SC sets aside NCDRC’s 2008 order that barred banks from charging interest rates over and above 30% from credit card holders

The Supreme Court overturned a 2008 order that capped credit card interest rates at 30%. This ruling favors banks like Citibank and American Express, allowing them to charge higher rates. The court determined the National Consumer Disputes Redressal Commission lacked the authority to set interest rate ceilings, a domain reserved for the Reserve Bank of India.