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Service Standards for Retail Banking | CAIIB | BCSBI FREE NOTES 2022 PDF

SERVICE STANDARDS FOR RETAIL BANKING | CAIIB FREE RETAIL BANKING NOTES FOR 2022 EXAMS | BCSBI FREE NOTES PDF

As we know that CAIIB exams are conducted by IIBF & it is considered to be the most difficult course to be cleared for the bankers. But you can be assured that our “CAIIB study material” will help you clear the CAIIB exam. The eligibility criteria for CAIIB is that the candidate should have completed his/her JAIIB before applying for CAIIB Exam 2022. 

In this article, you will be reading about the standards which are required to be maintained by the banks when providing the services to their customers. It will only take a few minutes to go through this article, and all the mandates & requirements will get refreshed in your minds. You can even bookmark (by clicking on the star icon on the URL box) this page to read it later on.

SERVICE STANDARDS FOR RETAIL BANKING

BCBSI, which stands for Banking Codes and Standards Board of India, has prescribed various compliance requirements for banks. These requirements have been made because of the promises made by the banks for offering services to their retail banking customers and which (the promises) they have codified into a document. This is a voluntary Code (to be adopted by banks on their own), which has tried to set a minimum level of standards of banking practices for banks to follow while dealing with individual customers. 

The Objective of developing code has been:

  • The promotion of good and fair banking practices by making them follow minimum standards while they deal with the public/customers.
  • To bring transparency so that people can have a better understanding of what they can expect from banks’ services.

  • For encouraging market forces by setting competition, to achieve higher standards in operations.https://youtu.be/9GHuzczcvd4
  • For the promotion of a fair and cordial relationship between people and their bank.
  • For fostering public confidence in the banking system.https://youtu.be/p6iX_36kBqc
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For the above-mentioned purposes, BCSBI has spelled out various commitments regarding services detailed below:

  • Advertising, Marketing, and Sales
  • Application of Code
  • Banking Ombudsman Service
  • Branch closure/shifting
  • Canceling payments
  • Cash transactions
  • Checking your account
  • Cheques/Debit instructions issued by you
  • Clearing Cycle/Collection Services
  • Collection of dues
  • Complaints, Grievances, and Feedback
  • Credit Card
  • Credit Counseling Facility
  • Credit Reference Agencies
  • Deposit Accounts
  • Do Not Call Service
  • Foreign Exchange Services
  • General
  • General Information
  • Getting Records
  • Guarantee
  • Information – Transparency
  • Insurance
  • Interest rates
  • Internal Procedures
  • Internet banking
  • Keeping Us Up To Date
  • Key Commitments
  • Lending
  • Liability for losses
  • Mobile Banking
  • Objectives of the Code
  • Our key commitments to you
  • Privacy and Confidentiality
  • Products and Services
  • Protecting Your Accounts
  • Remittances within India
  • Safe Deposit Lockers
  • Secure and Reliable Banking and Payment Systems
  • Security Repossession Policy
  • Settlement of claims in respect of Deceased Account Holders
  • Stop Payment Facility
  • Taking care
  • Tariff schedule
  • Terms and conditions
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CODES

BCSBI after collaborating with the Indian Banks’ Association (IBA) has brought up 2 codes: 

  • Code of Bank’s Commitment to Customers – reviewed in 2009 to bring greater transparency, a more efficient grievance redressal system, and for enhancing the minimum standards of banking practices while keeping in view the contemporary regulatory framework, increasing expectations of banks’ consumers, issues which are continuously emerging in customer service, on-going developments in market and innovations happening in the banking system.
  • Code of Bank’s Commitment to MSEs (Micro & Small Enterprises) 

These codes have been voluntarily adopted by member banks.

Chairman of BCSBI & members of the Governing Council had held a meeting with the Principal Code Compliance Officers of member banks in Mumbai in 2010 to discuss the issues emanating listed below along with BCSBI’s clarifications:

Sl. No. Para of the Code Issues Raised by Member Banks BCSBI Clarifications
Because of multiple codes & charters for customer service from BCSBI, IBA, and RBI, there is a need to move towards unification thereof.

& because of duplication of contents branches are often getting confused.

IBA has clarified: that the following codes do not apply to members of the BCSBI:

  • Bankers’ Fair Practice Code
  • Fair Practice Code for Credit Card Operations
  • Model Code for Collection of Dues and Repossession of security.

Thus, member banks are to follow only BCSBI Codes.

2 To Publicise the Code Banks will be: 

a. providing a copy of the Code, on request, 

OTC; or 

E-communication; or 

mail

b. provide the new customers with a copy when they open an account because

Because the Code is a large document, portions applicable to the product may be provided. The full Code has to be given to the customer as he/she may avail other products or services of the bank & he/she must be made aware of all his/her rights.
3 Do Not Call Service i.e. registering customer name under ‘DNC’ Service where the bank will not inform the customer via telephone calls/SMS/emails of any new product /service unless & until informed by the customer in writing. Why do banks need to make an entry in the DNC only if they are specifically instructed by customers? The Code’s principle states that there has to be explicit consent and not implicit consent. The right to privacy should not be taken for granted.

Though banks can ask customers to exercise this option, in writing, as to how he/she would like to receive information- over the telephone, SMS or email before banks use these modes for marketing.

4 Changes in Fees & Charges: 1-month (30 days) prior notice The medium through which customers are to be intimated about changes should also be included in the Code. Para 3.5.1 of the Code lists the modes of communicating changes to T&Cs have been listed.
Is Email a valid mode of communication for customers who have given their email ID to the bank for regulatory purposes – informing that the account is inoperative / dormant / Nomination confirmation etc If a customer has registered an e-mail id with the bank, communications may be sent to him by e-mail.
5 Advertising, Marketing & Sales (various features of our products availed by you will be conveyed while information of other products or offers only if the customer has given his/her consent) Even after DNC registrations, the bank is to intimate changes in product’s features & send email or SMS alerts for security purposes. Clarifications at items 3 & 4 are applicable.
6 Credit Reference Agencies – if a defaulted loan account is being regularized, CRA info will be updated in month Bankers wanted the updation period to be modified to – 60 days & ‘in the format as per guidelines issued by CRA/RBI from time to time’ Regulation No.10(a)(ii)(A) to the CRA (Regulation) Act, 2005 – credit information is to be updated on a monthly basis or at such shorter intervals as mutually agreed upon b/w the credit institution & credit information company.
7 Collection of Dues – In case of default, customers are to be reminded of the process of recovery by sending you to notice or by making personal visits and/or by repossessing of security, if any. Bankers wanted – Calling & SMS alerts are included as modes for contacting the borrower in such cases. In the interest of the bank, it will be preferable that they send reminders in writing or through personal visits.

The next set of issued & clarifications will be taken up in our next article of CAIIB Retail Banking 2022. So, tell us whether you found this CAIIB 2022 article useful or not in the comment section & whether you would like us to write on any other you have not found anywhere else! Your appreciation always keeps us motivated. So, we will really appreciate it if you leave 1 or 2 comments for us to be happy about. Other than that, may you become a Certified Associate this June 2022 Attempt!!

All the very best.

Learning Sessions

Aman

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