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Credit card defaults could hurt you badly now
The New Indian Express Madurai
|December 23, 2024
With SC rejecting 30% cap on credit card interest rates, card issuers will now have more flexibility to set rates
IN a big relief for credit card issuers who are facing a rising tide of bad loans since the past few quarters (delinquencies are at nearing double-digit mark now; in June 2024 quarter it soared by 110 bps to 7.6%), the Supreme Court, over the weekend, has given them a free hand to set interest rates for late payments, defaults and even on the outstanding dues.
Not that their hands were tied till now--in a strict legal sense they were, but not in practice as even when the matter was subjudice since February 2009, card issuers were regularly increasing their interest rates which now vary from a low of 45% (3.8% per month) to a high of 55% annually or 4.5% per month on certain cards.
Denne historien er fra December 23, 2024-utgaven av The New Indian Express Madurai.
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FLERE HISTORIER FRA The New Indian Express Madurai
The New Indian Express Madurai
Govt not averse to taking up SIR discussion: Rijiju
UNION Parliamentary Affairs Minister Kiren Rijiju told the Rajya Sabha on Monday that the Government is open to a detailed discussion on the special intensive revision (SIR) of electoral rolls, but urged the Opposition not to insist on a strict timeline, clarifying that their request for a debate is under active consideration.
1 min
December 02, 2025
The New Indian Express Madurai
Strangers on train unite to help woman deliver baby
IN a remarkable display of unity and compassion, a group of passengers including a Shaivite pilgrim and a doctor helped a 25-year-old pregnant woman give birth to a baby on board a delayed Chennai-Coimbatore train.
1 mins
December 02, 2025
The New Indian Express Madurai
PM takes a dig at Oppn, says House is not for 'drama' ...
PRIME Minister Narendra Modi on Monday launched a sharp attack on the Opposition, declaring that Parliament must function as a space for \"delivery, not drama\", and warning parties against turning the Winter Session into a stage for political theatrics. Speaking to the media outside Parliament ahead of the session, Modi said he was concerned that some Opposition parties continued to treat the House as a \"warm-up arena\" for elections or as a place to vent their \"desperation\" after electoral defeats.
1 min
December 02, 2025
The New Indian Express Madurai
SIR rumble rocks Lok Sabha
Oppn stages walkout in Rajya Sabha; Minister Rijiju seeks time to take call on the matter
2 mins
December 02, 2025
The New Indian Express Madurai
Centre confirms GPS spoofing at major airports, orders probe
CIVIL Aviation Minister Rammohan Naidu on Monday informed the Rajya Sabha that the Airports Authority of India (AAI) has asked the Wireless Monitoring Organisation (WMO) to identify the source behind the Global Positioning System (GPS) spoofing recently which affected flights at the Indira Gandhi International Air-
1 min
December 02, 2025
The New Indian Express Madurai
TVK gen secy meets Pondy CM and DGP for rally nod
Tamilaga Vettri Kazhagam (TVK) general secretary Bussy N Anand visited the office of the Puducherry Director General of Police (DGP) on Monday regarding permission for the TVK leader Vijay's campaign rally.
1 min
December 02, 2025
The New Indian Express Madurai
Remnant of Ditwah pounds Chennai, neighbouring dists
RMC changes rain alert from orange to red within 4 hours . Holiday for schools, colleges in Chennai and 3 other districts
1 min
December 02, 2025
The New Indian Express Madurai
SC orders pan-India CBI probe on digital arrest
THE Supreme Court on Monday asked the Central Bureau of Investigation (CBI) to conduct a detailed, unified panIndia probe into cases of digital arrest, expressing concern over the rise in the number of such cases.
1 min
December 02, 2025
The New Indian Express Madurai
Delaney miracle on and off the field for New Zealand
WHEN the final hooter roared after New Zealand's comeback 3-2 victory against Japan at the Mayor Radhakrishnan Stadium on Monday, former national junior player and current head coach Mike Delaney slammed the side glass of the bench in excitement. For the first time in 12 years, the Junior Black Sticks are a step away from the quarterfinals as group leaders.
2 mins
December 02, 2025
The New Indian Express Madurai
Omar on backfoot over OBC reservation review report
THE Omar Abdullah government in Jammu and Kashmir faces growing political and community pressure ahead of the submission of the Cabinet Sub-Committee's reservation review report, with OBC groups demanding a steep quota hike and Kashmiri leaders warning against any dilution of the Residents of Backward Areas (RBA) category.
2 mins
December 02, 2025
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