Supreme Court Allows Banks to Charge Over 30% Interest on Credit Card Dues

CosmicTaco · 2024-12-26T21:56:54.275800+05:30

- The Supreme Court has overturned a 16-year-old NCDRC verdict, allowing banks to charge interest rates exceeding 30% on credit card dues. - The court ruled that the NCDRC's decision was illegal and interfered with the RBI's delegated powers, emphasizing that banks had not engaged in deceptive practices. - The judgement clarified that credit card holders were informed of terms, including interest rates, and agreed to them, making the NCDRC's intervention unwarranted. Source: [The Times Of India](https://timesofindia.indiatimes.com/business/india-business/sc-allows-banks-to-charge-30-interest-rates-on-credit-card-dues/articleshow/116687887.cms), [Times Now News](https://www.timesnownews.com/india/title-still-havent-cleared-your-credit-card-dues-sc-allows-banks-to-charge-over-30-interest-article-116686810)

The Supreme Court has overturned a 16-year-old NCDRC verdict, allowing banks to charge interest rates exceeding 30% on credit card dues.
The court ruled that the NCDRC's decision was illegal and interfered with the RBI's delegated powers, emphasizing that banks had not engaged in deceptive practices.
The judgement clarified that credit card holders were informed of terms, including interest rates, and agreed to them, making the NCDRC's intervention unwarranted.

Source: The Times Of India, Times Now News