In this connection, it is important to note that not all financial entities are accorded the status of the “Banks”. The banks raise deposits many times more than the capital resources they have and hence they have a special responsibility to customers for providing fair treatment.
Banks need to respond to the challenge of restoring consumer confidence in the financial services industry and ensuring that they treat their customers fairly. In addition, in a competitive marketplace, FTC should be an important element (alongside service levels, pricing and customer satisfaction) in determining the success of a bank in acquiring and maintaining market share.