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Annual Report

2013-14
BANKING CODES AND STANDARDS
BOARD OF INDIA
www.bcsbi.org.in
PUBLISHED BY
Narayanan Raja
Chief Executive Officer
Banking Codes and Standards Board of India
C-7, Reserve Bank of India Building
Bandra Kurla Complex
Mumbai- 400051
Banking Codes and Standards Board of India
Governing Council
Chairman
A C Mahajan
Members
Narayanan Raja
Chief Executive Officer
Banking Codes and Standards Board of India
M M Chitale C Krishnan
H N Sinor Rama Bijapurkar
Annual Report 2013-14 Banking Codes and Standards Board of India
1
ANNUAL REPORT OF THE BANKING CODES AND
STANDARDS BOARD OF INDIA
2013-14
Banking Codes and Standards Board of India (BCSBI) set up by Reserve Bank of India
(RBI) in 2006 continued to perform its twin mandate of framing codes and standards for
fair treatment by banks of their individual and micro and small enterprise customers
and monitoring to ensure that banks adhere to such codes and standards. The codes and
standards are charters of rights of the retail / MSE customers. During the year, BCSBI
has revised and updated the Code of Banks Commitment to Customers. BCSBI authorized
persons visited more than 3000 branches / centralized processing centres and also interviewed
around 6000 customers to ascertain position of Code implementation at the ground level.
As part of its efforts to spread awareness of the Codes among customers and bank officials,
BCSBI officials participated and addressed various Town Hall Meetings and Awareness
Programmes organised either by the Banking Ombudsmen or by banks. In addition, BCSBI
also organised four Customer Meets at different centres as also a Meeting of Controlling
Heads of bank branches in Hyderabad to impress upon the senior bankers of the efforts to
be made in implementation of the provisions of the Codes.
Governing Council
The Governing Council (GC), reconstituted in December 2011, which is vested with the
general supervision, direction and control of the working of the BCSBI, held ten meetings
during the year 2013-14. As per the directions of GC, BCSBI undertook certain studies as
also conducted visits to bank branches to ascertain grass-root level implementation of the
Codes. For the first time, member Banks were also rated on Code implementation.
Membership
During the year, two scheduled urban cooperative banks and four Regional Rural Banks
have been enrolled as members of the BCSBI. With these additions and merger of certain
RRBs, total number of members stood at 127 as on March 31, 2014. BCSBI will continue its
efforts to enlist eligible banks as members so that all bank customers benefit from the codes.
Names of member banks are listed in Annex I.
Visits to bank branches to assess implementation of the Codes
As members are aware, BCSBI, apart from framing Codes for customer service in banks
and periodically reviewing and revising them, looks into implementation by banks of the
provisions of the Codes. The mechanism for such monitoring is through obtention of a self
certified Annual Statement of Compliance (ASC) covering important parameters from banks
and examination of such statements. In addition to the above, BCSBI has adopted a system
of visits to branches / processing centres of banks to verify the position regarding ground
level implementation of the Code of Banks Commitment to Customers and Code of Banks
Commitment to Micro and Small Enterprises. Such visits to branches for verification are
Annual Report 2013-14 Banking Codes and Standards Board of India
2
confined to a sample of branches selected at random. While selecting the sample, attempt
is made to ensure that a good number of centres located in various parts of the country
are covered. Findings of branch visits are examined vis--vis the declarations by banks in
ASCs and areas where improvements are required are taken up with the concerned banks.
Members of the Governing Council of BCSBI also invite the Top Managements of select
banks for discussions in regard to the measures to be taken by them to address the gaps in
the Code implementation.
During the year, a sample of 3035 branches of 48 member banks (excluding Regional Rural
Banks and Urban Co-operative Banks, a few small Private Sector Banks and Foreign Banks
with either little or no retail operations), located in 60 cities / towns (as against 47 last
time) were visited during May July 2013 for verifying status of implementation of the
Codes. As some of the branch banking activities are centralised, 55 centralised processing
centres (CPCs) on a sample basis, were also visited. For the first time, rural branches which
constituted 10% of the sample were also visited. In addition, a total of 6040 customers were
also interviewed to obtain their responses on implementation of some of the provisions of the
Code. The findings of branch visits and responses of customers were taken up with banks.
