Regulators and bureaucrats usually give a nuanced response whenever faced with irate customers on the lines of 'we will look into it'. K C Chakrabarty, Deputy Governor, Reserve Bank of India , though , is a contrarian and does not mince his words while tearing into middle-class attitudes . Speaking at an event to commemorate the memory of M R Pai who founded the All India Bank Depositors ' Association at the Indian Merchants Chamber, Mr Chakrabarty said bank customers should be self-driven as far as financial literacy is concerned . "Banks thrive on asymmetry of information ," he said , pointing out how even in simple products like fixed deposits , banks mislead by advertising high rates on special schemes like 555-day deposits and provide lower returns on longer-term deposits . He blamed middle-class inertia for banks getting away with poor service and questioned their tolerance despite being spoilt for choice. Incidentally , Chakrabarty's words would have rung a bell for those who knew Pai . He was a great believer in the maxim that a well-worded complaint could make a huge difference .
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