Credit card defaults could hurt you badly now
The New Indian Express Thiruvananthapuram|December 23, 2024
With apex court rejecting 30% cap on card interest rates, issuers will now have more flexibility to set rates
BENN KOCHUVEEDAN @Mumbai

IN a big relief for credit card issuers who are facing a rising tide of bad loans since the past few quarters (delinquencies are at nearing double-digit mark now; in June 2024 quarter it soared by 110 bps to 7.6%) the Supreme Court, over the weekend, has given them a free hand to set interest rates for late payments, defaults and even on the outstanding dues.

Not that their hands were tied till now--in a strict legal sense they were, but not in practice as even when the matter was subjudice since February 2009, card issuers were regularly increasing their interest rates which now vary from a low of 45% (3.8% per month) to a high of 55% annually or 4.5% per month on certain cards.

The December 20 ruling by a two-judge Supreme Court bench of Bela Trivedi and Satish Chandra Sharma, goes back to a 2008 order of the National Consumer Disputes Redressal Commission (NCDRC) that capped credit card interest rates at 30% per annum.

هذه القصة مأخوذة من طبعة December 23, 2024 من The New Indian Express Thiruvananthapuram.

ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.

هذه القصة مأخوذة من طبعة December 23, 2024 من The New Indian Express Thiruvananthapuram.

ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.

المزيد من القصص من THE NEW INDIAN EXPRESS THIRUVANANTHAPURAM مشاهدة الكل
The New Indian Express Thiruvananthapuram

Three-star Blasters down Mohammedan

KERALA Blasters FC players delighted the home crowd to record a dominant 3-0 win over Mohammedan SC in the Indian Super League at the Jawaharlal Nehru Stadium here on Sunday.

time-read
1 min  |
December 23, 2024
The New Indian Express Thiruvananthapuram

Liverpool extend lead, United lose

LIVERPOOL FC recorded a thrilling 6-3 victory over Tottenham Hotspur to extend their lead in the Premier League on Sunday.

time-read
1 min  |
December 23, 2024
The New Indian Express Thiruvananthapuram

The making of fast bowler Boland: Cult hero of MCG

ON a hot Saturday afternoon at the AH Butler Oval, Frankston Peninsula Cricket Club was playing against Camberwell Magpies Cricket Club in the local game on the outskirts of Melbourne.

time-read
3 mins  |
December 23, 2024
The New Indian Express Thiruvananthapuram

Mandhana climbs another mountain as India beat West Indies

THERE is a famous bridge that connects the city of Sangli with the rest of the world on the river Krishna called Irwin Bridge.

time-read
2 mins  |
December 23, 2024
The New Indian Express Thiruvananthapuram

KNOW LINEAR AND LATERAL THINKING

As a result of geopolitical tensions, scheduled general elections in India during the mid-year and in the USA towards the end of the year as well as valuations that had sky-rocketed, volatility during 2024 was anticipated by many of us.

time-read
2 mins  |
December 23, 2024
The New Indian Express Thiruvananthapuram

Nat'l badminton: Unseeded Adarshini enters semifinals

TAMIL NADU'S Sathish Kumar K, who's the No 1 seed, and Adarshini Shri NB entered the semifinals of the Senior National Badminton Championships in Bengaluru.

time-read
1 min  |
December 23, 2024
The New Indian Express Thiruvananthapuram

IS ALGORITHMIC TRADING FOR YOU?

TECHNOLOGY should expand the scope of human skills. There are things that you can do yourself using your skills. You can use technology to support your skills and create something even more potent than before.

time-read
2 mins  |
December 23, 2024
The New Indian Express Thiruvananthapuram

Credit card defaults could hurt you badly now

With apex court rejecting 30% cap on card interest rates, issuers will now have more flexibility to set rates

time-read
2 mins  |
December 23, 2024
The New Indian Express Thiruvananthapuram

Banks' profits spike in first 9 mths of 2024

BANKS have raked in as much as ₹2.7 lakh crore in net income in the first nine months of 2024.

time-read
2 mins  |
December 23, 2024
The New Indian Express Thiruvananthapuram

SC judgment nullified; GST Council fixes Safari Retreats' error retrospectively

The government has 'nullified' the Supreme Court order in the Safari Retreats case that allowed commercial real estate companies to claim input tax credit (ITC) on construction costs for their rental buildings.

time-read
1 min  |
December 23, 2024