BCSBI Rating of Member Banks
BCSBI, for the first time, decided to rate Banks on Code Compliance. The outputs of branch
visits and responses of customers were utilized as inputs for rating of banks on Code
compliance. BCSBI had engaged the services of CRISIL for assistance in developing a rating
model. The Branch Visit findings and Customer Responses obtained were grouped into five
buckets, viz., Information Dissemination, Transparency, Customer Centricity, Grievance
Redressal and Customer Feedback and scores awarded to the individual parameters under
each of these buckets. Based on the overall score of the bank, a rating was awarded from out
of four categories, viz., High level of compliance, Above Average level of compliance, Average
level of compliance and Below Average level of compliance. Apart from overall rating, each
bank was also rated in each of the five Parameter Groups mentioned above.
The rating exercise has revealed that only 10% of the banks subjected to rating exercise have
achieved High level of compliance with Codes. More than 50% of the banks have been rated
as Above Average. While approx. 35% banks are rated as Average, one bank is rated as Below
Average. BCSBI had discussed with the CMDs / CEOs of the 16 banks, which could achieve
only Average rating, in order to impress upon them the need for further strengthening their
systems for Code compliance.
Bank group wise ratings awarded to the 48 banks along with their performance in Code
compliance has been displayed on the website of BCSBI.
Code of Banks Commitment to Customers - 2014
The Code of Banks Commitment to Customers was first released in 2006. It was thereafter
reviewed and revised in August 2009. A fresh revision of the Code was undertaken in order
to bring about greater transparency and further enhancements in banking practices relating
Annual Report 2013-14 Banking Codes and Standards Board of India
3
to customer service. Suggestions and views from various stake holders such as Banks,
Customers, Indian Banks Association, Reserve Bank of India, Associations of Depositors, etc
were obtained and examined by a Working Group with representatives from the Indian Banks
Association (IBA), Reserve Bank of India (Customer Service Department and Department of
Banking Operations and Development), Bank of Baroda, Bank of India, State Bank of India
and HDFC Bank and chaired by the Chief Executive Officer, BCSBI. The Working Group also
considered the recommendations of the Damodaran Committee and suggestions received
from various RBI departments including Customer Service Department. The revised Code of
Banks Commitment to Customers, 2014 approved by the Governing Council of BCSBI was
sent to Member Banks in January 2014 for adoption and implementation.
Some of the key additions and modifications incorporated in the revised Code are:
New Sections on Electronic Banking including Dos and Donts and safety measures to
be taken, Selling of Third Party Products and measures to prevent misselling, Financial
Inclusion including Basic Savings Bank Deposit Accounts, facilities for Senior Citizens
and Differently-abled persons.
New provisions incorporated to take care of developments in banking, since the last
revision of the Code in 2009.
Provisions on similar topics grouped together.
Some of the provisions redrafted / modified to bring about more clarity.
Banks are required to display in branches information on documents required to open
Basic Saving Bank Deposit Account, as also relaxed criterion to open Small Accounts.
Code Monitoring Studies - Series 2 - Lending to MSEs
In order to monitor the level of implementation of the provisions of the Codes, BCSBI has
been deputing Field Managers (ex RBI / Commercial Bank officials from respective centres)
to visit select branches of member banks located in various cities across India. These visits
are carried out generally once a year as part of the compliance exercise. In addition to
such visits, as part of Action Plan under Strategic Thrust areas identified for action, BCSBI
undertook certain studies around select themes relating to Code provisions. One such study
of Lending to Micro and Small Enterprises (MSEs) covering the commitments of member
banks as contained in the Code of Banks Commitment to MSEs was undertaken during
November-December 2013. The study covered 74 branches / processing centres of 28 major
banks, spread in select centres.
The study revealed that:
a) Banks were providing to MSE customers simple / standardized loan applications, along
with a checklist of documents to be submitted;
b) Though a system of giving acknowledgement on receipt of applications was put in place
by banks, the system of indicating timeframe for disposal of the applications was not
followed;
Annual Report 2013-14 Banking Codes and Standards Board of India
4
c) However, banks were disposing off loan application within the timeframe laid down;
d) Sanction letters containing the terms and conditions were found to be issued to the loan
applicants;
e) However, some of the banks were not conveying in writing the reasons for loan applications
being declined;
f) Banks were not found to be prompt in giving copies of the MSE Code to the borrowing
customers;
g) Except for three banks, other banks under study had uploaded the banks policy on
lending to Micro and Small Enterprises on their website.
