NCDRC

From: Subject: NCDRC Date: Tue, 8 Jul 2008 10:39:58 +0530 MIME-Version: 1.0 Content-Type: multipart/related; type="multipart/alternative"; boundary="----=_NextPart_000_0000_01C8E0E6.F7F752E0" X-MimeOLE: Produced By Microsoft MimeOLE V6.00.2900.2180 This is a multi-part message in MIME format. ------=_NextPart_000_0000_01C8E0E6.F7F752E0 Content-Type: image/gif Content-Transfer-Encoding: base64 Content-Location: http://ncdrc.nic.in/images/logo4.gif R0lGODlh/gA2ANUAAMZeSUYAF9F1UIoALjoAE4MALH0AKpJdOKomPPa+YmoAI3IAJpQAMdeVVGQA IaBJPLxWRtuIVFEAG1gAHeqlXLlyR5EAMJY2NuKVWI4AL3M2K+iyXLdEQykADrI2QJ4NNV8AIPGy X9ulV6UaOZoaNs+VUciITqdeP8iVT5INMoINLb2ISp5uPmMaI0caGnlELo8hM4UaLmEmJGsNJFwN IM6IUHcNKVYmIHcAKDAAEKZuQHogK4oNL5gAM//MZpkAMyH5BAAAAAAALAAAAAD+ADYAAAb/wJ9w SCwaj8ikcslsOp/QqHRKrVqv2Kx2y+16v+CweEwum8/otHrNbrvf8LhcivDY73i7NK8nju4IVh4A AAIYh4iJABBDH3yPkIB7eR9FkYFlg4WJnBiLbQk+oqOkogBRpamlGFIfEBGqsaJDALK2qhQCmEse t74CHl+usL6kbQAYIbcIPc3OzUgAERS3hxDP2D1GIwKhpQmehIQYpCEM5x6I3qkUh9S+GB7PRyOH 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Content-Location: http://ncdrc.nic.in/top.htm <!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> <HTML xmlns=3D"http://www.w3.org/TR/REC-html40" xmlns:v =3D=20 "urn:schemas-microsoft-com:vml" xmlns:o =3D=20 "urn:schemas-microsoft-com:office:office"><HEAD><TITLE>National Consumer = Redressal Disputes Commission</TITLE> <META http-equiv=3DContent-Type content=3D"text/html; = charset=3Dwindows-1252"> <META content=3D"MSHTML 6.00.5450.4" name=3DGENERATOR> <META content=3Dnone name=3D"Microsoft Border"></HEAD> <BODY bgColor=3D#ffffcc leftMargin=3D0 topMargin=3D0> <TABLE width=3D"101%" border=3D0> <TBODY> <TR> <TD width=3D"27%" bgColor=3D#990033><IMG height=3D54=20 alt=3D"logo4.gif (4475 bytes)" = src=3D"http://ncdrc.nic.in/images/logo4.gif"=20 width=3D254></TD> <TD vAlign=3Dbottom width=3D"73%" bgColor=3D#990033> <P align=3Dleft><FONT face=3D"Century Gothic" color=3D#ffcc66=20 size=3D4><STRONG><EM>National Consumer Disputes  Redressal=20 Commission</EM></STRONG></FONT></P></TD> <TD width=3D"3%"></TD></TR></TBODY></TABLE> <P> </P></BODY></HTML> ------=_NextPart_001_0003_01C8E0E6.F7F752E0-- ------=_NextPart_000_0000_01C8E0E6.F7F752E0 Content-Type: image/gif Content-Transfer-Encoding: base64 Content-Location: http://ncdrc.nic.in/arrow.gif R0lGODlhCAAKAIAAAP///8wAACH5BAAAAAAALAAAAAAIAAoAAAIPhI95wcrh2pt0onfb0qAAADs= ------=_NextPart_000_0000_01C8E0E6.F7F752E0 Content-Type: text/html; charset="Windows-1252" Content-Transfer-Encoding: quoted-printable Content-Location: http://ncdrc.nic.in/left.htm <!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> <HTML><HEAD><TITLE>History</TITLE> <META http-equiv=3DContent-Type content=3D"text/html; = charset=3Dwindows-1252"> <META content=3D"MSHTML 6.00.5450.4" name=3DGENERATOR> <META content=3Dnone name=3D"Microsoft Border"></HEAD> <BODY bgColor=3D#ffffcc leftMargin=3D0 topMargin=3D0> <DIV align=3Dcenter> <CENTER> <TABLE cellPadding=3D0 width=3D"100%" border=3D0> <TBODY> <TR> <TD width=3D"100%" bgColor=3D#ffcc66> <IMG height=3D10=20 alt=3D"arrow.gif (56 bytes)" src=3D"http://ncdrc.nic.in/arrow.gif" = width=3D8>=20 <STRONG><FONT face=3DArial color=3D#990033 size=3D2><A=20 style=3D"COLOR: rgb(153,0,51); TEXT-DECORATION: none"=20 href=3D"http://ncdrc.nic.in/history.html">History</A> = </FONT></STRONG></TD></TR> <TR> <TD width=3D"100%" bgColor=3D#ffcc66> <IMG height=3D10=20 alt=3D"arrow.gif (56 bytes)" src=3D"http://ncdrc.nic.in/arrow.gif" = width=3D8><FONT face=3DArial color=3D#990033 size=3D2><STRONG> <A=20 style=3D"COLOR: rgb(153,0,51); TEXT-DECORATION: none"=20 = href=3D"http://ncdrc.nic.in/jDetails.html">Member</A>s</STRONG></FONT></T= D></TR> <TR> <TD width=3D"100%" bgColor=3D#ffcc66> <IMG height=3D10=20 alt=3D"arrow.gif (56 bytes)" src=3D"http://ncdrc.nic.in/arrow.gif" = width=3D8><FONT face=3DArial color=3D#990033 size=3D2><STRONG> <A=20 style=3D"COLOR: rgb(153,0,51); TEXT-DECORATION: none"=20 href=3D"http://ncdrc.nic.in/bareAct.html">Bare Act</A>=20 </STRONG></FONT></TD></TR> <TR> <TD width=3D"100%" bgColor=3D#ffcc66> <IMG height=3D10=20 alt=3D"arrow.gif (56 bytes)" src=3D"http://ncdrc.nic.in/arrow.gif" = width=3D8><FONT face=3DArial color=3D#990033 size=3D2><STRONG> <A=20 style=3D"COLOR: rgb(153,0,51); TEXT-DECORATION: none"=20 href=3D"http://ncdrc.nic.in/generalInfo.html" = target=3Dmain>General=20 Information</A> </STRONG></FONT></TD></TR> <TR> <TD width=3D"100%" bgColor=3D#ffcc66> <IMG height=3D10=20 alt=3D"arrow.gif (56 bytes)" src=3D"http://ncdrc.nic.in/arrow.gif" = width=3D8><FONT face=3DArial color=3D#990033 size=3D2><STRONG> <A=20 style=3D"COLOR: rgb(153,0,51); TEXT-DECORATION: none"=20 href=3D"http://ncdrc.nic.in/sDetails.html" target=3Dmain>State=20 Commissions<BR>    & State Consumer=20 <BR>    Protection = Rules</A></STRONG></FONT></TD></TR> <TR> <TD width=3D"100%" bgColor=3D#ffcc66><IMG height=3D10 = alt=3D"arrow.gif (56 bytes)"=20 src=3D"http://ncdrc.nic.in/arrow.gif" width=3D8>  <FONT = face=3DArial=20 color=3D#990033 size=3D2><STRONG><A=20 style=3D"COLOR: rgb(153,0,51); TEXT-DECORATION: none"=20 href=3D"http://ncdrc.nic.in/districtforums.html" = target=3Dmain>District=20 Forums</A></STRONG></FONT></TD></TR> <TR> <TD width=3D"100%" bgColor=3D#ffcc66> <IMG height=3D10=20 alt=3D"arrow.gif (56 bytes)" src=3D"http://ncdrc.nic.in/arrow.gif" = width=3D8><FONT face=3DArial color=3D#990033 size=3D2><STRONG> = <FONT=20 color=3D#800000><A style=3D"TEXT-DECORATION: none"=20 href=3D"http://ncdrc.nic.in/Causelist.html" target=3D_blank><FONT=20 color=3D#990033>Cause List = </FONT></A></FONT></STRONG></FONT></TD></TR> <TR> <TD width=3D"100%" bgColor=3D#ffcc66> <IMG height=3D10=20 alt=3D"arrow.gif (56 bytes)" src=3D"http://ncdrc.nic.in/arrow.gif" = width=3D8><STRONG><FONT face=3DArial color=3D#990033 size=3D2> = </FONT><A=20 style=3D"COLOR: rgb(153,0,51); TEXT-DECORATION: none"=20 href=3D"http://ncdrc.nic.in/judgements.html" target=3Dmain><FONT = face=3DArial=20 color=3D#990033 size=3D2>Judgements 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India</A></STRONG></FONT></TD></TR> <TR> <TD width=3D"100%" bgColor=3D#ffcc66> <IMG height=3D10=20 alt=3D"arrow.gif (56 bytes)" src=3D"http://ncdrc.nic.in/arrow.gif" = width=3D8><FONT face=3DArial color=3D#990033 size=3D2><STRONG> <A=20 style=3D"COLOR: rgb(153,0,51); TEXT-DECORATION: none"=20 href=3D"http://delhihighcourt.nic.in/" target=3D_blank>Delhi High=20 Court</A></STRONG></FONT></TD></TR> <TR> <TD width=3D"100%" bgColor=3D#ffcc66><FONT face=3DArial = color=3D#990033=20 size=3D2><STRONG> </STRONG></FONT><IMG height=3D10=20 alt=3D"arrow.gif (56 bytes)" src=3D"http://ncdrc.nic.in/arrow.gif" = width=3D8><FONT face=3DArial color=3D#990033 size=3D2><STRONG> <A=20 style=3D"COLOR: rgb(153,0,51); TEXT-DECORATION: none"=20 href=3D"http://www.fcamin.nic.in/" target=3D_blank>Deptt. of = Consumer=20 Affairs</A></STRONG></FONT></TD></TR> <TR> <TD width=3D"100%" bgColor=3D#ffcc66><A=20 style=3D"COLOR: rgb(153,0,51); TEXT-DECORATION: none"=20 href=3D"http://causelists.nic.in/" 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bBP6JowxyjRLLMLN0Xqsy8gA3NPzxdBue8gMM9B8rS5EQ7tvuLosfbKyAQEAOw== ------=_NextPart_000_0000_01C8E0E6.F7F752E0 Content-Type: text/html; charset="Windows-1252" Content-Transfer-Encoding: quoted-printable Content-Location: http://ncdrc.nic.in/add.html <!