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.
This story is from the December 27, 2024 edition of Millennium Post Delhi.
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This story is from the December 27, 2024 edition of Millennium Post Delhi.
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