In an vital ruling, the Supreme Court docket on December 20 put aside the Nationwide Shopper Disputes Redressal Fee (NCDRC)’s earlier judgment that capped the curiosity charged by banks on late bank card invoice paymets at 30 per cent.
The nationwide shopper court docket had in 2010 restrained banks from charging rates of interest in extra of 30% each year from the bank card holders for his or her failure to make full funds on due date.
The NCDRC judgment had held that if banks cost fee of curiosity over 30% in the direction of bank card dues, that might quantity to unfair commerce observe.
Ruling on the case, the apex court docket allowed appeals filed by banks together with Normal Chartered financial institution, CItibank, Hong Kong and Shanghai Financial institution, and many others, amongst others.
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