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> <HTML><HEAD><TITLE>New Page 7</TITLE> <META http-equiv=3DContent-Type content=3D"text/html; = charset=3Dwindows-1252"> <META content=3D"MSHTML 6.00.5450.4" name=3DGENERATOR></HEAD> <BODY bgColor=3D#ffffcc leftMargin=3D0 topMargin=3D0> <DIV align=3Dcenter> <CENTER> <TABLE height=3D161 cellPadding=3D0 width=3D"100%" border=3D0> <TBODY> <TR> <TD bgColor=3D#ffcc66 colSpan=3D2 height=3D3> <P align=3Dcenter><IMG height=3D27 = src=3D"http://ncdrc.nic.in/1asi077.gif"=20 width=3D36 align=3Dleft border=3D0> <A=20 href=3D"http://ncdrc.nic.in/Tender.htm" target=3Dmain>Tender For = Hiring=20 Cars</A></P></TD></TR> <TR> <TD bgColor=3D#800080 height=3D3></TD> <TD width=3D"251%" bgColor=3D#800080 height=3D3></TD></TR> <TR> <TD vAlign=3Dcenter align=3Dmiddle bgColor=3D#ffcc66 height=3D37><A=20 href=3D"mailto:ncdrc@nic.in"><IMG height=3D35 alt=3D"Feedback.gif = (13840 bytes)"=20 src=3D"http://ncdrc.nic.in/images/Feedback.gif" = width=3D30></A></TD> <TD width=3D"251%" bgColor=3D#ffcc66 height=3D37> <P align=3Dcenter><A href=3D"http://ncdrc.nic.in/contactus.html"=20 target=3Dmain><FONT=20 color=3D#0000ff><STRONG>Contact</STRONG></FONT></A></P></TD></TR> <TR> <TD bgColor=3D#800080 colSpan=3D2 height=3D3></TD></TR> <TR> <TD vAlign=3Dcenter align=3Dmiddle bgColor=3D#ffcc66 colSpan=3D2 = height=3D84> <P style=3D"MARGIN-TOP: 1px; MARGIN-BOTTOM: 1px" = align=3Dcenter><FONT=20 face=3DArial size=3D2>5th Floor, =91A=92 Wing, & 7th Floor, = =91B=92 Wing, Janpath=20 Bhavan, Janpath, New Delhi 110 001<BR>Fax No<B>: = </B>23712456<BR>PBX=20 No<STRONG><EM style=3D"FONT-STYLE: normal"> :</EM></STRONG> = 23712459,=20 23712109 </P> <HR> <P style=3D"MARGIN-TOP: 1px; MARGIN-BOTTOM: 1px"><FONT = 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center" = align=3Dcenter><B><SPAN=20 style=3D"FONT-SIZE: 14pt; FONT-FAMILY: Arial; mso-bidi-font-size: = 12.0pt">NATIONAL=20 CONSUMER DISPUTES REDRESSAL COMMISSION<o:p></o:p></SPAN></B></P> <P class=3DMsoNormal style=3D"TEXT-ALIGN: center"=20 align=3Dcenter><st1:City><st1:place><B><SPAN=20 style=3D"FONT-SIZE: 13.5pt; FONT-FAMILY: Arial">NEW=20 DELHI</SPAN></B></st1:place></st1:City><B><SPAN=20 style=3D"FONT-SIZE: 13.5pt; FONT-FAMILY: = Arial"><o:p></o:p></SPAN></B></P> <P class=3DMsoNormal style=3D"TEXT-ALIGN: center" align=3Dcenter><SPAN=20 style=3D"FONT-FAMILY: Arial; mso-bidi-font-size: = 13.5pt"><o:p> </o:p></SPAN></P> <H6><SPAN=20 style=3D"FONT-WEIGHT: normal; TEXT-DECORATION: none; text-underline: = none; mso-bidi-font-weight: bold"><o:p> </o:p></SPAN></H6> <H6><SPAN style=3D"FONT-SIZE: 14pt">Complaint Case No. 51 of=20 2007<o:p></o:p></SPAN></H6> <P class=3DMsoNormal><SPAN style=3D"FONT-FAMILY: = Arial"><o:p> </o:p></SPAN></P> <P class=3DMsoNormal style=3D"TEXT-ALIGN: justify"><SPAN=20 style=3D"FONT-FAMILY: Arial">1.<SPAN=20 style=3D"mso-tab-count: = 1">        =20 </SPAN>=93Awaz=94,<o:p></o:p></SPAN></P> <P class=3DMsoNormal style=3D"TEXT-INDENT: 0.5in; TEXT-ALIGN: = justify"><SPAN=20 style=3D"FONT-FAMILY: Arial">Punita Society, = Ambawadi,<o:p></o:p></SPAN></P> <P class=3DMsoNormal style=3D"MARGIN-LEFT: 0.5in; TEXT-ALIGN: = justify"><SPAN=20 style=3D"FONT-FAMILY: Arial">Ahmedabad =96 381 006<o:p></o:p></SPAN></P> <P class=3DMsoNormal style=3D"MARGIN-LEFT: 0.5in; TEXT-ALIGN: = justify"><SPAN=20 style=3D"FONT-FAMILY: Arial">(Also at:<o:p></o:p></SPAN></P> <P class=3DMsoNormal style=3D"MARGIN-LEFT: 0.5in; TEXT-ALIGN: = justify"><SPAN=20 style=3D"FONT-FAMILY: Arial">16, Satyadeep = Apartments,<o:p></o:p></SPAN></P> <P class=3DMsoNormal style=3D"MARGIN-LEFT: 0.5in; TEXT-ALIGN: = justify"><SPAN=20 style=3D"FONT-FAMILY: Arial">9/300, Amritpuri-B,<o:p></o:p></SPAN></P> <P class=3DMsoNormal style=3D"MARGIN-LEFT: 0.5in; TEXT-ALIGN: = justify"><SPAN=20 style=3D"FONT-FAMILY: Arial">East of Kailash,<o:p></o:p></SPAN></P> <P class=3DMsoNormal=20 style=3D"MARGIN-LEFT: 0.5in; TEXT-ALIGN: = justify"><st1:City><st1:place><SPAN=20 style=3D"FONT-FAMILY: Arial">New = Delhi</SPAN></st1:place></st1:City><SPAN=20 style=3D"FONT-FAMILY: Arial"> =96 110 065)<o:p></o:p></SPAN></P> <P class=3DMsoNormal style=3D"TEXT-ALIGN: justify"><SPAN=20 style=3D"FONT-FAMILY: Arial"><o:p> </o:p></SPAN></P> <P class=3DMsoNormal style=3D"TEXT-ALIGN: justify"><SPAN=20 style=3D"FONT-FAMILY: Arial">2.<SPAN=20 style=3D"mso-tab-count: = 1">        =20 </SPAN>=93Jagrut Nagrik=94,<o:p></o:p></SPAN></P> <P class=3DMsoNormal style=3D"TEXT-ALIGN: justify"><SPAN=20 style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>Regd. Office: Gendi Gate,<SPAN=20 style=3D"mso-tab-count: = 4">           &nbs= p;           &nbsp= ;            =   =20 </SPAN><SPAN style=3D"mso-spacerun: = yes">      =20 </SPAN>Complainants<o:p></o:p></SPAN></P> <P class=3DMsoNormal style=3D"TEXT-ALIGN: justify"><SPAN=20 style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN></SPAN><st1:City><st1:place><SPAN=20 style=3D"FONT-FAMILY: Arial">Baroda</SPAN></st1:place></st1:City><SPAN=20 style=3D"FONT-FAMILY: Arial">, </SPAN><st1:place><SPAN=20 style=3D"FONT-FAMILY: Arial">Gujarat</SPAN></st1:place><SPAN=20 style=3D"FONT-FAMILY: Arial"><o:p></o:p></SPAN></P> <P class=3DMsoNormal style=3D"TEXT-ALIGN: justify"><SPAN=20 style=3D"FONT-FAMILY: Arial"><o:p> </o:p></SPAN></P> <P class=3DMsoNormal style=3D"TEXT-ALIGN: justify"><SPAN=20 style=3D"FONT-FAMILY: Arial">3.<SPAN=20 style=3D"mso-tab-count: = 1">        =20 </SPAN>Pradeep Kumar <SPAN style=3D"COLOR: black">Thakur=20 <o:p></o:p></SPAN></SPAN></P> <P class=3DMsoNormal style=3D"TEXT-ALIGN: justify"><SPAN=20 style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>13, Satyadeep Apartments,<o:p></o:p></SPAN></P> <P class=3DMsoNormal style=3D"TEXT-ALIGN: justify"><SPAN=20 style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>9/300, Amritpuri-B,<o:p></o:p></SPAN></P> <P class=3DMsoNormal style=3D"TEXT-ALIGN: justify"><SPAN=20 style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>East of Kailash,<o:p></o:p></SPAN></P> <P class=3DMsoNormal style=3D"TEXT-ALIGN: justify"><SPAN=20 style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN></SPAN><st1:City><st1:place><SPAN style=3D"FONT-FAMILY: = Arial">New=20 Delhi</SPAN></st1:place></st1:City><SPAN style=3D"FONT-FAMILY: Arial"> = =96 110=20 065<o:p></o:p></SPAN></P> <P class=3DMsoNormal style=3D"TEXT-ALIGN: justify"><SPAN=20 style=3D"FONT-FAMILY: Arial"><o:p> </o:p></SPAN></P> <P class=3DMsoNormal style=3D"TEXT-ALIGN: justify"><SPAN=20 style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>Versus<o:p></o:p></SPAN></P> <P class=3DMsoNormal style=3D"TEXT-ALIGN: justify"><SPAN=20 style=3D"FONT-FAMILY: Arial"><o:p> </o:p></SPAN></P> <P class=3DMsoNormal style=3D"TEXT-ALIGN: justify"><SPAN=20 style=3D"FONT-FAMILY: Arial">1.