Resolution of Systemic Issues
As provided in Banking Ombudsman Scheme, if the customer has any grievance against the
bank he has to make first representation in writing to the bank. If the complaint is not resolved
by the bank under their internal grievance redressal machinery to the satisfaction of the
customer he can lodge a complaint to Banking Ombudsman. BCSBI also has been receiving
complaints directly from the customers. These complaints as also Awards issued by Banking
Ombudsmen and decisions of Appellate Authority under Banking Ombudsman Scheme are
examined to see if they are indicative of any deficiencies of systemic or procedural nature.
Such cases are taken up with the concerned banks and the BCSBI endeavours to resolve the
systemic issue so that such complaints do not recur in future. Complaints received during
the year grouped nature wise, are given in Annex II.
BCSBI At A Glance
2012-13 2013-14
Members of BCSBI 126 (after merger
of some RRBs)
127 (after merger
of some RRBs)
Banks admitted as members during the year 20 3
Applications in process for membership 2 -
Participation in : Town Hall Meetings /
Customer Awareness Programmes
31 22
Workshops / Conferences / Seminars 26 8
Customer Meets organised 2 4
Branches / Centralised Processing Centres
visited to look into Code implementaion
- 3080
Monitoring Studies - Branches Visited 112 74
Credit Counselling cases handled 165 148
Complaints received and dealt with 474 512
Annual Report 2013-14 Banking Codes and Standards Board of India
5
At the Customer meet at Pune (L to R) Shri D.G. Kale, General Manager, RBI;
Smt. Suma Varma, Chief General Manager, RBI; S/Shri A.C. Mahajan, Chairman, BCSBI;
N. Raja, CEO, BCSBI; C. Krishnan and M.M. Chitale, Members of the Governing Council.
Shri N. Raja, CEO, BCSBI (seated at extreme left) at the panel discussion on Customer Protection.
Dr. (Smt.) Deepali Pant Joshi, Executive Director, RBI is seated third from left.
Annual Report 2013-14 Banking Codes and Standards Board of India
6
Shri A.C. Mahajan, Chairman, BCSBI (3
rd
from left) addressing customers at the
Awareness Programme organized by Dena Bank at Mumbai
S/Shri N. Raja, CEO; R.C. Arora and P.K. Agrawal, SVPs, BCSBI (seated at 4
th
to 6
th
from left) at the meeting with
officials of Financial Ombudsman Institution of Taiwan at Mumbai.
Annual Report 2013-14 Banking Codes and Standards Board of India
7
Shri A.C. Mahajan, Chairman, BCSBI (seated 2
nd
from left) addressing customers at the
Awareness Programme organized by State Bank of Bikaner and Jaipur at Jaipur.
Shri A.C. Mahajan, Chairman, BCSBI (seated 3
rd
from left) addressing bank officials at a Seminar organized by
Indian Institute of Banking and Finance (IIBF) at Lucknow.
Annual Report 2013-14 Banking Codes and Standards Board of India
8
Shri A.C. Mahajan, Chairman, BCSBI (3
rd
from left) at the National Seminar on
Financial Consumer Protection organized by ASSOCHAM.
Shri A.C. Mahajan, Chairman, BCSBI (5
th
from left) addressing customers of banks at
Customer Meet organized by BCSBI at Ahmedabad.
Annual Report 2013-14 Banking Codes and Standards Board of India
9
Spreading Awareness of the Codes
Awareness of the customers and officials about banks commitments contained in the Codes
needs to be increased. As creating awareness about Codes is primarily the responsibility of
member banks, as the Codes are commitments by banks to their customers, BCSBI had
urged members to take specific steps in this direction. Some of the steps suggested include
displaying on ATM screen suitable messages about banks commitments under the Codes,
incorporating in their product brochures provisions of the Code, including in their product
advertisements relevant Code provisions, etc.
BCSBI on its part has been participating in Town Hall Meets and Awareness Programmes
organized by Banking Ombudsmen and Banks. The Chairman and the CEO, BCSBI, addressed
customers in the Customer Meets organized by banks at Baroda, Kolkata, Mumbai, Jaipur,
Delhi and Bengaluru. Other senior BCSBI officials participated in Awareness Programmes
organized by Banking Ombudsmen at Ramanathapuram, Thiruchirapalli, Sirsa, Dholpur,
Thiruppur, Thrunelveli, Kalalkere and Davangere. Awareness Programmes for Micro and
Small Enterprises organized by Rural Planning and Credit Department of RBI at Kudal,
Jalna and Pune were also attended by BCSBI officials.
