Banking Codes and Standards Board of India Banking Codes and Standards Board of India The Banking Codes and Standards Board of India (BCSBI) is an independent banking industry watchdog that protects consumers of banking services in India. The board oversee compliance with the "Code of Bank's Commitment to Customers". It is not a compensation mechanism and looks into an individual complaint only to the extent it points to any systemic compliance failure. It is an independent and autonomous body, registered as a separate society under the Societies Registration Act, 1860 on 18 February 2006. The Reserve Bank of India extended financial support to the Board, meeting its
NBFC & MFI in India 'Sound Monetary' system but no much appreciable success in realising social objectives of monetary policy of the country. In December 1982, Dr Manmohan Singh, Governor of RBI appointed committee under the Chairmanship of 'Prof. Sukhamoy Chakravarty' to review functioning of monetary system in India. Committee recommended assessment of links among the Banking Sector, the Non-Banking Financial Institutions and the Un-organised sector to evaluate various instruments of Monetary and Credit policy in terms of their impact on the Credit System and the Economy. Different types of NBFCs are as follows: An AFC is a company which is a financial institution carrying