<SPAN=20 style=3D"mso-tab-count: = 1">        =20 </SPAN>Reserve Bank of </SPAN><st1:country-region><st1:place><SPAN=20 style=3D"FONT-FAMILY: = Arial">India</SPAN></st1:place></st1:country-region><SPAN=20 style=3D"FONT-FAMILY: Arial">,<o:p></o:p></SPAN></P> <P class=3DMsoNormal style=3D"TEXT-ALIGN: justify"><SPAN=20 style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN></SPAN><st1:place><st1:PlaceName><SPAN=20 style=3D"FONT-FAMILY: Arial">Central</SPAN></st1:PlaceName><SPAN=20 style=3D"FONT-FAMILY: Arial"> </SPAN><st1:PlaceName><SPAN=20 style=3D"FONT-FAMILY: Arial">Office</SPAN></st1:PlaceName><SPAN=20 style=3D"FONT-FAMILY: Arial"> </SPAN><st1:PlaceType><SPAN=20 style=3D"FONT-FAMILY: = Arial">Building</SPAN></st1:PlaceType></st1:place><SPAN=20 style=3D"FONT-FAMILY: Arial">,<o:p></o:p></SPAN></P> <P class=3DMsoNormal><SPAN style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>Shaheed Bhagat Singh Marg,<o:p></o:p></SPAN></P> <P class=3DMsoNormal><SPAN style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>Mumbai =96 400 001<o:p></o:p></SPAN></P> <P class=3DMsoNormal><SPAN style=3D"FONT-FAMILY: = Arial"><o:p> </o:p></SPAN></P> <P class=3DMsoNormal><SPAN style=3D"FONT-FAMILY: Arial">2.<SPAN=20 style=3D"mso-tab-count: = 1">        =20 </SPAN></SPAN><st1:place><SPAN style=3D"FONT-FAMILY: Arial">Hong=20 Kong</SPAN></st1:place><SPAN style=3D"FONT-FAMILY: Arial"> and=20 </SPAN><st1:City><st1:place><SPAN=20 style=3D"FONT-FAMILY: Arial">Shanghai</SPAN></st1:place></st1:City><SPAN = style=3D"FONT-FAMILY: Arial"><o:p></o:p></SPAN></P> <P class=3DMsoNormal><SPAN style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>Banking Corporation Ltd. (HSBC),<o:p></o:p></SPAN></P> <P class=3DMsoNormal><SPAN style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>52/60, </SPAN><st1:Street><st1:address><SPAN=20 style=3D"FONT-FAMILY: Arial">Mahatma Gandhi=20 Road</SPAN></st1:address></st1:Street><SPAN=20 style=3D"FONT-FAMILY: Arial">,<o:p></o:p></SPAN></P> <P class=3DMsoNormal><SPAN style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>Mumbai =96 400 001<o:p></o:p></SPAN></P> <P class=3DMsoNormal><SPAN style=3D"FONT-FAMILY: = Arial"><o:p> </o:p></SPAN></P> <P class=3DMsoNormal><SPAN style=3D"FONT-FAMILY: Arial">3.<SPAN=20 style=3D"mso-tab-count: = 1">        =20 </SPAN>American Express Bank Ltd.,<SPAN=20 style=3D"mso-tab-count: = 4">           &nbs= p;           &nbsp= ;            =          =20 </SPAN>Opposite Parties<o:p></o:p></SPAN></P> <P class=3DMsoNormal><SPAN style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>A-A1-A2, Enkay Centre,<o:p></o:p></SPAN></P> <P class=3DMsoNormal><SPAN style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>Udyog Vihar, Phase V,<o:p></o:p></SPAN></P> <P class=3DMsoNormal><SPAN style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>Gurgaon =96 122 016<o:p></o:p></SPAN></P> <P class=3DMsoNormal><SPAN style=3D"FONT-FAMILY: = Arial"><o:p> </o:p></SPAN></P> <P class=3DMsoNormal><SPAN style=3D"FONT-FAMILY: Arial">4.<SPAN=20 style=3D"mso-tab-count: = 1">        =20 </SPAN>Citibank, N.A.,<o:p></o:p></SPAN></P> <P class=3DMsoNormal><SPAN style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>Citibank Card Centre,<o:p></o:p></SPAN></P> <P class=3DMsoNormal><SPAN style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>766, Anna Salai,<o:p></o:p></SPAN></P> <P class=3DMsoNormal><SPAN style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>Chennai =96 600 002<o:p></o:p></SPAN></P> <P class=3DMsoNormal><SPAN style=3D"FONT-FAMILY: = Arial"><o:p> </o:p></SPAN></P> <P class=3DMsoNormal><SPAN style=3D"FONT-FAMILY: Arial">5.<SPAN=20 style=3D"mso-tab-count: = 1">        =20 </SPAN>Standard Chartered Bank,<o:p></o:p></SPAN></P> <P class=3DMsoNormal><SPAN style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>Credit Card Division,<o:p></o:p></SPAN></P> <P class=3DMsoNormal><SPAN style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>3<SUP>rd</SUP> Floor, </SPAN><st1:place><st1:PlaceName><SPAN=20 style=3D"FONT-FAMILY: Arial">Express</SPAN></st1:PlaceName><SPAN=20 style=3D"FONT-FAMILY: Arial"> </SPAN><st1:PlaceType><SPAN=20 style=3D"FONT-FAMILY: = Arial">Building</SPAN></st1:PlaceType></st1:place><SPAN=20 style=3D"FONT-FAMILY: Arial">,<o:p></o:p></SPAN></P> <P class=3DMsoNormal><SPAN style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>9/10, Bahadur Shah Zafar Marg,<o:p></o:p></SPAN></P> <P class=3DMsoNormal><SPAN style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN></SPAN><st1:City><st1:place><SPAN style=3D"FONT-FAMILY: = Arial">New=20 Delhi</SPAN></st1:place></st1:City><SPAN style=3D"FONT-FAMILY: Arial"> = =96 110=20 002<o:p></o:p></SPAN></P> <P class=3DMsoNormal style=3D"TEXT-INDENT: 0.5in"><SPAN=20 style=3D"FONT-FAMILY: Arial"><o:p> </o:p></SPAN></P> <P class=3DMsoNormal style=3D"TEXT-INDENT: 0.5in"><SPAN=20 style=3D"FONT-FAMILY: Arial"><o:p> </o:p></SPAN></P> <H1 style=3D"LINE-HEIGHT: normal; TEXT-ALIGN: center" align=3Dcenter><B=20 style=3D"mso-bidi-font-weight: normal"><U><SPAN=20 style=3D"mso-bidi-font-size: 13.5pt">Revision Petition No.1913 of=20 2004<o:p></o:p></SPAN></U></B></H1> <H1 style=3D"LINE-HEIGHT: normal; TEXT-ALIGN: center" = align=3Dcenter>(From the order=20 dated 06. 05. 2004 of the State Commission, Madhya Pradesh in Appeal=20 No.1706/03)</H1> <P class=3DMsoBodyText style=3D"TEXT-ALIGN: center"=20 align=3Dcenter><o:p> </o:p></P> <P class=3DMsoNormal style=3D"MARGIN-LEFT: 0.5in"><SPAN=20 style=3D"FONT-SIZE: 13pt; FONT-FAMILY: Arial; mso-bidi-font-size: = 12.0pt">DCM=20 Financial Services Ltd.,<o:p></o:p></SPAN></P> <P class=3DMsoNormal style=3D"MARGIN-LEFT: 0.5in"><SPAN=20 style=3D"FONT-SIZE: 13pt; FONT-FAMILY: Arial; mso-bidi-font-size: = 13.5pt">75,=20 Amrit Nagar, NDSE Part I,<SPAN=20 style=3D"mso-tab-count: = 5">           &nbs= p;           &nbsp= ;            =      =20 </SPAN><SPAN style=3D"mso-spacerun: yes">   =20 </SPAN>Petitioner<o:p></o:p></SPAN></P> <P class=3DMsoNormal style=3D"MARGIN-LEFT: 0.5in"><SPAN=20 style=3D"FONT-SIZE: 13pt; FONT-FAMILY: Arial; mso-bidi-font-size: = 13.5pt">New=20 Delhi-110 003<o:p></o:p></SPAN></P> <P style=3D"MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><SPAN=20 style=3D"FONT-FAMILY: Arial; mso-bidi-font-size: = 13.5pt"><o:p> </o:p></SPAN></P> <P style=3D"MARGIN: 0in 0in 0pt"><SPAN=20 style=3D"FONT-FAMILY: Arial; mso-bidi-font-size: 13.5pt"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>Versus<o:p></o:p></SPAN></P> <P style=3D"MARGIN: 0in 0in 0pt"><SPAN=20 style=3D"FONT-FAMILY: Arial; mso-bidi-font-size: 13.5pt"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN><o:p></o:p></SPAN></P> <P class=3DMsoNormal><SPAN style=3D"FONT-FAMILY: Arial">1.