Banks act as financial intermediaries between depositors and borrowers. It is the public money, deposited in the form of term deposit (fixed deposits) and time deposit (saving accounts) which banks use for lending to borrowers. Since public money is important for the banking sector as a whole, banks also have a responsibility towards the owners of that money. Over the past few decades, there has been a shift in policies of the banking sector and gradually moving away from social banking i.e. banks for the people – the then goal of the nationalisation of banks in India, to profit making. Consequently, the increase in the charges of banking services has affected a large number of people and are acting against the interests of the depositors. In the debate of regulatory powers, the autonomy of RBI, rising non-performing assets (NPAs) and ongoing banking crisis; the issue of bank charges have been ignored completely.

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