SC sets aside NCDRC’s 2008 order that barred banks from charging interest rates over and above 30% from credit card holders, ET LegalWorld
Deciding a 16-year-old appeals by private lenders including Citibank, Standard Chartered Bank, American Express, and Shanghai Bank, the Supreme Court on Friday set aside the National Consumer Disputes Redressal Commission’s 2008 order that barred banks from charging interest rates over and above 30% from credit card holders. This in effect means that charging interest at […]
HC seeks Centre’s say in OCI card contempt plea, ET LegalWorld
The high court of Bombay at Goa has sought an affidavit from central govt in a contempt petition filed by advocate Aires Rodrigues who is seeking the grant of an Overseas Citizen of India (OCI) card. Senior advocate A F Diniz, representing Rodrigues, told the court that despite the high court directing central govt in […]
RBI rejects Canara Bank’s credit card subsidiary plan, Legal News, ET LegalWorld
The Reserve Bank of India has rejected Canara Bank’s proposal to set up a credit card subsidiary, which the government-owned lender thought would give fillip to its fledgling card business. At present, Canara Bank issues credit cards on its own while it had sought the regulator’s permission for a non-banking financial service licence to house […]