Aletta André

CHENNAI: Consumer Association India (CAI) in association with India Banks’ Association (IBA) will organise a seminar on ‘Responsibilities and Rights of Consumers and Banks in Banking Services’ in the city on Monday.

“As the number of banking services increase, the problems for consumers increase too,” CAI trustee R.Desikan said here on Friday.

Consumers’ rights

Besides, many consumers are not aware of their rights and unfair practices, Mr. Desikan said. “When customer deposits money to a bank, the bank becomes a borrower and the customer a lender, but the customer is not treated as such. An accountholder only receives interest based on the balance on the 10th and 30th of each month rather than based on the daily average, which is not fair compared to the situation in which a customer borrows money from the bank,” Mr. Desikan said.

Union Finance Secretary Arun Ramanathan and Deputy Governor of the Reserve Bank of India Usha Thorat are scheduled to participate in the seminar.