Bona fide disclosure requirements govern under-reporting penalties, and post-penalty immunity applications cannot secure available statutory protectio...
Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
The SC held that the National Consumer Disputes Redressal Commission lacks jurisdiction to interfere with banking operations, which is the exclusive statutory domain of the RBI. It cannot fix a maximum ceiling rate of interest for banks to charge credit card holders or direct banks to charge interest not exceeding 30% p.a., in absence of RBI instructions. Charging interest rates as per RBI circulars/notifications, independent of a standard ceiling, does not constitute an unfair trade practice. The terms of a contract between parties cannot be judicially scrutinized unless arbitrary, discriminatory or mala fide. The impugned judgment interfered with contractual terms and the RBI's regulatory powers, hence was set aside.
The SC held that the National Consumer Disputes Redressal Commission lacks jurisdiction to interfere with banking operations, which is the exclusive statutory domain of the RBI. It cannot fix a maximum ceiling rate of interest for banks to charge credit card holders or direct banks to charge interest not exceeding 30% p.a., in absence of RBI instructions. Charging interest rates as per RBI circulars/notifications, independent of a standard ceiling, does not constitute an unfair trade practice. The terms of a contract between parties cannot be judicially scrutinized unless arbitrary, discriminatory or mala fide. The impugned judgment interfered with contractual terms and the RBI's regulatory powers, hence was set aside.
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