Consumer protection applies to banking services, while foreign-currency deposits require proper conversion date and exchange-rate determination.

Banking services, including deposit-related transactions, fall within the definition of "service" under the Consumer Protection Act, so a bank depositor may invoke consumer jurisdiction. In claims for payment of a foreign-currency deposit, the decree must fix an appropriate date of conversion, apply a just rate of exchange, and address the proper rate of interest, because exchange fluctuations affect the monetary relief. The liability findings and underlying factual conclusions were otherwise accepted, but the monetary computation was remitted for fresh determination on conversion and interest.

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Issues: (i) Whether banking transactions and deposit-related services fall within the ambit of consumer protection law and whether the respondent was a consumer entitled to maintain the complaint; (ii) Whether, in a claim for payment of a dollar-denominated deposit, the decree could be passed without determining the appropriate date of conversion, the applicable rate of exchange, and the proper rate of interest, and whether the matter required remand for that limited purpose.

Issue (i): Whether banking transactions and deposit-related services fall within the ambit of consumer protection law and whether the respondent was a consumer entitled to maintain the complaint.

Analysis: Banking is a commercial activity and the services rendered by a bank to its customers or depositors fall within the statutory concept of service under the Consumer Protection Act, 1986. The remedial fora created under that Act are quasi-judicial bodies meant to decide consumer disputes arising from such services. A bank customer, including a depositor, is protected as a consumer within the meaning of the Act.

Conclusion: The complaint was maintainable and the respondent was entitled to invoke consumer jurisdiction.

Issue (ii): Whether, in a claim for payment of a dollar-denominated deposit, the decree could be passed without determining the appropriate date of conversion, the applicable rate of exchange, and the proper rate of interest, and whether the matter required remand for that limited purpose.

Analysis: In a suit or claim for a foreign-currency amount, the court must fix an appropriate date for conversion and apply a just and equitable rate of exchange, bearing in mind that exchange rates fluctuate and that economic consequences follow such conversion. The record showed that neither the State Commission nor the National Commission examined the appropriate date of conversion, the prevailing rate of exchange on that date, or the reasonableness of the interest awarded. The factual findings on the deposit, premature withdrawal, and related matters were otherwise accepted.

Conclusion: The decree could not stand in its present form on the monetary computation and the matter was remitted to the State Commission for that limited determination.

Final Conclusion: The decision on liability and the underlying factual findings was substantially upheld, but the monetary relief was sent back for fresh determination of conversion and interest on the foreign-currency claim.

Ratio Decidendi: A claim for a foreign-currency deposit must be decreed by fixing an appropriate conversion date and a just rate of exchange, and banking services are within consumer jurisdiction under the Consumer Protection Act, 1986.

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