<SPAN=20 style=3D"mso-tab-count: = 1">        =20 </SPAN>Mukesh Rajput,<o:p></o:p></SPAN></P> <P class=3DMsoNormal><SPAN style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>Ganeshpura, District =96 Morena,<o:p></o:p></SPAN></P> <P class=3DMsoNormal><SPAN style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>At Present =96 Vijay Nagar,<o:p></o:p></SPAN></P> <P class=3DMsoNormal><SPAN style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>Gadaipura, </SPAN><st1:City><st1:place><SPAN=20 style=3D"FONT-FAMILY: Arial">Gwalior</SPAN></st1:place></st1:City><SPAN=20 style=3D"FONT-FAMILY: Arial">, M.P.<o:p></o:p></SPAN></P> <P class=3DMsoNormal><SPAN style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 10">           &nb= sp;           &nbs= p;           &nbsp= ;            =             &= nbsp;           &n= bsp;           &nb= sp;           &nbs= p;           &nbsp= ;          =20 </SPAN>Respondents<o:p></o:p></SPAN></P> <P class=3DMsoNormal><SPAN style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN><o:p></o:p></SPAN></P> <P class=3DMsoNormal><SPAN style=3D"FONT-FAMILY: Arial">2.<SPAN=20 style=3D"mso-tab-count: = 1">        =20 </SPAN>Chhabiram Singh Dhakad,<o:p></o:p></SPAN></P> <P class=3DMsoNormal><SPAN style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>Prop. Vikram Financial Services,<o:p></o:p></SPAN></P> <P class=3DMsoNormal><SPAN style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>Ashish Bhawan, Jayendraganj Laskar,<o:p></o:p></SPAN></P> <P class=3DMsoNormal><SPAN style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>D-4, Vikram Villa, Chetakpuri,<o:p></o:p></SPAN></P> <P class=3DMsoNormal><SPAN style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN></SPAN><st1:City><st1:place><SPAN=20 style=3D"FONT-FAMILY: Arial">Gwalior</SPAN></st1:place></st1:City><SPAN=20 style=3D"FONT-FAMILY: Arial"> M.P.<o:p></o:p></SPAN></P> <P class=3DMsoNormal style=3D"TEXT-INDENT: 0.5in"><SPAN=20 style=3D"FONT-FAMILY: Arial"><o:p> </o:p></SPAN></P> <P class=3DMsoNormal><SPAN=20 style=3D"FONT-FAMILY: Arial; mso-bidi-font-weight: = bold"><o:p> </o:p></SPAN></P> <P class=3DMsoNormal><B><U><SPAN=20 style=3D"FONT-FAMILY: Arial">BEFORE</SPAN></U></B><B><SPAN=20 style=3D"FONT-FAMILY: Arial">:</SPAN></B></P> <P class=3DMsoNormal><SPAN=20 style=3D"FONT-SIZE: 14pt; FONT-FAMILY: Arial; mso-bidi-font-size: = 12.0pt; mso-bidi-font-weight: bold"><o:p> </o:p></SPAN></P> <H4><SPAN style=3D"FONT-SIZE: 14pt; mso-bidi-font-size: 12.0pt"><SPAN=20 style=3D"mso-tab-count: = 1">         =20 </SPAN></SPAN>HON'BLE MR. JUSTICE M. B. SHAH, PRESIDENT</H4> <P class=3DMsoNormal><B><SPAN style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>HON=92BLE MRS. RAJYALAKSHMI RAO, MEMBER<o:p></o:p></SPAN></B></P> <P class=3DMsoNormal><B><SPAN style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>HON=92BLE MR. ANUPAM DASGUPTA, MEMBER</SPAN></B></P> <P class=3DMsoNormal><SPAN style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 2">           &nbs= p;           =20 </SPAN><o:p></o:p></SPAN></P> <P class=3DMsoNormal><B><SPAN=20 style=3D"FONT-FAMILY: Arial"><o:p> </o:p></SPAN></B></P> <P class=3DMsoBodyTextIndent=20 style=3D"MARGIN-LEFT: 0in; LINE-HEIGHT: normal"><B><U><SPAN=20 style=3D"FONT-SIZE: 12pt">C.C. No. 51 of = 2007<o:p></o:p></SPAN></U></B></P> <P class=3DMsoBodyTextIndent style=3D"MARGIN-LEFT: 0in; LINE-HEIGHT: = normal"><SPAN=20 style=3D"FONT-SIZE: 12pt; mso-bidi-font-weight: bold"><SPAN=20 style=3D"mso-tab-count: = 5">           &nbs= p;           &nbsp= ;            =             &= nbsp;          =20 </SPAN></SPAN><SPAN style=3D"FONT-SIZE: 12pt">Ms. Indu Malhotra, Senior = Advocate=20 as<o:p></o:p></SPAN></P> <P class=3DMsoBodyTextIndent=20 style=3D"MARGIN-LEFT: 1.5in; TEXT-INDENT: 0.5in; LINE-HEIGHT: = normal"><SPAN=20 style=3D"FONT-SIZE: 12pt"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>Amicus Curiae with Mr. Abhinav Agnihotri, <SPAN=20 style=3D"mso-tab-count: = 3">           &nbs= p;           &nbsp= ;          =20 </SPAN>Advocate<o:p></o:p></SPAN></P> <P class=3DMsoBodyTextIndent=20 style=3D"MARGIN-LEFT: 1.5in; TEXT-INDENT: 0.5in; LINE-HEIGHT: = normal"><SPAN=20 style=3D"FONT-SIZE: 12pt"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>Mr. J. K. Mittal, Advocate as Amicus Curiae<SPAN=20 style=3D"mso-bidi-font-weight: bold"><o:p></o:p></SPAN></SPAN></P> <P class=3DMsoNormal><SPAN style=3D"FONT-FAMILY: = Arial"><o:p> </o:p></SPAN></P> <P class=3DMsoNormal><SPAN style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>For the Complainant:<SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>Mr. Mayur R. Shah, Advocate<o:p></o:p></SPAN></P> <P class=3DMsoNormal><SPAN style=3D"FONT-FAMILY: = Arial"><o:p> </o:p></SPAN></P> <P class=3DMsoNormal style=3D"MARGIN-LEFT: 0.5in; TEXT-INDENT: = -0.5in"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN><SPAN style=3D"FONT-FAMILY: Arial">For Opp. Party No.1:<SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>Mr. Jaideep Gupta, Senior Advocate with<o:p></o:p></SPAN></P> <P class=3DMsoNormal style=3D"MARGIN-LEFT: 0.5in; TEXT-INDENT: = -0.5in"><SPAN=20 style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>(RBI)<SPAN=20 style=3D"mso-tab-count: = 4">           &nbs= p;           &nbsp= ;            =   =20 </SPAN>Mr. H. S. Parihar and Mr. K. S. Parihar,<SPAN=20 style=3D"mso-tab-count: = 5">           &nbs= p;           &nbsp= ;            =             &= nbsp;   =20 </SPAN><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>Advocates<o:p></o:p></SPAN></P> <P class=3DMsoNormal><SPAN=20 style=3D"FONT-SIZE: 13pt; FONT-FAMILY: Arial; mso-bidi-font-size: = 12.0pt"><o:p> </o:p></SPAN></P> <P class=3DMsoNormal><SPAN=20 style=3D"FONT-SIZE: 13pt; FONT-FAMILY: Arial; mso-bidi-font-size: = 12.0pt"><SPAN=20 style=3D"mso-tab-count: = 1">         =20 </SPAN>For Opp. Party No.2:<SPAN=20 style=3D"mso-tab-count: 1">        = </SPAN>Mr.=20 Sanjeev Puri, Senior Advocate <SPAN=20 style=3D"mso-tab-count: = 3">           &nbs= p;           &nbsp= ; =20 </SPAN>(HSBC)<SPAN=20 style=3D"mso-tab-count: 1">        = </SPAN><SPAN=20 style=3D"mso-tab-count: = 2">           &nbs= p;      =20 </SPAN>with Mr. Sanjeev Malhotra & Pranav <SPAN=20 style=3D"mso-tab-count: = 7">           &nbs= p;           &nbsp= ;            =             &= nbsp;           &n= bsp; =20 </SPAN>Vyas, Advocates<o:p></o:p></SPAN></P> <P class=3DMsoNormal><SPAN=20 style=3D"FONT-SIZE: 13pt; FONT-FAMILY: Arial; mso-bidi-font-size: = 12.0pt"><o:p> </o:p></SPAN></P> <P class=3DMsoNormal><SPAN=20 style=3D"FONT-SIZE: 13pt; FONT-FAMILY: Arial; mso-bidi-font-size: = 12.0pt"><SPAN=20 style=3D"mso-tab-count: = 1">         =20 </SPAN>For Opp. Party No.3:<SPAN=20 style=3D"mso-tab-count: 1">       =20 </SPAN>NEMO<o:p></o:p></SPAN></P> <P class=3DMsoNormal><SPAN=20 style=3D"FONT-SIZE: 13pt; FONT-FAMILY: Arial; mso-bidi-font-size: = 12.0pt"><SPAN=20 style=3D"mso-tab-count: = 1">         =20 </SPAN>(American Express<o:p></o:p></SPAN></P> <P class=3DMsoNormal><SPAN=20 style=3D"FONT-SIZE: 13pt; FONT-FAMILY: Arial; mso-bidi-font-size: = 12.0pt"><SPAN=20 style=3D"mso-tab-count: = 1">         =20 </SPAN>Bank)<o:p></o:p></SPAN></P> <P class=3DMsoNormal><SPAN=20 style=3D"FONT-SIZE: 13pt; FONT-FAMILY: Arial; mso-bidi-font-size: = 12.0pt"><o:p> </o:p></SPAN></P> <P class=3DMsoNormal><SPAN=20 style=3D"FONT-SIZE: 13pt; FONT-FAMILY: Arial; mso-bidi-font-size: = 12.0pt"><SPAN=20 style=3D"mso-tab-count: = 1">         =20 </SPAN>For Opp. Party No.4:<SPAN=20 style=3D"mso-tab-count: 1">        = </SPAN>Mr.