15 June 2017

IDBI Bank only PSB to get ‘high’ rating for code compliance

IDBI Bank only PSB to get ‘high’ rating for code compliance

According to the Code Compliance Rating of banks done by the Banking Codes and Standards Board of India (BCSBI) 2017, only one (IDBI Bank) out of 26 public sector banks and eight out of 17 private sector banks got ‘high’ rating for their adherence to code compliance.

The eight private sector banks that got ‘high’ rating are- Axis Bank, DCB Bank, HDFC Bank, ICICI Bank, IndusInd Bank, Kotak Mahindra Bank, RBL Bank and YES Bank. The three foreign banks are Citibank, HSBC and Standard Chartered Bank, that were surveyed got ‘high’ ranking.

The code compliance rating, which is based on five parameters viz. information dissemination, transparency, grievance redressal, customer-centricity, and customer feedback may be considered an indicator of the level of implementation of important code provisions at the grassroot level of a bank.

Banking Takeaways from Above News-
  • The Chairman of BCSBI is  A C Mahajan.
  • The Headquarter of IDBI Bank is in Mumbai.
  • CEO of IDBI bank is Mahesh Kumar Jain.

Source- The Hindu Business Line

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