Which organization has decided to dissolve the Banking Codes and Standards Board of India (BCSBI)?
Answer with explanationAnswer: Option C
The Reserve Bank of India (RBI) has decided to dissolve the Banking Codes and Standards Board of India (BCSBI) which was set up in February 2006 as an independent and autonomous body for formulating codes of conduct to be adopted by banks voluntarily for ensuring fair treatment of customers. BCSBI, in collaboration with the Indian Banks’ Association (IBA), has evolved two codes – Code of Bank’s Commitment to Customers and the Code of Bank’s Commitment to Micro and Small Enterprises. The nodal department for BCSBI is CEPD (Consumer Education and Protection Department).