=20 Altaf Ahmed, Senior Advocate<o:p></o:p></SPAN></P> <P class=3DMsoNormal><SPAN=20 style=3D"FONT-SIZE: 13pt; FONT-FAMILY: Arial; mso-bidi-font-size: = 12.0pt"><SPAN=20 style=3D"mso-tab-count: = 1">         =20 </SPAN>(Citibank)<SPAN=20 style=3D"mso-tab-count: = 3">           &nbs= p;           =20 </SPAN>with Mr. R.S. Suri, Mr. Rahul Malhotra,<o:p></o:p></SPAN></P> <P class=3DMsoNormal style=3D"MARGIN-LEFT: 1.5in; TEXT-INDENT: = 0.5in"><SPAN=20 style=3D"FONT-SIZE: 13pt; FONT-FAMILY: Arial; mso-bidi-font-size: = 12.0pt"><SPAN=20 style=3D"mso-tab-count: = 1">         =20 </SPAN>and Mr. Gurinder Suri, Advocates<o:p></o:p></SPAN></P> <P class=3DMsoNormal><SPAN=20 style=3D"FONT-SIZE: 13pt; FONT-FAMILY: Arial; mso-bidi-font-size: = 12.0pt"><o:p> </o:p></SPAN></P> <P class=3DMsoNormal><SPAN=20 style=3D"FONT-SIZE: 13pt; FONT-FAMILY: Arial; mso-bidi-font-size: = 12.0pt"><SPAN=20 style=3D"mso-tab-count: = 1">         =20 </SPAN>For Opp. Party No.5:<SPAN=20 style=3D"mso-tab-count: 1">        = </SPAN>Mr.=20 Sanjay Gupta, Advocate with<SPAN style=3D"mso-tab-count: 1"> = </SPAN>(Standard=20 Chartered<SPAN=20 style=3D"mso-tab-count: 1">        = </SPAN>Mr.=20 Ajay Monga and Mr. Ateev Kumar,<SPAN=20 style=3D"mso-tab-count: = 2">           &nbs= p;  =20 </SPAN>Bank)<SPAN=20 style=3D"mso-tab-count: = 4">           &nbs= p;           &nbsp= ;     =20 </SPAN>Advocates<o:p></o:p></SPAN></P> <P class=3DMsoNormal><SPAN=20 style=3D"FONT-SIZE: 13pt; FONT-FAMILY: Arial; mso-bidi-font-size: = 12.0pt"><o:p> </o:p></SPAN></P> <P class=3DMsoNormal><B><U><SPAN style=3D"FONT-FAMILY: Arial">R.P. No. = 1913 of=20 2004<o:p></o:p></SPAN></U></B></P> <P class=3DMsoNormal><SPAN=20 style=3D"FONT-FAMILY: Arial; mso-bidi-font-weight: = bold"><o:p> </o:p></SPAN></P> <H5 style=3D"MARGIN-LEFT: 2in; TEXT-INDENT: 0.5in; TEXT-ALIGN: left"=20 align=3Dleft><SPAN style=3D"FONT-WEIGHT: normal">Ms. Indu Malhotra, = Senior Advocate=20 as<o:p></o:p></SPAN></H5> <P class=3DMsoBodyTextIndent style=3D"MARGIN-LEFT: 2in; LINE-HEIGHT: = normal"><SPAN=20 style=3D"mso-tab-count: = 1">         =20 </SPAN>Amicus Curiae with Mr. Abhinav Agnihotri,</P> <P class=3DMsoBodyTextIndent style=3D"MARGIN-LEFT: 2in; LINE-HEIGHT: = normal"><SPAN=20 style=3D"mso-tab-count: = 1">         =20 </SPAN>Advocate</P> <P class=3DMsoBodyTextIndent=20 style=3D"MARGIN-LEFT: 1.5in; TEXT-INDENT: 0.5in; LINE-HEIGHT: = normal"><SPAN=20 style=3D"mso-bidi-font-weight: bold"><SPAN=20 style=3D"mso-tab-count: = 1">         =20 </SPAN></SPAN><SPAN style=3D"FONT-SIZE: 12pt">Mr. J. K. Mittal, Advocate = as Amicus=20 Curiae<SPAN style=3D"mso-bidi-font-weight: = bold"><o:p></o:p></SPAN></SPAN></P> <P class=3DMsoNormal><SPAN=20 style=3D"FONT-FAMILY: Arial; mso-bidi-font-weight: = bold"><o:p> </o:p></SPAN></P> <H5 style=3D"TEXT-ALIGN: left" align=3Dleft><SPAN=20 style=3D"FONT-WEIGHT: normal; FONT-SIZE: 13pt; mso-bidi-font-size: = 13.5pt"><SPAN=20 style=3D"mso-tab-count: = 1">         =20 </SPAN>For the Petitioner:<SPAN=20 style=3D"mso-tab-count: = 2">           =20 </SPAN>Mr. Sachin Chopra, Advocate and Mr. Hari<SPAN=20 style=3D"mso-tab-count: = 4">           &nbs= p;           &nbsp= ;         =20 </SPAN><SPAN=20 style=3D"mso-tab-count: = 2">           &nbs= p;      =20 </SPAN>Kishan, Advocate<o:p></o:p></SPAN></H5> <P class=3DMsoNormal><SPAN=20 style=3D"FONT-SIZE: 13pt; FONT-FAMILY: Arial; mso-bidi-font-size: = 12.0pt"><o:p> </o:p></SPAN></P> <P class=3DMsoNormal style=3D"MARGIN-LEFT: 0.5in; TEXT-INDENT: = -0.5in"><SPAN=20 style=3D"FONT-SIZE: 13pt; FONT-FAMILY: Arial; mso-bidi-font-size: = 12.0pt"><SPAN=20 style=3D"mso-tab-count: = 1">         =20 </SPAN>For the RBI:<SPAN=20 style=3D"mso-tab-count: = 3">           &nbs= p;        =20 </SPAN>Mr. Jaideep Gupta, Sr. Advocate with<o:p></o:p></SPAN></P> <P class=3DMsoNormal style=3D"MARGIN-LEFT: 1.5in; TEXT-INDENT: = 0.5in"><SPAN=20 style=3D"FONT-SIZE: 13pt; FONT-FAMILY: Arial; mso-bidi-font-size: = 12.0pt"><SPAN=20 style=3D"mso-tab-count: = 1">         =20 </SPAN>Mr. H. S. Parihar and Mr. K. S. Parihar,<o:p></o:p></SPAN></P> <P class=3DMsoNormal style=3D"MARGIN-LEFT: 1.5in; TEXT-INDENT: = 0.5in"><SPAN=20 style=3D"FONT-SIZE: 13pt; FONT-FAMILY: Arial; mso-bidi-font-size: = 12.0pt"><SPAN=20 style=3D"mso-tab-count: = 1">         =20 </SPAN>Advocates<o:p></o:p></SPAN></P> <P class=3DMsoNormal><SPAN=20 style=3D"FONT-SIZE: 13pt; FONT-FAMILY: Arial; mso-bidi-font-size: = 12.0pt"><o:p> </o:p></SPAN></P> <P class=3DMsoNormal><SPAN=20 style=3D"FONT-SIZE: 13pt; FONT-FAMILY: Arial; mso-bidi-font-size: = 12.0pt"><SPAN=20 style=3D"mso-tab-count: = 1">         =20 </SPAN>For Respondent<o:p></o:p></SPAN></P> <P class=3DMsoNormal><SPAN=20 style=3D"FONT-SIZE: 13pt; FONT-FAMILY: Arial; mso-bidi-font-size: = 12.0pt"><SPAN=20 style=3D"mso-tab-count: = 1">         =20 </SPAN>No.1:<SPAN=20 style=3D"mso-tab-count: = 3">           &nbs= p;        =20 </SPAN><SPAN=20 style=3D"mso-tab-count: = 1">         =20 </SPAN>Mr. Prem Kumar Chugh, Advocate<o:p></o:p></SPAN></P> <P class=3DMsoNormal><SPAN=20 style=3D"FONT-SIZE: 13pt; FONT-FAMILY: Arial; mso-bidi-font-size: = 12.0pt; mso-bidi-font-weight: bold"><o:p> </o:p></SPAN></P> <P class=3DMsoNormal><SPAN=20 style=3D"FONT-SIZE: 13pt; FONT-FAMILY: Arial; mso-bidi-font-size: = 12.0pt; mso-bidi-font-weight: bold"><o:p> </o:p></SPAN></P> <P class=3DMsoNormal><SPAN=20 style=3D"FONT-SIZE: 13pt; FONT-FAMILY: Arial; mso-bidi-font-size: = 12.0pt; mso-bidi-font-weight: bold"><o:p> </o:p></SPAN></P> <P class=3DMsoNormal><SPAN=20 style=3D"FONT-SIZE: 13pt; FONT-FAMILY: Arial; mso-bidi-font-size: = 12.0pt; mso-bidi-font-weight: bold"><o:p> </o:p></SPAN></P> <P class=3DMsoNormal><SPAN=20 style=3D"FONT-SIZE: 13pt; FONT-FAMILY: Arial; mso-bidi-font-size: = 12.0pt; mso-bidi-font-weight: bold"><o:p> </o:p></SPAN></P> <P class=3DMsoNormal><SPAN=20 style=3D"FONT-SIZE: 13pt; FONT-FAMILY: Arial; mso-bidi-font-size: = 12.0pt; mso-bidi-font-weight: bold"><o:p> </o:p></SPAN></P> <P class=3DMsoNormal><SPAN=20 style=3D"FONT-SIZE: 13pt; FONT-FAMILY: Arial; mso-bidi-font-size: = 12.0pt; mso-bidi-font-weight: bold"><o:p> </o:p></SPAN></P> <P class=3DMsoNormal><B><U><SPAN=20 style=3D"FONT-SIZE: 13pt; FONT-FAMILY: Arial; mso-bidi-font-size: = 12.0pt">Dated=20 </SPAN></U></B><st1:date Month=3D"7" Day=3D"7" Year=3D"2008"><B><U><SPAN = style=3D"FONT-SIZE: 13pt; FONT-FAMILY: Arial; mso-bidi-font-size: = 12.0pt">the<SPAN=20 style=3D"mso-spacerun: yes">    = </SPAN>7<SUP>th</SUP><SPAN=20 style=3D"mso-spacerun: yes">  </SPAN>July=20 2008</SPAN></U></B></st1:date><B><U><SPAN=20 style=3D"FONT-SIZE: 13pt; FONT-FAMILY: Arial; mso-bidi-font-size: = 12.0pt"><o:p></o:p></SPAN></U></B></P> <P class=3DMsoNormal><SPAN=20 style=3D"FONT-SIZE: 13pt; FONT-FAMILY: Arial; mso-bidi-font-size: = 12.0pt"><o:p> </o:p></SPAN></P> <P class=3DMsoBodyText2><B><U><SPAN style=3D"FONT-SIZE: 12pt; = LINE-HEIGHT: 200%">M.