SC allows banks to charge over 30% interest on credit card; overturns NCDRC cap
Trending News
2 days, 21 hours ago

SC allows banks to charge over 30% interest on credit card; overturns NCDRC cap

The Hindu  

The Supreme Court on Friday allowed appeals filed by banks challenging a 2008 National Consumer Disputes Redressal Commission order, which held that charging over 30% interest on credit card dues amounted to unfair trade practice under the Consumer Protection Act. The NCDRC had passed the order in 2008 on the questions whether banks could charge the credit card users interest at rates ranging from 36% to 49% per annum if there was any delay or default in payment within the time specified. It had finally concluded that “charging of interest at rates in excess of 30% per annum from credit card holders by banks for the former’s failure to make full payment on the due date or paying the minimum amount due, is an unfair trade practice”. It had found the charging of interest with monthly rests also an unfair trade practice.

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Your credit card defaults may pinch much more
23 hours, 3 minutes ago

Your credit card defaults may pinch much more

Deccan Chronicle  

Mumbai: The next time you miss credit card payments, you may be hit by much higher interest charges and late fees then what you may be paying now.In a move that will give lenders more freedom to set their own interest rates for credit card defaults, the Supreme Court has set aside an order of the National Consumer Disputes Redressal …

Apex Court Sets Aside Interest Rate Cap On Late Credit Card Bill Payments
Trending News
2 days, 6 hours ago

Apex Court Sets Aside Interest Rate Cap On Late Credit Card Bill Payments

ABP News  

The Supreme Court on Friday set aside an order from the National Consumer Disputes Redressal Commission regarding interest rates on late credit card bill payments. The court ruled that interest rates will not be capped at 30 per cent per annum for late bill payments related to credit cards. Notably, the NCDRC earlier in 2008 ruled that levying more than …

SC upholds order for refund of amount to home buyers by builder for delayed possession of flat
4 months, 3 weeks ago

SC upholds order for refund of amount to home buyers by builder for delayed possession of flat

Hindustan Times  

New Delhi, Jul 29 The Supreme Court on July 29 upheld an order of the National Consumer Disputes Redressal Commission directing a developer to refund the entire amount paid by the home buyers for delayed possession of their flat. SC upholds order for refund of amount to home buyers by builder for delayed possession of flat A bench of Justices …

Condition To Pre-Deposit 50% Amount To Challenge NCDRC Order Not Applicable To Complaints Filed Before Consumer Protection Act 2019 : Supreme Court
2 years, 10 months ago

Condition To Pre-Deposit 50% Amount To Challenge NCDRC Order Not Applicable To Complaints Filed Before Consumer Protection Act 2019 : Supreme Court

Live Law  

The Supreme Court held that the onerous condition of payment of 50% of the amount awarded to file appeal against NCDRC order will not be applicable to the complaints filed prior to the commencement of the Consumer Protection Act, 2019.The consumer complaint, in this case, was filed before the National Consumer Disputes Redressal Commission before the 2019 Act came into …

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