Supreme Court Strikes Down 30% Interest Rate Cap On Late Credit Card Payments

[Jolly Roger]

Source:

Supreme Court Strikes Down 30% Interest Rate Cap On Late Credit Card Payments

The top court has put an end to a 16-year-old litigation involving banks such as Standard Chartered Bank, Citibank, American Express, and Shanghai Bank.

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TLDR:

In 2008, the National Consumer Disputes Redressal Commission had ruled that banks cannot charge interest rates over and above 30% from credit card holders that fail to make their payments in due time. Today, the Supreme Court set aside this NCDRC order. The top court’s ruling essentially means that there is no bar on banks from charging interest rates above 30%, and the same will not count as an unfair trade practice.

 

[Raavan]

Every credit card I have has interest rate more than 40% ranging between 42% to 45%.

The top court’s ruling essentially means that there is no bar on banks from charging interest rates above 30%

So does this mean now interest rate will increase?

Who tf cares, I am anyways not going to default on any credit card (touch wood, kaala tika, ⚫)

 

[phoenix1386]

The top court has increasingly been acting in the interest of the citizens. This is further proof.

 

[S9100]

The top court has increasingly been acting in the interest of the citizens. This is further proof.

Ulta likh diya! against the interest you mean?

 

[phoenix1386]

Ulta likh diya! against the interest you mean?

Had I written it any other way, people would have cried wolf. This way, people such as yourself know exactly what was meant to be said.
😆

 

[Riva]

This govt is not for the people.. it's for corporates!!

India’s ‘billionaire tax’ conundrum | Fortune India

 

[S9100]

Had I written it any other way, people would have cried wolf. This way, people such as yourself know exactly what was meant to be said.
😆

are you sure you are not a lawyer?

 

[S9100]

This govt is not for the people.. it's for corporates!!

India’s ‘billionaire tax’ conundrum | Fortune India

ED is calling, want to know your address

 

[dvader]

This is a double-edged sword.

1. No one (I say this with absolute confidence) in parliament is literate enough to understand the percentage. Forget credit cards, interest charged etc etc
2. The Supreme Court can only interpret and enforce laws not make new ones. When it passes a decision, it's based on some interpretation of existing laws. So the blame's not completely on the Supreme Court.
3. Credit card is still seen as a luxury and if you ask a random guy (with no CC) on the street, he will be happy to hear that credit card holders are charged more interest. No one is a bigger enemy of an Indian than another Indian.
4. The poor in India want to be rich and despise the middle class, the rich need the middle class cuz they have some money as opposed to the poor. So basically F*** middle-class. The poor are helped, the rich are celebrated and the middle class is F***ed. A country that exploits its middle class is doomed.
5. RBI won't pass rate caps because it takes balls to help the middle class.
6. No rate caps have also bought some good things. Look at IDFC Credit cards, they kept their interest rates lower than the market average and have gained a lot of customers.
7. Now there is convert to EMI option with a lower rate cuz no one (the genuine customer) would borrow at that rate.
8. When Barak Obama passed the Bill to reign in credit card lending, the Banks increased their interest retroactively and that's the USA with the most dynamic president of the last 50 years.

All in all, the Supreme Court is not at fault here. The Govt, however, well...... look at your last ITR to see what the Govt is actually doing.

 

[guest_123]

The top court has increasingly been acting in the interest of the citizens. This is further proof.

Remember that blindfold on the statue of the justice lady, what it means is that if 99% of the ppl are benefiting from something but remaining 1% have actual law backing them then that 1% minority will prevail. Any court can only act in the interest of citizens if that interest of citizen has proper legal backing.

 

[sidpsidp is verified member.]

This is a double-edged sword.

1. No one (I say this with absolute confidence) in parliament is literate enough to understand the percentage. Forget credit cards, interest charged etc etc

Don't say that. Some of them have graduated from the best colleges in the world(on merit). I personally know few of them (alum/prof.)
Even though they are competent, intention is missing. Why else would anyone get into politics. 😆

 

[dvader]

Don't say that. Some of them have been graduated from the best colleges in the world(on merit). I personally know few of them (alum/prof.)
Even though they are competent, intention is missing. Why else would anyone get into politics. 😆

You see I know some of them did. And that's even worse I don't expect a local rapist politician to understand percentages or do anything except you know rape and shit. But these learned politicians are even worse. The greatest enemy of the humanity are not ur hitlers, musolinis or (ALL) Indian Politicians, it's the good among them who have the mental competency to see, accept, enjoy, abuse and exploit the same status quo their rapist parliament brothers are trying to preserve.

And it's not just missing intention, on the contrary they try to F up the nation even more. Look at mr K from Delhi, he didn't give a single F about India (he would happily sell it if he could), his mindset was, how come these illiterate C***s are destroying the nation, I am a gradute from an esteemed college, I should be able to F this country even worse and make even more money, build my mansion. And F he did. And if you think his successor, whosoever it may be, is gonna do somthing about it 😂, you would be utterly and completely wrong, he would like to set a new bar of raping this country and making even more money, building an even bigger mansion. And the cycle continues my friend. And not just politicians, the seeds of F'in up this country are sown in Administrative and Judiciary services. Politics is just the bottom of the barrel, the real talent of burning down this once prestine land works at IAS and Judiciary.

So I would still say, No one in parliament is literate (in a more broader way) enough to understand percentages.