissemination, customer centricity and customer feedback. Also, BCSBI took some additional information from 8,485 banking customers across the country.

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