As is well known, Shri M R Pai was a multi-faceted personality, but his greatest contribution lay in starting the consumer movement in India. He was active in all areas, and confronted monopolistic giants like the telephone services, the Indian Airlines, and more particularly the banks, earning the title of Champion of the Consumer.
Consumer protection and consumer activism has come a long way since those times. The best example of this is in what the Financial Sector Legislative Reforms Commission (FSLRC) has said in their Report in 2013. “Consumer protection: A prime motivation of all financial regulation is to protect consumers.