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.
Esta historia es de la edición December 23, 2024 de The New Indian Express Kochi.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición December 23, 2024 de The New Indian Express Kochi.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor? Conectar
Cinema is my way of addressing social issues
When we are seated in front of theatre screens, diving deep into the world of a film, seldom do we understand the technical effort that goes behind creating the fictional world.
What Sets Rekhachithram Apart Is Its Backdrop
Ahead of its release today, Jofin T Chacko discusses his sophomore directorial Rekhachithram, the challenges of crafting an alternate history narrative, casting choices, and more
Rekindling a Poetic Tradition
TNIE takes a look at how the literary artform of Aksharaslokam is being preserved through cultural groups and Kalolsavam
Creations in distant lands
ASK any middle-class Indian household if they have members of their clan in distant shores and the answer would certainly be in the affirmative.
My Award Is A Recognition For Swimming Itself
In a quick chat with TNIE, ace Malayali swimmer Sajan Prakash, who has been chosen for the Arjuna Award, shares his hope of swimming getting its due in India
Will return to cinema if the work is exciting
VINDUJA Menon shone on the Kalolsavam stage of 1991, bagging what was then the topmost honour – the Kalathilakam.
After New Year revelry, Kochi turns the page to Youth Literature Festival
THE second edition of the Yuvadhara Youth Literature Festival, organised by the DYFI, will commence on Thursday and will continue until January 12.
BFI Adopts New Weight Classes
The Boxing Federation of India (BFI) is conducting the men's national championships here in 10 weight categories, in line with the classification introduced by the breakaway World Boxing. The ongoing event is being held under World Boxing's Technical and Competition Rules.
SA20: Skipper Markram aims a threepeat with Sunrisers Eastern Cape
FRESH from playing a key role in helping South Africa qualify for the third edition of the World Test Championship, Aiden Markram has set his sights on a threepeat with Sunrisers Eastern Cape in the SA20.
AFI's big push: Decentralisation of camps
New-look athletics body's one-of-a-kind policy set to encourage inclusivity & have wider pool of players to pick from
