Mumbai: To make banks more focused towards customer service, Banking Codes and Standards Board of India (BCSBI) is planning to make public the ratings given to its member banks on the basis of level of code compliance.
BCSBI is an independent and autonomous body which evolves banking codes and standards related to customer rights and monitors adherence to those adopted by banks while delivering services to customers. Although the process started last year, ratings were disclosed only to respective banks. The ratings available in public domain last year were for overall categories such as private/public/foreign banks and not for individual banks.
"Last year, the ratings were only shared with individual member banks and it was displayed on our website as a group. But from this fiscal we are planning to put the ratings of individual banks in public domain," BCSBI Chairman A C Mahajan said. If individual ratings are available in the public domain, it would ensure that banks would focus more on customer services covered under BCSBI codes in order to get a better quality certificate, he said.
However, he was quick to add that ratings given are not to be used by member banks to say they are better than others and solicit business on those grounds. The model, designed by Crisil, rates a member bank based on compliance information furnished by member banks to BCSBI. The rating process for this year, which is yet to be initiated, is likely to be completed by early next year or latest by the end of this fiscal, Mahajan said. The BCSBI code does not replace or supersede regulatory and supervisory instructions of the Reserve Bank of India.
