https://www.taxtmi.com/highlights?id=84444 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. en-us Wed, 01 Jan 2025 08:33:06 +0530 Wed, 01 Jan 2025 08:33:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=84444 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. Highlights Indian Laws Wed, 01 Jan 2025 08:33:06 +0530 https://www.taxtmi.com/highlights?id=84444