Explain Banking Codes and Standard Board of India (BCSBI) and their objectives.

The Banking Codes and Standards Board of India was registered as a society under the Societies Registration Act, 1860 in February 2006. It functions as an independent and autonomous body. Membership of BCSBI is voluntary and open to scheduled banks. Initially the membership of BCSBI was open to scheduled commercial banks and has now been extended to include Regional Rural Banks and select Urban Co-operative Banks. The general superintendence, direction and control of the affairs and funds of the Society is vested in the Governing Council (constituted by RBI) consisting of members drawn from different disciplines such as banking, economics, service etc. To plan, evolve, prepare, develop, promote and publish comprehensive Codes and Standards for banks, for providing for fair treatment to their customers. To function as an independent and autonomous body to monitor, and to ensure that the Codes and Standards adopted by banks are adhered to, in letter and spirit, while delivering services to their customers. BCSBI has in collaboration with the Indian Banks' Association (IBA), evolved two codes - Code of Bank's Commitment to Customers and the Code of Bank's Commitment to Micro and Small Enterprises - which set minimum standards of banking practices for member banks to follow when they are dealing with individual customers and micro and small enterprises. These Codes are subject to periodical review and revision. The central objective of these Codes is promoting good banking practices, setting minimum standards, increasing transparency, achieving higher operating standards and above all, promoting a cordial banker-customer relationship which would foster confidence of the common man in the banking system. The Codes lay great emphasis on transparency and providing full information to the customer before a product or service is sold to him. The Codes are not only commitments of banks to their customers but also in a sense a Charter of Rights for the common person. By setting the minimum standards of customer service, the Codes make the customer aware of he can expect each bank to deal with his/her day-to-day requirements.