Banks Can Charge Over 30% Interest On Credit Card Dues: SC
The Free Press Journal - Indore|December 27, 2024
Banks can charge over 30 per cent on credit card dues from customers after the Supreme Court set aside a sixteen-year-old National Consumer Disputes Redressal Commission verdict, which held charging excessive interest rates amounted to an unfair trade practice.
PTI

A bench of Justices Bela M Trivedi and Satish Chandra Sharma said NCDRC's observations that the rate of interest in excess of 30 per cent per annum was an unfair trade practice was "illegal" and an interference with the clear, unambiguous delegation of Reserve Bank of India's powers. The court said the ruling was contrary to the legislative intent of the Banking Regulation Act, 1949.

この記事は The Free Press Journal - Indore の December 27, 2024 版に掲載されています。

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この記事は The Free Press Journal - Indore の December 27, 2024 版に掲載されています。

7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。

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