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
Banking in India system to allow cheque truncation—the conversion of checks from physical form to electronic form when sending to the paying bank—in India, the cheque truncation system as it was known was first rolled out in the National Capital Region and then rolled out nationally. Physical as well as virtual expansion of banking through mobile banking, internet banking, tele banking, bio-metric and mobile ATMs etc. is taking place since last decade and has gained momentum in last few years. A huge data breach on debit cards issued by various Indian banks was reported in October 2016. It was estimated 3.2 million debit