In 2008, the National Consumer Disputes Redressal set the rule that banks can not charge
consumers interest rates above 30% if they default on paying their credit card bills on time.
The same has been revised today by the apex court of India i.e. Supreme Court. The Supreme
Court ruled out this rule of the National Consumer Disputes Redressal and clarified that now
banks private or public in case of delay in payment of credit card bills can be charged as per the
rules of the banks. There is no upper limit set on the interest to be charged.
However, National Consumer Disputes Redressal is not satisfied or even agrees with the
rationality behind this decision of the Supreme Court as consumers may suffer in the process.
NCDR writes тАЬThere is no justiciable ground for not controlling the banks that exploit the
borrowers from charging exorbitant rates of interest varying from 36 percent to 49 percent per
annum in case the credit card holders default on payment before the due date.тАЭ
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