BCSBI also lent faculty support to banks and other institutions. CEO, BCSBI addressed the
Probationary Officers attending programme at ICICI Academy at Bengaluru. BCSBI officials
also lent support to National Institute of Bank Management, Pune and Indian Institute of
Bank Management at Guwahati.
Further, BCSBI, as part of its efforts to supplement the measures taken by member banks,
organized Customer Meets at Ahmedabad, Nashik, Chennai and Coimbatore. In addition, a
meeting of Controlling Heads of Banks located at Hyderabad was also organized on December
12, 2013 to call upon the regional heads of banks to spread awareness of the Codes.
Visits of foreign delegates
Two delegates from the Financial Ombudsman Institution (FOI) of Taiwan visited BCSBI on
November 25, 2013 to learn about standards and codes of banking practices and their role
and relevance in matters of financial consumer protection.
Credit Counselling Initiative
The Credit Counseling services was an initiative taken by BCSBI in October 2009 to provide
free counseling to individuals and MSE customers of member banks whose credit exposures
do not exceed `50 lakh.
During the year, 148 cases of counseling were handled. These pertained to default in credit
card payments, personal loans and home loans and loans to micro and small enterprises.
Annual Report 2013-14 Banking Codes and Standards Board of India
10
The borrowers were guided to seek from banks suitable assistance in repayment of loans
where they appeared to be genuine cases.
BCSBI Newsletter Customer Matters
The Newsletter Customer Matters, launched in April 2009, continued as a medium for
increasing awareness of current banking issues, RBI measures in the area of customer service
as also decisions taken by Banking Ombudsmen on customer complaints. The Newsletter
also contains activities of BCSBI as also findings of any study and branch visits undertaken
by BCSBI.
BCSBI Website
The website of BCSBI has been revamped during the year to make it more informative and
user-friendly. The revamped website contains messages from the Chairman and the Chief
Executive Officer. The section on FAQs has been reorganized and additional FAQs have been
incorporated. A new segment called Code for the Day has been added wherein important
provisions from the Code are displayed by rotation on a daily basis. Another feature named
Did You Know has been introduced which highlights latest RBI instructions on customer
service related issues. Provision to register request of members of public, who are interested
to get soft copy of the quarterly newsletter Customer Matters has been provided.
Funds Position
As per the funding arrangement agreed with Reserve Bank of India upto 2015-16, BCSBI
would be utilizing its entire interest income towards meeting its expenditure and RBI has
agreed to fund the expenditure gap. During the year, total expenditure of BCSBI amounted
to `266.82 lakh of which `186.93 lakh was met out of its income and the balance amount
of `79.89 lakh was funded by RBI. Entire contribution made by the member banks in the
form of registration fees and membership fees for the year 2013-14 has been credited to the
Corpus Fund as in the past, as desired by them.
As on March 31, 2014, the investment of Corpus Fund and Public Awareness Fund made in
accordance with the Investment Policy, aggregated `2268.13 lakh comprising of investments
in Government Securities and in term deposits with member banks (including interest
accrued and outstanding).
Going Forward
While stepping into ninth year of its existence, and looking back into the years gone by,
BCSBI feels that more efforts are still needed to increase the awareness of Retail and Micro
and Small Enterprises customers about their rights as contained in the Codes. Increased
Annual Report 2013-14 Banking Codes and Standards Board of India
11
awareness will empower customer and act as a bulwark against any deficiency in customer
service. BCSBI will continue to participate in Town Hall Programmes / Awareness Meets
being organized by Banking Ombudsmen and Banks and will on its own organize Customer
Meets at different centres. It is also proposed to continue to publicise the Codes through
cost effective media like FM Channels and digital media. To make the publicity efforts more
effective and to ensure that BCSBI Codes get adequate coverage, BCSBI has engaged a
professional PR Agency. BCSBI also proposes to undertake special studies in the area of
customer service.
The Code of Banks Commitment to Micro and Small Enterprises was last reviewed and
revised in August 2012. Since almost two years have passed, we propose to take the views of
banks, customers and other stake holders and revisit the Code.
