Banks can and do charge for their services but we must again stress the need for reasonableness of service charges while accepting the need for profit margins and profitability of Banks. Market based returns over inflation must be offered to Customers.
There is a pressing need to move to a customer protection regime where the provider is held accountable for the service sold to the buyer, by ascertaining that the products sold or the advice given was suitable for the buyer considering her needs and current financial situation, that is, the customer must have a “right to suitability”.