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      Question

      BCSBI was set up to ensure that the common person as a

      consumer of financial services from the banking Industry is in no way at a disadvantageous position and really gets what he/she has been promised. BCSBI stands for _____________.
      A Banking Codes and Standards Board of India Correct Answer Incorrect Answer
      B Banking Codes and Society Board of Investment Correct Answer Incorrect Answer
      C Banking Codes and Stability Board of India Correct Answer Incorrect Answer
      D Banking Codes and Standards Bank of Industry Correct Answer Incorrect Answer
      E Branch Codes and Standards Board of India Correct Answer Incorrect Answer

      Solution

      In November 2003, Reserve Bank of India (RBI) constituted the Committee on Procedures and Performance Audit of Public Services under the Chairmanship of Shri S.S.Tarapore (former Deputy Governor) to address the issues relating to availability of adequate banking services to the common person. Therefore, the Committee recommended setting up of the Banking Codes and Standards Board of India (BCSBI). BCSBI was set up to ensure that the common person as a consumer of financial services from the banking Industry is in no way at a disadvantageous position and really gets what he/she has been promised.

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