SC stays consumer court ruling on credit card interest rate

The Supreme Court stayed a consumer court order that capped interest rates charged by credit card companies at 30 per cent.

The Supreme Court on Tuesday stayed a consumer court order that capped interest rates charged by credit card companies at 30 per cent.

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The decision by a bench headed by Justice B N Agrawal would allow credit card issuers to charge any interest rate they deem proper till the final verdict is pronounced.

Credit card issuers including HSBC, Citibank, American Express and Standard Chartered had moved the apex court against the order of the National Consumer Disputes Redressal Commission.