Acknowledgements
BCSBI is thankful to Reserve Bank of India for their continued financial support and for
providing us with opportunity to participate in the Awareness Programmes organized by the
Banking Ombudsmen and Town Hall Meetings for MSEs organized by Rural Planning and
Credit Department, Reserve Bank of India. BCSBI is also grateful to the Top Management of
RBI for their continued guidance and support in discharging the responsibility cast on the
BCSBI. BCSBI also wishes to thank Indian Banks Association and all Member Banks for
their support and cooperation.
Annual Report 2013-14 Banking Codes and Standards Board of India
12
Annex I
BCSBI members
Sl.
No.
Name of the bank
Scheduled Commercial Banks
1 AB Bank Ltd.
2 Allahabad Bank
3 Andhra Bank
4 Axis Bank Ltd.
5 Bank of America N A
6 Bank of Baroda
7 Bank of Ceylon
8 Bank of India
9 Bank of Maharashtra
10 Barclays Bank PLC
11 BNP Paribas
12 Canara Bank
13 Central Bank of India
14 Citibank N A
15 City Union Bank Ltd
16 Commonwealth Bank of Australia
17 Corporation Bank
18 Credit Agricole Corporate and Investment Bank
19 DBS Bank Ltd
20 Dena Bank
21 Deutsche Bank AG
22 Development Credit Bank Ltd.
23 Dhanlaxmi Bank Ltd.
24 HDFC Bank Ltd.
25 HSBC Bank Oman S A O G
26 ICICI Bank Ltd.
27 IDBI Bank Ltd.
28 Indian Bank
29 Indian Overseas Bank
30 IndusInd Bank Ltd.
31 ING Vysya Bank Ltd.
32 JP Morgan Chase Bank N A
33 Karnataka Bank Ltd.
34 Krung Thai Bank Public Company Ltd.
35 Kotak Mahindra Bank Ltd.
36 Mashreq Bank psc
37 National Australia Bank
38 Oriental Bank of Commerce
39 Punjab National Bank
40 Punjab and Sind Bank
41 Shinhan Bank
42 Societe Generale
Sl.
No.
Name of the bank
Scheduled Commercial Banks
43 Sonali Bank Ltd.
44 Standard Chartered Bank
45 State Bank of Bikaner and Jaipur
46 State Bank of Hyderabad
47 State Bank of India
48 State Bank of Mauritius Ltd.
49 State Bank of Mysore
50 State Bank of Patiala
51 State Bank of Travancore
52 Syndicate Bank
53 The Bank of Nova Scotia
54 The Catholic Syrian Bank Ltd.
55 The Federal Bank Ltd.
56 The Hongkong and Shanghai Banking
Corporation Ltd.
57 The Jammu & Kashmir Bank Ltd.
58 The Karur Vysya Bank Ltd.
59 The Lakshmi Vilas Bank Ltd.
60 The Nainital Bank Ltd.
61 The Ratnakar Bank Ltd.
62 The Royal Bank of Scotland
63 The South Indian Bank Ltd.
64 Tamilnad Mercantile Bank Ltd.
65 UCO Bank
66 Union Bank of India
67 United Bank of India
68 Vijaya Bank
69 Yes Bank Ltd.
Scheduled Urban Cooperative Banks
1 Citizen Credit Cooperative Bank Ltd.
2 Janata Sahakari Bank Ltd.
3 Nagar Urban Cooperative Bank Ltd.
4 Nagpur Nagarik Sahakari Bank Ltd
5 Nutan Nagarik Sahakari Bank Ltd.
6 Punjab and Maharashtra Cooperative Bank Ltd.
7 Thane Bharat Sahakari Bank Ltd.
8 The Bharat Cooperative Bank (Mumbai) Ltd.
9 The Cosmos Cooperative Bank Ltd.
10 The Karad Urban Cooperative Bank Ltd.
11 The Saraswat Cooperative Bank Ltd.
12 The Shamrao Vithal Cooperative Bank Ltd
13 The Zoroastrian Cooperative Bank Ltd.
Annual Report 2013-14 Banking Codes and Standards Board of India
13
Sl.
No.
