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Banking codes implementation gets better

A survey conducted by the Banking Codes and Standards Board of India (BCSBI) indicates that the voluntary standards adopted by banks as part of their participation in BCSBI have improved since 2013. The proportion of banks that have secured a ‘high’ rating has risen to 30% from 11% in the previous round. Close to half the banks surveyed were granted an ‘above average’ rating. On a scale of 100, a score of over 85 represents ‘high’ rating. ‘Above average’ rating is assigned to banks that score between 70 and 85. Those scoring between 60 and 70 are entitled to an ‘average’ rating, while the lowest band – with a score of below 60 – is considered ‘below average’. The overall compliance level in 2015 was at 78%, compared to 74% in the previous round. Public sector banks’ average score stood at 72 (70 in 2013), while private and foreign banks received a rating of 85 (78 previously) and 83 (89) respectively. The criteria taken into account for rating banks were information dissemination, transparency, customer centricity, grievance redressal and customer feedback. The study, which covered 2017 branches of 47 banks, was conducted in association with rating agency CRISIL.

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