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.
Denne historien er fra December 23, 2024-utgaven av The New Indian Express Vijayawada.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra December 23, 2024-utgaven av The New Indian Express Vijayawada.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
Fielding holding Shafali back from returning to side?
WITH the series against Ireland starting soon, a source close to BCCI has said that it is up to the team management and players to make the most of the chances they are given.
Boxers Shiva, Sachin shine
REIGNING champion Shiva Thapa began his title defence with a commanding win over Enayat Khan in welterweight (60-65kg) category at the 8th Elite Men's National Boxing Championship here on Thursday.
ISL: Sting in tail for Chennaiyin FC in draw against Odisha
ODISHA FC scored an injury-time goal to snatch a point against Chennaiyin FC in the Indian Super League here on Thursday.
Jigsaw puzzle for selectors ahead of CT
Focus shifts to England series including 5 T20Is & 3 ODIs with latter taking prominence thanks to proximity of ICC event
Defending champ Sinner opens against Jarry
JANNIK Sinner was drawn on Thursday against big-hitting Nicolas Jarry to start his Australian Open defence while Novak Djokovic is on a collision course to meet Carlos Alcaraz in the quarter-finals.
Vijay Hazare Trophy: Tomar helps Rajasthan beat TN in pre-quarters
OPENER Abhijeet Tomar struck a well-paced hundred as Rajasthan recorded their first ever win over Tamil Nadu in Vijay Hazare Trophy history to enter the quarterfinals here on Thursday.
Spurs Beat Liverpool in League Cup Semifinal
LIVERPOOL boss Arne Slot slammed the controversial decision not to send off Tottenham's Lucas Bergvall before the teenager sealed a 1-0 win in the League Cup semi-final first leg on Wednesday.
Malaysian Open: Sat-Chi march into quarters, Prannoy goes down fighting
HS PRANNOY, with his warrior-like spirit, threw the kitchen sink but fell short at the Axiata Arena in the ongoing Malaysia Open in Kuala Lumpur on Thursday.
Lancers beat Gonasika 2-1, move to 3rd place
KALINGA Lancers secured their second successive win of the season after beating Team Gonasika 2-1 in their Hockey India League (HIL) fixture at the Birsa Munda Hockey Stadium in Rourkela on Thursday.
Headcount down by 5,370; says campus hiring on track
TCS, which onboarded more employees in Q1 and Q2, reported a net decline of 5,370 employees in the third quarter.
