The Full Form of ‘ASSOCHAM’ in Banking is ‘Associated Chambers of Commerce and Industry of India’.
Full Form of ASSOCHAM
The Associated Chambers of Commerce and Industry of India, or ASSOCHAM, is one of the largest apex organisations of Indian trade and industry. Formed in 1920, the chamber has been actively involved in the country’s economic development and policy making. In the banking sector, ASSOCHAM plays a key role in facilitating financial inclusion and providing guidance to banks on policies related to banking.
ASSOCHAM represents over 400 chambers and trade associations from across India. It works closely with government agencies such as the Ministry of Finance, Reserve Bank of India (RBI), Securities Exchange Board of India (SEBI) and Insurance Regulatory Development Authority (IRDA). The organisation also engages with international organisations like World Bank, Asian Development Bank and International Monetary Fund for promoting economic cooperation between India and other countries.
In its capacity as an apex body for Indian banking, ASSOCHAM provides guidance to banks on emerging issues such as digital banking, consumer protection, credit scoring systems and capital adequacy norms. It also works towards developing standards for consumer protection and fair practices in banking services. Through its various sub-committees such as Banking Advisory Committee, Financial Inclusion Committee, Risk Management Committee etc., it coordinates with banks to develop innovative strategies to make banking services accessible to all sections of society.
In its role as a think tank for Indian banking sector, ASSOCHAM regularly organises conferences and seminars to discuss trends in banking technology and regulations which impact banks’ operations. It also publishes reports on topics such as non-performing assets management, bank mergers & acquisitions etc., which provide useful insights into the current state of affairs in Indian banking industry.
Apart from this ASSOCHAM also works towards protecting bank customers’ interests by advocating their grievances against financial institutions through its Consumer Grievance Cell. The cell ensures that consumers have access to timely resolution of their complaints without any discrimination against them due to gender or income levels.
In conclusion , it can be said that ASSOCHAM is an important part of Indian financial system which provides vital linkages between banks , customers , government authorities & international organisations . Through its various activities it ensures that growth & development are achieved in a sustainable manner with adequate safeguards for all stakeholders .
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