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Court Decisions

Court Decisions

Supreme Court admits banks request on credit card rates   -  12 November 2008
The Indian Banks' Association, Standard Chartered Bank, HSBC and Citibank had appealed the Supreme Court against National Consumer Commission order that directs the banks on not exceeding their interest rates beyond 30% per annum. The appeal has been admitted by the Supreme Court.
Indian Credit Card Holders Should Expect Annual Card Fee’s   -  02 October 2008
Indian credit card issuers that have been lobbying for an end to the cap on penal rates of interest are upgrading existing customers to platinum or titanium cards.
Boost for consumer rights   -  30 July 2008
Two recent judgments have strengthened the rights of consumers in different fields. The first was pronounced by the National Consumer Commission in Reserve Bank of India vs Eshwarappa, rapping the knuckles of the Central Bank for adding to the misery of small depositors.
Supreme Court speaks for bank customers   -  16 May 2008
India’s legal system can work very slowly, what with the massive backlog of cases that it has. Due to this backlog and the time it could take to get a case heard, people resort to their own form of justice or get frustrated waiting for a resolution to the cases.
In the Shadows of India's Loan Boom   -  08 January 2008
Vinod Kumar was sitting in a friend's car listening to the radio one evening last January when a stranger appeared, yanked him from the vehicle and beat him with an iron bar. While the 21-year-old college student lay bleeding in the parking lot, the assailant sped off with the tiny silver hatchback. But this was no ordinary mugging: Mr. Kumar's attacker was a goonda -- a thug -- working on beha
Banks having to set norms for recovery agents   -  17 November 2007
For too long, we have been reading stories about banks using strong-arm methods for debt recovery. Cases of recovery agents subjecting defaulters to mental and physical torture and humiliation turn up in the media all the time, and there has been an increasing trend of the courts and consumer courts reacting strongly to such cases.
ICICI fined Rs.50 lakh for using goons for loan recovery   -  07 November 2007
In a significant judgment that attempts to penalise banks for the patronage of recovery agents who use force to get back the loan or the bought item, a Delhi Consumer Commission has fined ICICI Corp the sum of Rs. 50 lakhs for employing a recovery agent who used goondas to physically injure a person in the process of forcibly recovering the item.
Are banks liable for locker thefts?   -  14 August 2004
One month ago there was a theft from a locker in the Punjab National Bank's branch at Safdarjang Enclave. Is the bank liable for the contents of the locker?
  

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