SC stays impugned orders of NCDRC

The Supreme Court stayed the operation of the orders of National Consumer Disputes Redressal Commission (NCDRC) holding that charging of interest beyond 30 per cent on credit cards amounts to unfair trade practice.A bench comprising Justices B N Agarwal, G S Singhvi and Aftab Alam stayed the operations of the two impugned orders dated July 7 and December 19, 2008.Citibank, HSBC and Standard Chartered, all multinational banks against whom the orders were passed for charging exorbitant rate of interest more than 35 per cent from credit card holders, have challenged the orders.Awaz, an NGO and others, had filed a petition in the consumer court challenging the demand of high rate of interest by the multinational banks.The multinational banks in their petition have contended that the impugned orders passed by National Consumer Disputes Redressal Commission were wrong and illegal and would have wide ranging financial implication for the banks.

"Loved reading this piece by Prakash Yedhula?
Join LAWyersClubIndia's network for daily News Updates, Judgment Summaries, Articles, Forum Threads, Online Law Courses, and MUCH MORE!!"

Join our Telegram group

Join our Whatsapp group