New banking code issued to further protect digital transactions

The Banking Codes and Standards Board of India (BCSBI) on Tuesday released a new "Code of Bank's Commitment to Customers" to ensure protection of consumers' rights in the dynamic banking environment.

A BCSBI statement said the new codes will be adopted and implemented, without exception, by the member banks with immediate effect.

The independent banking industry watchdog that protects consumers of banking services in India said the 2018 edition of the code has given significant importance to protect interests of consumers embracing digital transactions.

"The banks and customers are adopting measures to provide a secure banking environment, in spite of all the precautions taken by various stakeholders as there are instances of unauthorised electronic transactions," the institution said in a statement.

According to the BCSBI, the revised codes have been brought to light taking into account views and suggestions from relevant departments of Reserve Bank of India (RBI), Indian Bank's Association (IBA), association of depositors, member banks and customers.

"The banking industry has gone through a number of changes. With initiatives like Digital India, the nation has seen an increased usage of digital banking services," said A.C. Mahajan, Chairman, BCSBI.

"Customer's interface with bank has drastically transformed. Keeping in mind safeguarding of banking customers' rights, this version of the codes is in line with the changing environment," Mahajan added.

The BCSBI monitors and ensures that the Banking Codes and Standards adopted by the banks are adhered to while delivering their services.

--IANS

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