BCSBI emphasizes Banks to bank on customer-centricity at PCCO 2017
Mumbai, May 30, 2017: The Banking Codes and Standards Board of India (BCSBI), an independent and autonomous institution that looks into issues of banking rights and services to customers, today organized the annual Principal Code Compliance Officers’ (PCCOs) conference in Mumbai. The meet saw a participation of over 110 officers from 135 member banks of BCSBI. The Compliance Officers’ Conference focused on addressing, developing and enhancing better customer service in the banking industry.
Referring to the complaints received by the banking ombudsman 2015-16, Shri S.S. Mundra expressed his dismay as the complaints has exceeded over a lakh for two consecutive years. Also, complaints related to non-adherence to BCSBI codes / fair practices codes rose to 33.9 percent as against 29.2 percent in 2014-15 and 26.6 percent in 2013-14.
Appreciating BCSBI’s role in the banking system, Shri S.S Mundra, Deputy Governor, RBI in his key note address said,” BCSBI has played a pivotal role over the past decade of its existence in enhancing awareness about customer service in the banks. While following its mandate on rating code compliance of banks, BCSBI has cited that only a few of the 51 member banks surveyed have secured high rating”.
Addressing the principal code compliance officers, Shri A.C. Mahajan, Chairman, BCSBI said, “BCSBI sets benchmarks to ensure a prescribed quality of banking services to Bank customers. The Codes formulated by the board are bank’s commitment to its customers and the banks should take more responsibility to spread awareness among customers about their banking rights. BCSBI has been rating banks on their code’s compliance for close to eight years now. This year 51 member banks have been ranked on the code compliance, including 5 large urban co-operative banks. I would advise the member banks to dedicate more time to their customers, educate them on banking codes and pay greater attention to their role in protecting customer’s rights. With the changing times, we at BCSBI are consistently striving to modify the code provisions in view of role of technology in Banking”.
To take corrective measures Shri Mundra, Deputy Governor, RBI urged the principal code compliance officers to engage with the top management and put together systems which ensure code compliance by frontline banking staff.
Emphasizing on the need to continuously engage with frontline banking staff and customers, to help curtail operational issues, Shri Anand Aras, CEO, BCSBI said, “In order to improve on bank’s code compliance, banks should look into the areas that need improvement and pay more attention by imparting training on a regular basis and encouraging e-learning module for the frontline staff. With the advent of technology and fast growing access to banking services it has become imperative for institutions to engage and educate the new-to- banking customers and protect their rights. BCSBI has created multiple touch points through ‘Know Your Rights Program’ to empower customers across sections of the society.”
With BCSBI playing a crucial role in customer protection and formulation of policies for elimination of customer grievance. The meet also addressed three focus areas for BCSBI to encompass the significant developments in the banking system and broaden the scope of the codes:
- Growing challenges and realties in the industry due to advent of technology
- Protection of interests of new-to-banking customers arising from financial inclusion
- Emergence of new entities such as payment banks and small finance banks
The conference was presided over by Shri S.S. Mundra, Deputy Governor, RBI and included dignitaries such as Mr. S.V. Patil, DGM, Consumer Education and Planning Department (CEPD) RBI, C. Krishnan and Uday Phadke, members of BCSBI governing council
