PADRIWALE Contact us

Court Decisions

Supreme Court admits banks request on credit card rates
12 November 2008


However a consumer group, Awaz on whose request the interest rate restriction were forced argued that the banks were charging more than 90% interest on default payments on credit cards along with the hidden costs. Even the Money Lenders' Act, has set the interest rate for unsecured finance below 20%, said Awaz arguing before the court. On the other hand the banks feel that they are following the guidelines of the Reserve Bank of India, which is the only body that can regulate interest rates and therefore the commission has no right to pass an order directly to the banks. Earlier the Supreme Court had refused to put a stay on this directive of national consumer commission. Following this decision, the banks had planned to combine to persuade the court on increasing the cap on interest rate of credit cards.

Source : a
  

In the News

view more

Knowledge Based

view more

Court Decisions

view more

Useful Links

view more

Calculators

view more