=20 B. SHAH, J., PRESIDENT</SPAN></U></B><U><SPAN=20 style=3D"FONT-SIZE: 12pt; LINE-HEIGHT: 200%"><o:p></o:p></SPAN></U></P> <P class=3DMsoBodyText2><SPAN=20 style=3D"FONT-SIZE: 12pt; LINE-HEIGHT: = 200%"><o:p> </o:p></SPAN></P> <P class=3DMsoBodyText2><SPAN style=3D"FONT-SIZE: 12pt; LINE-HEIGHT: = 200%"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>In the aforesaid complaint and revision petition, the questions, = which=20 require consideration are:<o:p></o:p></SPAN></P> <P class=3DMsoBodyText2><SPAN style=3D"FONT-SIZE: 12pt; LINE-HEIGHT: = 200%"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>(1) Whether the Reserve Bank of=20 </SPAN><st1:country-region><st1:place><SPAN=20 style=3D"FONT-SIZE: 12pt; LINE-HEIGHT: = 200%">India</SPAN></st1:place></st1:country-region><SPAN=20 style=3D"FONT-SIZE: 12pt; LINE-HEIGHT: 200%"> (hereinafter referred to = as the RBI)=20 is required to issue any circular or guidelines prohibiting the Banks /=20 Non-Banking Financial</SPAN><SPAN=20 style=3D"FONT-SIZE: 13pt; LINE-HEIGHT: 200%; mso-bidi-font-size: = 12.0pt">=20 Institutions / </SPAN><SPAN style=3D"FONT-SIZE: 12pt; LINE-HEIGHT: = 200%">money=20 lenders from charging interest above a specific = rate?<o:p></o:p></SPAN></P> <P class=3DMsoNormal=20 style=3D"MARGIN-TOP: 6pt; LINE-HEIGHT: 200%; TEXT-ALIGN: justify; = mso-layout-grid-align: none"><SPAN=20 style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>At this stage itself, it needs to be noted that, on the one hand, = the=20 rapid expansion of banking facilities and of access to credit<SPAN=20 style=3D"mso-spacerun: yes">  </SPAN>facilities and on the other = hand, it has=20 led, as a result of the aggressive marketing practices adopted, = especially, by=20 the banks, which induce the unsuspecting customers to take loans, in one = form or=20 the other, for purchasing consumer goods and durables even when they are = not=20 quite needed. This makes these consumers debtors forever. Such = indebtedness=20 results in constant tension to repay the loans and the =93EMIs=94 =96 at = times well=20 beyond the borrowers=92 / debtors=92 repaying capacity. The ill effects = of=20 unaffordable EMIs are now being highlighted in the print and other media = almost=20 daily. In the case of motor vehicle loans, for example, the debtor / = borrower is=20 under constant tension that if he fails to pay one or two instalments, = he would=20 receive threats from the so-called =93recovery agents=94</SPAN><SPAN=20 style=3D"FONT-SIZE: 13pt; LINE-HEIGHT: 200%; FONT-FAMILY: Arial; = mso-bidi-font-size: 12.0pt">=20 </SPAN><SPAN style=3D"FONT-FAMILY: Arial">of the banks. The RBI = has</SPAN><SPAN=20 style=3D"FONT-SIZE: 13pt; LINE-HEIGHT: 200%; FONT-FAMILY: Arial; = mso-bidi-font-size: 12.0pt">=20 </SPAN><SPAN style=3D"FONT-FAMILY: Arial">permitted the banks to appoint = =93recovery=20 agents=94 on contract, without perhaps fully appreciating the = implications that=20 these =93recovery agents=94 are usually musclemen, employing whom = increases nothing=20 but goondaism.<o:p></o:p></SPAN></P> <P class=3DMsoNormal><o:p> </o:p></P> <P class=3DMsoBodyText style=3D"LINE-HEIGHT: 200%"><SPAN=20 style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>(2)(a) Whether banks can charge the credit card users interest at = rates=20 ranging from 36% to 49% per annum if there is any delay or default in = payment=20 within the time specified?<o:p></o:p></SPAN></P> <P class=3DMsoNormal style=3D"LINE-HEIGHT: 200%; TEXT-ALIGN: = justify"><SPAN=20 style=3D"FONT-FAMILY: Arial"><o:p> </o:p></SPAN></P> <P class=3DMsoNormal style=3D"LINE-HEIGHT: 200%; TEXT-ALIGN: = justify"><SPAN=20 style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>(b) Whether interest at the above-stated rates amounts to = charging=20 usurious rates of interest?<o:p></o:p></SPAN></P> <P class=3DMsoNormal style=3D"LINE-HEIGHT: 200%; TEXT-ALIGN: = justify"><SPAN=20 style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>In our view, prima facie, charging of interest at rates ranging = from 36%=20 to 49% p.a. is exorbitant and amounts to exploitation of the borrowers / = debtors=20 and is usurious.<o:p></o:p></SPAN></P> <P class=3DMsoNormal style=3D"LINE-HEIGHT: 200%; TEXT-ALIGN: = justify"><SPAN=20 style=3D"FONT-FAMILY: Arial; mso-bidi-font-weight: = bold"><o:p> </o:p></SPAN></P> <P class=3DMsoNormal style=3D"LINE-HEIGHT: 200%; TEXT-ALIGN: = justify"><B><U><SPAN=20 style=3D"FONT-FAMILY: Arial">Oral Submissions</SPAN></U></B><SPAN=20 style=3D"FONT-FAMILY: Arial"><o:p></o:p></SPAN></P> <P class=3DMsoNormal style=3D"LINE-HEIGHT: 200%; TEXT-ALIGN: = justify"><SPAN=20 style=3D"FONT-SIZE: 13pt; LINE-HEIGHT: 200%; FONT-FAMILY: Arial; = mso-bidi-font-size: 12.0pt"><SPAN=20 style=3D"mso-tab-count: = 1">         =20 </SPAN></SPAN><U><SPAN style=3D"FONT-FAMILY: Arial">Whether the RBI can = issue any=20 directions</SPAN></U><SPAN style=3D"FONT-FAMILY: = Arial">?<o:p></o:p></SPAN></P> <P class=3DMsoBodyText style=3D"LINE-HEIGHT: 200%"><SPAN=20 style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>(a) Ms. Indu Malhotra, learned senior counsel appearing on behalf = of the=20 complainants as amicus curiae, has submitted that charging the credit = card=20 holders interest at the rates of 36% to 49% p.a. for their default in = payment=20 is, on the face of it, usurious. She has referred to various circulars = issued by=20 the RBI wherein it is acknowledged that the RBI has been receiving many=20 complaints with regard to banks charging excessive rates of interest and = that by=20 these circulars the RBI has directed the banks not to charge such high = rates of=20 interest. She has further submitted that considering the prime lending = rates=20 fixed by various banks, it is the duty of the RBI to issue a circular = directing=20 that interest should not be charged at rates far beyond a reasonable=20 limit.