Banking · BCSBI Codes
A small MSE customer's loan application has been pending with 'Rural Bank' for 50 days. The bank's internal policy commits to a 30-day Turnaround Time (TAT), and the customer has received no formal communication about the delay. Under the 'Code of Banks' Commitment to Micro and Small Enterprises', which commitment of the bank is violated, and what is the role/function of BCSBI in this case?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Violation: Grievance Redressal; BCSBI Function: Mandate immediate loan sanction.
- 2Violation: Communication of Decision/TAT; BCSBI Function: Monitor the failure for Code Compliance Rating.✓
- 3Violation: Transparency in Interest Rates; BCSBI Function: Fine the bank.
- 4Violation: Disclosure of Service Charges; BCSBI Function: Provide legal judgment.
Correct answer
Violation: Communication of Decision/TAT; BCSBI Function: Monitor the failure for Code Compliance Rating.
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