Name of the bank
Regional Rural Banks
1 Allahabad U P Gramin Bank
2 Andhra Pradesh Grameena Vikas Bank
3 Andhra Pragathi Grameena Bank
4 Baroda Gujarat Gramin Bank
5 Baroda Rajasthan Kshetriya Gramin Bank
6 Baroda U P Gramin Bank
7 Bihar Gramin Bank
8 Central Madhya Pradesh Gramin Bank
9 Chaitanya Godavari Grameena Bank
10 Chhattisgarh Rajya Gramin Bank
11 Deccan Grameena Bank
12 Dena Gujarat Gramin Bank
13 Gramin Bank of Aryavarat
14 Himachal Pradesh Gramin Bank
15 Jammu & Kashmir Grameen Bank
16 Jharkhand Gramin Bank
17 Karnataka Vikas Grameena Bank
18 Kashi Gomti Samyut Gramin Bank
19 Kaveri Grameena Bank
20 Kerala Gramin Bank
21 Madhyanchal Gramin Bank
22 Maharashtra Gramin Bank
23 Malwa Gramin Bank
Sl.
No.
Name of the bank
Regional Rural Banks
24 Marudhara Gramin Bank
25 Meghalaya Rural Bank
26 Mewar Aanchalik Gramin Bank
27 Narmada Jhabua Gramin Bank
28 Pallavan Grama Bank
29 Pandyan Grama Bank
30 Pragathi Krishna Gramin Bank
31 Prathama Bank
32 Puduvai Bharathiar Grama Bank
33 Punjab Gramin Bank
34 Purvanchal Bank
35 Saptagiri Grameena Bank
36 Sarva Haryana Gramin Bank
37 Sarva U P Gramin Bank
38 Saurashtra Gramin Bank
39 Sutlej Gramin Bank
40 Utkal Grameen Bank
41 Uttar Bihar Gramin Bank
42 Uttarakhand Gramin Bank
43 Uttarbanga Kshetriya Gramin Bank
44 Vananchal Gramin Bank
45 Vidharbha Konkan Gramin Bank
Annex II
Profile of Complaints
Sr. No. Nature of Complaints 2012-13 2013-14
1 Deposit Accounts 139 171
2 Credit Cards 69 88
3 Pension 5 6
4 Tariff Schedule & Service Charges 15 18
5 Cheque Collection/Clearing Cycle Delayed Credit 15 8
6 ATM/Debit Cards 21 19
7 CIBIL Records 9 6
8 Compensation Policy 0 1
9 Harassment by Recovery Agents 18 3
10 Loans & Advances 116 118
11 Insurance Products 1 1
12 Miscellaneous 66 73
Total 474 512
Statement of Accounts
for the year
2013-14
Annual Report 2013-14 Banking Codes and Standards Board of India
16
M/s Gokhale & Sathe 308/309, 3
rd
Floor
Chartered Accountants Udyog Mandir No.1
7-C, Bhagoji Keer Marg
Mahim, Mumbai 400 016
Tel: 022-43484241
Auditors Report
We have audited the Balance Sheet of Banking Codes and Standards Board of India as at 31
st
March
2014 and the Income and Expenditure Account for the year ended on that date annexed thereto.
These financial statements are the responsibility of the trustees of the Board. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally accepted in India. Those
standards require that we plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
We report that:
i) We have obtained all the information and explanations, which to the best of our knowledge and
belief were necessary for the purpose of the audit.
ii) In our opinion, proper books of account as required by the law have been kept by the Trust so far
as it appears from our examination of such books.
iii) The Balance Sheet and Income & Expenditure Account dealt with by this report are in agreement
with the books of account.
iv) In our opinion and to the best of our information and according to the explanations given to us,
the said accounts give a true and fair view in conformity with the accounting principles generally
accepted in India:-
- in the case of Balance Sheet of the state of affairs of the above named trust as at 31
st
March
2014 and
- in the case of Income & Expenditure Account of the trust for the accounting year ended on that
date.

