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Banks win SC relief on 30% credit interest cap
Mint New Delhi
|December 21, 2024
The Supreme Court on Friday overturned the National Consumer Disputes Redressal Commission (NCDRC)'s 2008 decision to cap interest rates on late credit card bill payments at 30% per annum, bringing relief to lenders that had appealed the consumer forum's ruling.
A bench comprising justices Bela Trivedi and Satish Chandra Sharma was hearing the petitions filed by Citibank, Standard Chartered Bank, and the Hong Kong and Shanghai Banking Corp., (HSBC).
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