The Banking Codes and Standards Board of India (BCSBI) was set up on 18th February _____.
Show answer & explanation
Correct answer: C
Explanation
The Banking Codes and Standards Board of India (BCSBI) was established on February 18, 2006.
Its primary objective was to protect the rights of bank customers and set standards for banking services.
It was an independent and autonomous body established in collaboration with the Reserve Bank of India (RBI).
The Banking Codes and Standards Board of India formulated the 'Code of Banks' Commitment to Customers'.
The Reserve Bank of India decided to dissolve the Banking Codes and Standards Board of India in 2019, as the Banking Ombudsman and other regulatory mechanisms are now effectively handling these functions.