For M/s. Gokhale & Sathe
Chartered Accountants
FRN:-103264W

Sd./-
(Uday Sathaye)
Place: Mumbai Partner
Date: May 9, 2014 (Membership No.: 35107)
Annual Report 2013-14 Banking Codes and Standards Board of India
17
BANKING CODES AND STANDARDS BOARD OF INDIA
Balance Sheet as on March 31, 2014
(As per Schedule VIII of Bombay Public Trusts Act, 1950)
Year ended
March
31, 2013
(`)
FUNDS & LIABILITIES Year ended
March 31, 2014
(`)
Year ended
March
31, 2013
(`)
PROPERTY & ASSETS Year ended
March 31, 2014
(`)
Trust Funds or Corpus Immovable Properties
167,241,000 Balance as per last Balance Sheet 167,241,000 Fixed Assets (Net of Depreciation)
Add: Contribution received during
the year 23,488,000 190,729,000 Computer and Peripherals 40,590
Other Earmarked Funds Furniture & Fixtures
21,996,343 Public Awareness Fund 21,996,343 Immovable Properties
Investments

Advance from Member Banks-
Membership Fee for 2014-15 11,540,000 35,835,312 Govt Securities(Cost) (Annex I) 35,835,312
Loans (Secured or unsecured)
317,541 Advance from RBI 6,292,527 Advances-
15,317,136 Outstanding Publicity Expenses To others -
Professional Fees Payable 82,162 59,890 Tax Deducted at Source 112,677
312,600 TDS A.Y 2013-14 6,054 Premium on GOI Securities 4,696 117,373
TDS A.Y 2014-15 9,130 4,095,660 Recoverable from RBI for Publicity
Expenses
4,690 Interest on TDS A.Y 2013-14 138,536,962 Fixed Deposits with Banks
(Annex II B) 174,137,637
Interest Accrued
19,431,072 On Fixed Deposits with banks 15,652,088
1,187,968 On Government of India Securities 1,187,968 16,840,056
6,036,392
Cash & Bank Balances
(Annex II A) 3,678,194
205,189,310 Total 230,649,162 205,189,310 Total 230,649,162
Sd./-
(A. C. Mahajan)
Chairman
Sd./-
(N Raja)
Chief Executive Officer
Banking Codes and Standards Board of India
Place: Mumbai
Date: May 9, 2014
As per our report of even date
M/s.Gokhale & Sathe
Chartered Accountants
Firm Regn. No. 103264W
Sd./-
(Uday Sathaye)
Partner
Membership No.35107
Place: Mumbai
Date: May 9, 2014
Notes on Accounts
Annual Report 2013-14 Banking Codes and Standards Board of India
18
Annex-I
BANKING CODES AND STANDARDS BOARD OF INDIA
Schedule of Investments belonging to the Trust as on March 31. 2014
(As per Part III - Schedule VIII of Bombay Public Trusts Act, 1950)
(Amount in Rupees)
Date and year of preparation Kind of investments Full description such as name of the
company, distintive Nos. of shares and
certificates, type of shares, etc. Date of
redemption or repayment
Face Value Cost Rate of
interest
borne by
investments
1 2 3 4 5 6
At the beginning of the year
(as on April 1, 2013)
(i) Shares
(ii) Bonds and Debentures
(iii) Deposits
(iv) Others
(v) Public Securities a) 7.37% GOI Securities 2014 14,500,000 14,118,650 7.37%
b) 8.07% GOI Securities 2017 1,480,000 1,480,000 8.07%
c) 7.49% GOI Securities 2017 12,000,000 11,470,414 7.49%
d) 7.99% GOI Securities 2017 2,800,000 2,800,000 7.99%
e) 7.59% GOI Securities 2016 2,500,000 2,466,248 7.59%
f) 8.24% GOI Securities 2018 3,500,000 3,500,000 8.24%
36,780,000 35,835,312
Increase during the year (2013-14)
Decrease during the year (2013-14)
Total at the end of the year (as on March 31, 2014) 36,780,000 35,835,312
Annex-II
BANKING CODES AND STANDARDS BOARD OF INDIA
Annexure to Balance Sheet as on March 31, 2014
(Amount in Rupees)
As on
March 31, 2013
Bank Accounts As on
March 31, 2014
In Savings Account
5,718,852 - ICICI Bank 3,464,579
In Current Account
317,540 - Central Bank of India 213,615
6,036,392 Total (A) 3,678,194
In Fixed Deposits
258,617 - Karur Vysya Bank -
4,228,283 - City Union Bank -
19,876,475 - Laxmi Vilas Bank 5,000,000
30,474,170 - State Bank of Mysore 49,615,632
15,000,000 - Vijaya Bank 75,400,000
68,699,417 - State Bank of Tranvancore 44,122,005
[All accounts in the name of Banking Codes and Standards Board of India]
138,536,962 Total (B) 174,137,637
144,573,354 177,815,831