<o:p></o:p></SPAN></P> <P class=3DMsoBodyText style=3D"LINE-HEIGHT: 200%"><SPAN=20 style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>(b) As against</SPAN><SPAN=20 style=3D"FONT-SIZE: 13pt; LINE-HEIGHT: 200%; FONT-FAMILY: Arial; = mso-bidi-font-size: 12.0pt">=20 </SPAN><SPAN style=3D"FONT-FAMILY: Arial">this, Mr. Jaideep Gupta, = learned senior=20 counsel appearing on behalf of the RBI has submitted that the RBI has = already=20 directed the banks not to charge excessive rates of interest. He has, = however,=20 clarified that at present the policy of the RBI is not to directly = regulate the=20 rates of interest charged by the banks and, therefore, the RBI has left = this=20 matter, subject to the aforesaid advisory, to the Boards of Directors of = the=20 banks. Hence, the RBI cannot be directed to issue any further = instruction as it=20 is a discretionary power conferred under the Banking Regulation Act,=20 1949.<o:p></o:p></SPAN></P> <P class=3DMsoBodyText style=3D"LINE-HEIGHT: 200%"><SPAN=20 style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>(c) Mr. Altaf Ahmed, learned senior counsel appearing for the = Citibank=20 (Opposite Party No.4) has submitted that it is the function of the RBI = to=20 prescribe the maximum rate of interest by exercising its powers under = section=20 35-A of the Banking Regulation Act, 1949. If there is failure on the = part of the=20 RBI to do so, banks cannot be held liable. He has further submitted that = if the=20 RBI is satisfied that in public interest or in the interest of banking = policy or=20 to prevent the affairs of the banking companies being conducted in a = manner=20 detrimental to the interest of the depositors it is necessary to do so, = it can=20 issue such directions. If that is not done, the Citibank, Opposite Party = No.4=20 cannot be held responsible for charging allegedly excessive rate of = interest. He=20 has also submitted that the rate of interest on defaulted or partial = payments of=20 credit card dues is determined by taking into consideration various = factors,=20 including the risks of default, and, therefore, this Commission may not=20 determine the issue, as to whether the interest at the rates of 36% to = 49% p.a.=20 is excessive. It is his contention that as the RBI has prescribed no = standards,=20 the market forces would generate the standards for the rates of interest = and=20 that is the stand of the RBI. He has further submitted that the RBI is = the=20 monetary and banking policy watchdog, and hence it has to check whether = the=20 interest charged by the banks is excessive or not. If any standard is=20 prescribed, then there would not be any difficulty in enforcing the same = because=20 the RBI, as a delegate of Parliament, can issue directions, which are = like=20 subordinate legislation.<o:p></o:p></SPAN></P> <P class=3DMsoBodyText style=3D"LINE-HEIGHT: 200%"><SPAN=20 style=3D"FONT-FAMILY: Arial"><o:p> </o:p></SPAN></P> <P class=3DMsoBodyText style=3D"LINE-HEIGHT: 200%"><B><U><SPAN=20 style=3D"FONT-FAMILY: Arial">Written Submissions</SPAN></U></B><SPAN=20 style=3D"FONT-FAMILY: Arial"><o:p></o:p></SPAN></P> <P class=3DMsoBodyText style=3D"LINE-HEIGHT: 200%"><SPAN=20 style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>In addition to the oral submissions, the RBI as well as some = banks have=20 furnished their exhaustive written submissions, which are as=20 under:<o:p></o:p></SPAN></P> <P class=3DMsoBodyText style=3D"LINE-HEIGHT: 200%"><B><U><SPAN=20 style=3D"FONT-FAMILY: Arial">Written Submissions of the = RBI</SPAN></U></B><SPAN=20 style=3D"FONT-FAMILY: Arial"><o:p></o:p></SPAN></P> <P class=3DMsoBodyText style=3D"LINE-HEIGHT: 200%"><SPAN=20 style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>(1) <B><U>Consumer Fora Have No Jurisdiction Over the=20 RBI</U></B><o:p></o:p></SPAN></P> <P class=3DMsoBodyText=20 style=3D"MARGIN-LEFT: 1in; TEXT-INDENT: -0.5in; LINE-HEIGHT: 200%"><SPAN = style=3D"FONT-FAMILY: Arial">(a)<SPAN=20 style=3D"mso-tab-count: 1">      =20 </SPAN>Complainants are not consumers, as the RBI is not rendering any=20 service.<o:p></o:p></SPAN></P> <P class=3DMsoBodyText=20 style=3D"MARGIN-LEFT: 1in; TEXT-INDENT: -0.5in; LINE-HEIGHT: 200%"><SPAN = style=3D"FONT-FAMILY: Arial">(b)<SPAN=20 style=3D"mso-tab-count: 1">       = </SPAN>The=20 functions exercised by the RBI in relation to credit cards is only = regulatory in=20 nature.<o:p></o:p></SPAN></P> <P class=3DMsoBodyText style=3D"LINE-HEIGHT: 200%"><SPAN=20 style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>(2) However, the Consumer Fora would be entitled to adjudicate = upon the=20 question whether the rate of interest charged by any specific bank = amounts to=20 unfair trade practice, as defined in the Consumer Protection Act, 1986, = and,=20 issue consequential directions based on such finding can be=20 given.<o:p></o:p></SPAN></P> <P class=3DMsoBodyText style=3D"LINE-HEIGHT: 200%"><SPAN=20 style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>(3)(a) The RBI has cautioned the banks not to charge usurious = rates of=20 interest but in accordance with its specific policy not to impose or = recommend=20 any ceiling on the rate of interest that can be charged in respect of = credit=20 card transactions, the RBI has not issued any directions fixing the = maximum rate=20 of interest.<o:p></o:p></SPAN></P> <P class=3DMsoBodyText style=3D"LINE-HEIGHT: 200%"><SPAN=20 style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>(b) It is also not possible for the RBI to determine whether a = particular=20 rate of interest would be ipso facto excessive or usurious. That would = depend=20 upon the facts and circumstances of each transaction, the nature and = profile of=20 the customer to whom the credit card has been issued as well as other = factors=20 which cannot be monitored by the RBI.<o:p></o:p></SPAN></P> <P class=3DMsoBodyText style=3D"LINE-HEIGHT: 200%"><SPAN=20 style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>(c) Even under the Usurious Loans Act, 1918 the phrase = =91excessive=20 interest=92 has been defined as follows:<o:p></o:p></SPAN></P> <P class=3DMsoBodyText style=3D"LINE-HEIGHT: 200%"><SPAN=20 style=3D"FONT-FAMILY: Arial">=94Excessive means in excess of what which = the Court=20 deems to be reasonable having regard to the risk incurred as it = appeared, or=20 must be taken to have appeared, to the creditor on the date of the=20 loan.=94<o:p></o:p></SPAN></P> <P class=3DMsoBodyText style=3D"LINE-HEIGHT: 200%"><SPAN=20 style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>(d) The RBI has been receiving complaints regarding charging = interest at=20 excessive rates and has, in turn, been advising the banks through its = various=20 circulars not to do so. All these circulars have been placed on the = record of=20 this Commission. However, for the non-priority sector personal loans = such as=20 those against credit cards, the banks are free to determine the rate of=20 interest, without reference to their =93benchmark prime lending rates=94 = (BPLR).<o:p></o:p></SPAN></P> <P class=3DMsoBodyText style=3D"LINE-HEIGHT: 200%"><SPAN=20 style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>(4) The actions taken by the RBI in relation to the credit cards = is only=20 regulatory in nature and such actions cannot be made subject matter of=20 proceedings before this Commission, as this Commission has no = jurisdiction to=20 declare the guidelines and instructions issued by the RBI under its = powers=20 conferred by the Banking Regulation Act, 1949, as arbitrary, irrational = or=20 amounting to unfair trade practice.