Banking · Codes and Standards
What is the primary purpose of the 'Code of Bank's Commitment to Customers' formulated by BCSBI?
- 1To restrict the operational parameters and product offerings of private banks.
- 2To completely eliminate the possibility of customer complaints in commercial operations.
- 3To set minimum standards of fair banking practices that member banks must follow in dealing with individual customers.✓
- 4To fully replace the statutory and regulatory guidelines of the Reserve Bank of India (RBI).
Correct answer
To set minimum standards of fair banking practices that member banks must follow in dealing with individual customers.
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