As per our report of even date
Sd./- For M/s.Gokhale & Sathe
(A. C. Mahajan) Chartered Accountants
Chairman Firm Regn. No. 103264W
Sd./- Sd./-
(N Raja) (Uday Sathaye)
Chief Executive Officer Partner
Banking Codes and Standards Board of India Membership No.35107
Place: Mumbai Place: Mumbai
Date: May 9, 2014 Date: May 9, 2014
Annual Report 2013-14 Banking Codes and Standards Board of India
19
BANKING CODES AND STANDARDS BOARD OF INDIA
Income & Expenditure Account for the year ended March 31, 2014
(As per Schedule IX of Bombay Public Trusts Act, 1950)
Year ended
March
31,2013
(`)
EXPENDITURE Year ended
March
31, 2014
(`)
Year ended
March
31, 2013
(`)
INCOME Year ended
March 31, 2014
(`)
To Expenditure in respect of Properties By Rent
Repairs and maintenance 51,616 By Interest
To Establishment Expenses 10,763,698 2,788,756 On Securities 2,788,756
To Remuneration to Trustees 2,829,055 71,267 On Savings Bank account 110,748
To Legal Expenses 15,941,627 On Fixed Deposits with banks 15,793,530 18,693,034
To Audit Fees 28,090 13,226 On Income Tax Refund
To Contribution and Fees By Dividend
To Amount written off By Donation in cash or kind
1,358 Premium on Govt Securities 1,358 By Grants (From RBI) 7,989,056
4,690 To Miscellaneous expenses 28,480 By Miscellaneous receipts 10
To Depreciation 24,143 7,785,669 By Transfer from Reserve-
Public Awareness Fund

To Amount Transferred to Reserves


26,594,497 To expenditure on the objects of the trust 12,955,660
26,600,545 Total 26,682,100 26,600,545 Total 26,682,100
As per our report of even date
Sd./- For M/s.Gokhale & Sathe
(A. C. Mahajan) Chartered Accountants
Chairman Firm Regn. No. 103264W
Sd./- Sd./-
(N Raja) (Uday Sathaye)
Chief Executive Officer Partner
Banking Codes and Standards Board of India Membership No.35107
Place: Mumbai Place: Mumbai
Date: May 9, 2014 Date: May 9, 2014
Notes on Accounts
Annual Report 2013-14 Banking Codes and Standards Board of India
20
Notes forming part of Accounts for the year ended March 31, 2014
1. The Financial Statements are prepared on Accrual Basis.
2. Expenses Borne by Reserve Bank of India
The Reserve Bank of India has agreed to fund the gap in expenditure over interest income
upto F.Y 2015-16.The Income & Expenditure Account shows expenses incurred by BCSBI out
of interest income and balance out of grant from Reserve Bank of India. As a result, there is
no surplus or deficit in Income & Expenditure Account.
3. Advance for Expenses from Reserve Bank of India
Out of the amount advanced by Reserve Bank of India for meeting expenses, the unspent
closing balance of `62,92,527/- is shown as advance on the Liability side in Balance Sheet as
against `3,17,541/- at the beginning of the year.
4. Corpus Fund
As per the funding proposal agreed to by Reserve Bank of India, BCSBI continues to build
up the Corpus from registration and membership fees so that when the RBI funding ceases
BCSBI will be self financed. The member banks have also desired that the entire contribution
made by member banks in the form of Registration Fees and Membership Fees be credited to
the Corpus. Accordingly, the Registration Fees and the Membership Fees are credited to the
Corpus Fund during the year.
5. Previous Years figures
The corresponding figures for the previous year are re-grouped / re-classified, wherever
necessary. Certain expenses being borne by RBI till previous year are not reflected in the
Previous Year column.
As per our report of even date
Sd./- For M/s. Gokhale & Sathe
(A.C. Mahajan) Chartered Accountants
Chairman Firm Regn No. 103264W

Sd./- Sd./-
(N. Raja) (Uday Sathaye)
Chief Executive Officer Partner
Banking Codes and Standards Board of India Membership No. 35107
Place: Mumbai Place: Mumbai
Date: May 9, 2014 Date: May 9, 2014
Schedule A
BANKING CODES AND STANDARDS BOARD OF INDIA

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