SC rejects 30% cap on credit card interest
Hindustan Times Amritsar|December 21, 2024
The Supreme Court on Friday reversed a 2008 ruling by the National Consumer Disputes Redressal Commission (NCDRC) that barred banks from charging more than 30% annual interest on overdue credit card payments, allowing banks to determine their own rates within existing regulations.
Utkarsh Anand

NEW DELHI:

A bench of justices Bela M Trivedi and Satish Chandra Sharma set aside the NCDRC's decision, which had declared such high rates to be an unfair trade practice.

The apex court's ruling came in response to appeals by multiple banks, including Standard Chartered Bank, Citibank, and HSBC, contesting the NCDRC's cap on credit card interest rates.

"In view of foregoing reasons, the judgment of the NCDRC is set aside and appeals are allowed," said justice Trivedi while delivering the verdict. A detailed copy of the judgment was awaited till the time of going to print.

Bu hikaye Hindustan Times Amritsar dergisinin December 21, 2024 sayısından alınmıştır.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

Bu hikaye Hindustan Times Amritsar dergisinin December 21, 2024 sayısından alınmıştır.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

HINDUSTAN TIMES AMRITSAR DERGISINDEN DAHA FAZLA HIKAYETümünü görüntüle
Hindustan Times Amritsar

PM flags rising obesity, stresses on dietary cuts

Prime Minister Narendra Modi on Friday stressed the need to fight obesity, calling it the root cause of many diseases, and cited a report which claimed that nearly 440 million people in India may be obese by 2050.

time-read
2 dak  |
March 08, 2025
Hindustan Times Amritsar

NewsClick gets relief for 10 more days in tax case

Sibal pointed out that this period lapsed on March 2.

time-read
1 min  |
March 08, 2025
Hindustan Times Amritsar

US to Use AI to Revoke Visas of Students Supporting Hamas

The US State Department will use artificial intelligence to revoke visas of foreign students who it perceives as supporters of Palestinian Hamas militants, Axios reported on Thursday, citing senior State Department officials.

time-read
1 min  |
March 08, 2025
Hindustan Times Amritsar

Jaguar fighter jet crashes in P'kula; pilot ejects safely

Aircraft took off from the Ambala air base but soon developed a system malfunction mid-air, say officials

time-read
1 min  |
March 08, 2025
Hindustan Times Amritsar

Women's development to women-led development

As the world celebrates the International Women's Day, I want to reflect on how India is embarking on an inspiring journey from the era of women's development to a new dawn of women-led development.

time-read
3 dak  |
March 08, 2025
Hindustan Times Amritsar

The Blueprint for Becoming a Global Knowledge Power

For Make in India to work, marry it to Invent in India. To that end, India should step up its R&D spending by 1% of the GDP over the next decade

time-read
4 dak  |
March 08, 2025
Hindustan Times Amritsar

3 BKI-backed operatives held, four pistols seized in Jalandhar

The counter-intelligence wing of Punjab Police arrested three operatives of Babbar Khalsa International (BKI) backed terror module, said Punjab director general of police (DGP) Gaurav Yadav here on Friday.

time-read
1 min  |
March 08, 2025
Hindustan Times Amritsar

Trudeau to step down as PM within a week

Canadian Prime Minister Justin Trudeau has indicated he will demit office within a week so that his successor as leader of the ruling Liberal Party can take charge.

time-read
1 min  |
March 08, 2025
Hindustan Times Amritsar

US, Ukraine Set To Hold Peace Talks In Saudi Arabia

Ukrainian President Volodymyr Zelensky says talks between Ukraine and the US on ending the war will take place in Saudi Arabia next week.

time-read
1 min  |
March 08, 2025
Hindustan Times Amritsar

'US, UKRAINE SET TO HOLD PEACE TALKS IN SAUDI ARABIA'

Ukrainian President Volodymyr Zelensky says talks between Ukraine and the US on ending the war will take place in Saudi Arabia next week.

time-read
1 min  |
March 08, 2025