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.
Denne historien er fra December 23, 2024-utgaven av The New Indian Express Coimbatore.
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Denne historien er fra December 23, 2024-utgaven av The New Indian Express Coimbatore.
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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JPC begins with robust exchange of '1 poll' views
Oppn members say it's an attack on basic structure of the Constitution and federalism
Big-time jeweller held over obscene remarks against Kerala actress
THE Kerala Police on Wednesday arrested businessman Boby Chemmanur for making obscene remarks against actress Honey Rose.
Forest close gap on Liverpool
NOTTINGHAM Forest beat Wolverhampton Wanderers 3-0 away from home and moved within six points of Premier League leader Liverpool on Monday.
India Open: Hosts to field 21 players
STAR shuttlers Lakshya Sen and PV Sindhu will headline host India's largest-ever contingent of 21 players at the Yonex-Sunrise India Open Super 750 badminton tournament, starting here from January 14.
Bahadur Singh elected new AFI chief, Mehta secretary
The Athletics Federation of India (AFI) has ushered in changes after Adille Sumariwalla finished three four-year terms as president.
Cannot ever rule Djokovic out of title race: Sania
DESPITE entering the Australian Open field as No 7 seed, Novak Djokovic's lowest since 2018, former Grand Slam champion Sania Mirza believes that one cannot count the experienced player out yet.
HIL: Lancers secure first win of the season
KALINGA Lancers secured their first win of Hero Hockey India League (HIL) 2024-25 as they hammered the Shrachi Rarh Bengal Tigers 6-0 at the Birsa Munda Hockey Stadium in Rourkela on Tuesday.
Last Chance Saloon For Sharma, Kohli?
Focus will be on the duo when ODI squad for England series is announced in the next few days
First MOC meeting of year discusses LA 2028
THE first Mission Olympic Cell meeting of the year was held at the Major Dhyan Chand National Stadium on Tuesday but there were no serious discussions about Target Olympic Podium Scheme (TOPS) weeding out or additions.
Misbranded cigarette smuggling into India causes annual revenue loss of ₹21k cr
SMUGGLING of misbranded cigarettes from south-east Asian countries into India causes an annual tax revenue loss of ₹21,000 crore, apart from helping finance terrorism, India's biggest cigarette manufacturer has cautioned in a letter to the Union finance ministry, sources said.
