It is remarkable that banking operations for general public are becomming more and more demanding, and costly for the consumers, is this justified? Are there measures in your country aiming to protect consumers interests?
You have raised a very pertinent point Najib. Suddenly in India, the Banks have begun to squeeze ordinary customers by levying high charges. These in most cases are more than the cost of providing the services and are unjustified. The regulator has also in recent times taken a pro-banker position. There is need for more consumer activism in this space.
in addition to measures to protect, alternatives and substitutes. are (national) banks truly without competition or substitution?
Yes.........it is correct.In our country (India), banks have started charging for various transactions........the customers are required to pay for SMS services,ATM Annual charge.In addition,now there is a limit on ATM transactions,after that the customer has to bear the charges.Various other charges are levied in case one is not able to maintain minimum average quarterly balance.Such charges are not justified in the era where we are talking of Financial Inclusion.
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