Banking Banking Regulation Act, 1949, Section 5(b) and Consumer Protection Act, 1986, Section 1(o), (d)(ii) and (g) Banking is a commercial function. ''Banking'' means acceptance, of the purposes of lending or investment of deposit of money from the public, repayable on demand or otherwise [see Section 5(b) of the Banking Regulation Act, 1949]. The intention of the 1986 Act is to protect consumers of such services rendered by the banks. Banks provide or render service/facility to its customers or even non-customers. They render facilities/services such as remittances, accepting deposits, providing for lockers, facility for discounting of cheques, collection of cheques, issue of bank drafts, etc. In Vimal Chandra Grover v. Bank of India( AIR 2001 SC 2181) the Supreme Court held that banking is business transaction between the bank and the customers. Such customers are consumers within the meaning of Section 2(1)(d)(ii) of the Act. [Standard Chartered Bank Ltd. v. Dr. B.N. Raman, (2006) 5 SCC 727 (732)]