Economics · Economy
A medium-sized bank recently became a member of the Banking Codes and Standards Board of India (BCSBI). After one year, an internal audit revealed gaps in adherence to the Code of Commitment, including delayed loan sanction notifications, inconsistent fee disclosure, and slow grievance resolution for MSE borrowers. Which approach should the bank adopt to align fully with BCSBI guidelines and improve code compliance?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Limit code compliance monitoring exclusively to the senior management level without lower-level staff involvement.
- 2Outsource MSE services entirely to a third-party agency without requiring adherence to the BCSBI code.
- 3Implement comprehensive staff training programs, standardize processes, and actively monitor grievance resolution timelines.✓
- 4Ignore the BCSBI audit findings and focus solely on short-term profitability.
Correct answer
Implement comprehensive staff training programs, standardize processes, and actively monitor grievance resolution timelines.
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