A bench comprising Justices Bela M Trivedi and Satish Chandra Sharma declared the NCDRC's stance—that interest rates above 30% per annum constituted an unfair trade practice—“illegal” and an overreach into the Reserve Bank of India's explicitly delegated authority.
The court emphasized that the NCDRC's decision conflicted with the legislative intent of the Banking Regulation Act, 1949.
In the opinion of the apex court, banks had in no manner made any misrepresentation to deceive the credit card holders and the pre-conditions of "deceptive practice" and unfair method were manifestly absent.
The court said NCDRC had no jurisdiction to rewrite the terms of the contract entered between the banks and the credit card holders, which the parties had mutually agreed upon.
Denne historien er fra December 27, 2024-utgaven av Millennium Post Delhi.
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Denne historien er fra December 27, 2024-utgaven av Millennium Post Delhi.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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'The winds would HAVE CHANGED'
Shahana Goswami thanked 'Laapataa Ladies' for raising awareness of South Asian women's representation in global film discussions
Will Rohit drop himself before Sydney Test or wait for big call till end of series
There is a growing feeling that Indian cricket consider using a similar tactic for senior players
Deepti stars with all-round show as India whitewash Windies 3-0
VADODARA: Senior off-spinner Deepti Sharma did the star turn with career-best figures of 6/31 before doing her bit with the bat as India completed a 3-0 whitewash of the West Indies with a five-wicket victory in the final Women's ODI here on Friday.
Day 2 of fourth Test: India collapse after Jaiswal's terrible run-out
INDIA ARE STILL 310 RUNS BEHIND AUSTRALIA'S FIRST INNINGS SCORE
Forex stocks drop by $8.478 bn to $644.391 bn
MUMBAI: The country's forex reserves dropped by a further $8.478 billion to $644.391 billion for the week ended December 20, the RBI said on Friday.
Rupee hits new record low, falls 21 paise to 85.48 against dollar
At the interbank foreign exchange, the rupee opened weak at 85.31 and plunged 53 paise to the lowest-ever intraday level of 85.80
Osamu Suzuki, who ignited Indian automobile industry passes away at 94: Japan's Suzuki Motor Corporation
NEW DELHI: Osamu Suzuki, the man who took a risk and bet on India when no one else believed in having a viable automobile company in the country, has died at the age of 94, according to information shared by Japan's Suzuki Motor Corporation on Friday.
'Ukrainian drone attack was under way before Azerbaijani plane's crash'
BAKU: Russia's aviation chief said Friday that a Ukrainian drone attack was under way in the region of Chechnya at the time an Azerbaijani airliner attempted to land before diverting to Kazakhstan and crashing there earlier this week.
'North Korean troops suffering heavy losses'
KYIV: North Korean troops are suffering heavy losses in the fighting in Russia's Kursk region and facing logistical difficulties as a result of Ukrainian attacks, Ukraine's military intelligence has said.
'Israeli troops burn Gaza hospital after forcibly removing staff, patients'
IN RAIDS, ISRAELI TROOPS FREQUENTLY CARRY OUT MASS DETENTIONS