<o:p></o:p></SPAN></P> <P class=3DMsoBodyText style=3D"LINE-HEIGHT: 200%"><B><SPAN=20 style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>(5) Further, a policy decision has been taken by the RBI after=20 liberalization of the economy not to regulate rates of interest charged = by the=20 banks</SPAN></B><SPAN style=3D"FONT-FAMILY: = Arial">.<o:p></o:p></SPAN></P> <P class=3DMsoBodyText style=3D"LINE-HEIGHT: 200%"><B><U><SPAN=20 style=3D"FONT-FAMILY: Arial">Written Submissions of the = HSBC</SPAN></U></B><SPAN=20 style=3D"FONT-FAMILY: Arial"><o:p></o:p></SPAN></P> <P class=3DMsoBodyText style=3D"LINE-HEIGHT: 200%"><SPAN=20 style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>(1) The complainants have no locus standi to file this complaint. = Complainants No.1 and 2 are not voluntary consumer organizations = registered=20 under the provisions of the Companies Act, 1956.<o:p></o:p></SPAN></P> <P class=3DMsoBodyText style=3D"LINE-HEIGHT: 200%"><SPAN=20 style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>(2) By virtue of section 21A of the Banking Regulation Act, 1949, = this=20 complaint is not maintainable because the rates of interest charged by = the=20 banking companies cannot be subjected to scrutiny by the courts. [Re: = <SPAN=20 style=3D"COLOR: black">State Bank of Hyderabad vs. Advath Sakru & = Anr., AIR=20 1994 AP 170; Syndicate Bank=92s case; Central Bank of India vs. Ravindra = &=20 Others (2002) 1 SCC 367].<o:p></o:p></SPAN></SPAN></P> <P class=3DMsoBodyText style=3D"LINE-HEIGHT: 200%"><SPAN=20 style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>(3) The Circulars issued by the RBI have the sanctity of being = statutory=20 circulars for all banking and non-banking companies. But the question = whether a=20 particular rate of interest is excessive or not depends or is to be = determined=20 on the basis of evidence and materials placed before the court in that=20 particular dispute.<o:p></o:p></SPAN></P> <P class=3DMsoBodyText style=3D"LINE-HEIGHT: 200%"><SPAN=20 style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>(4) The RBI, as the regulator and supervisor of the financial = system of=20 the country, has the authority to deal with interest rates fixed by = credit card=20 issuers. In the event a credit card issuer fails to comply with the = requirements=20 of the RBI, the same may be brought to the notice of the RBI for taking=20 appropriate action.<o:p></o:p></SPAN></P> <P class=3DMsoBodyText style=3D"LINE-HEIGHT: 200%"><SPAN=20 style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>(5) But the deregulation by the regulator which holds the domain = of the=20 interest rate as a matter of economic policy clearly recognizes that the = setting=20 of interest rates is governed by an array of factors that have moving = parts and=20 an artificial ceiling on interest rates cannot be justified as charging = of=20 interest rate depends upon various factors.<o:p></o:p></SPAN></P> <P class=3DMsoBodyText style=3D"LINE-HEIGHT: 200%"><SPAN=20 style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>(6) HBSC has further referred to Circular DBOD.=20 </SPAN><st1:place><st1:City><SPAN=20 style=3D"FONT-FAMILY: Arial">Dir.</SPAN></st1:City><SPAN=20 style=3D"FONT-FAMILY: Arial"> </SPAN><st1:State><SPAN=20 style=3D"FONT-FAMILY: Arial">BC</SPAN></st1:State></st1:place><SPAN=20 style=3D"FONT-FAMILY: Arial">. 5/13.03.00/2007-08 dated </SPAN><st1:date = Month=3D"7"=20 Day=3D"1" Year=3D"2007"><SPAN style=3D"FONT-FAMILY: Arial">July 1,=20 2007</SPAN></st1:date><SPAN style=3D"FONT-FAMILY: Arial">, in particular = paragraphs 2.4 and 2.4.1, and contended that the HSBC is complying with = the=20 aforesaid directions.<o:p></o:p></SPAN></P> <P class=3DMsoBodyText style=3D"LINE-HEIGHT: 200%"><SPAN=20 style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>(7) HSBC has also submitted =91A General Note on Pricing of = Credit Cards=92=20 to show how and to what extent interest is charged by the banks on = credit cards.=20 This is summarised below.<o:p></o:p></SPAN></P> <P class=3DMsoBodyText style=3D"LINE-HEIGHT: 200%"><SPAN=20 style=3D"FONT-FAMILY: Arial">=93<B><U>General Note on Pricing of Credit=20 Cards</U></B><SPAN=20 style=3D"mso-bidi-font-weight: bold">=94</SPAN><o:p></o:p></SPAN></P> <P class=3DMsoBodyText style=3D"LINE-HEIGHT: 200%"><SPAN=20 style=3D"FONT-FAMILY: Arial">Credit cards generally carry interest rate, = which is=20 quoted both on a monthly basis and on an annualized basis (Annual = Interest Rate=20 =96 <SPAN style=3D"COLOR: black">APR).<o:p></o:p></SPAN></SPAN></P> <P class=3DMsoBodyText style=3D"LINE-HEIGHT: 200%"><U><SPAN=20 style=3D"COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-weight: = bold">Who and=20 what gets an Interest Rate Billed?</SPAN></U><SPAN=20 style=3D"COLOR: black; FONT-FAMILY: Arial"><o:p></o:p></SPAN></P> <P class=3DMsoBodyText style=3D"LINE-HEIGHT: 200%"><SPAN=20 style=3D"FONT-FAMILY: Arial">The interest due is calculated only on = unpaid=20 balances. A customer<SPAN style=3D"mso-spacerun: yes">  </SPAN>who = pays in=20 full is not charged any interest. A credit card customer who undertakes=20 transactions on his credit in a month and pays the entire amount being = the value=20 of those transaction within the payment due date in the succeeding = month, pays=20 no interest and no late payment charges, and has between 18 and 52 days = to make=20 the payment.<o:p></o:p></SPAN></P> <P class=3DMsoBodyText style=3D"LINE-HEIGHT: 200%"><U><SPAN=20 style=3D"FONT-FAMILY: Arial; mso-bidi-font-weight: bold">Determining = factors for=20 the setting of an interest rate</SPAN></U><SPAN=20 style=3D"FONT-FAMILY: Arial"><o:p></o:p></SPAN></P> <P class=3DMsoBodyText style=3D"LINE-HEIGHT: 200%"><SPAN=20 style=3D"FONT-FAMILY: Arial">Banks seek to obtain a reasonable and fair = return for=20 the credit provided by them to credit card customers. The costs that a = bank=20 takes into account in providing such credit card are, briefly, the=20 following:<o:p></o:p></SPAN></P> <P class=3DMsoBodyText style=3D"LINE-HEIGHT: 200%"><U><SPAN=20 style=3D"FONT-FAMILY: Arial">Bank=92s costs of funds</SPAN></U><SPAN=20 style=3D"FONT-FAMILY: Arial"><o:p></o:p></SPAN></P> <P class=3DMsoBodyText=20 style=3D"MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; LINE-HEIGHT: 200%; = tab-stops: list .25in; mso-list: l12 level1 lfo16"><![if = !supportLists]><SPAN=20 style=3D"FONT-FAMILY: Symbol; mso-fareast-font-family: Symbol; = mso-bidi-font-family: Symbol"><SPAN=20 style=3D"mso-list: Ignore">=B7<SPAN=20 style=3D"FONT: 7pt 'Times New = Roman'">       =20 </SPAN></SPAN></SPAN><![endif]><SPAN style=3D"FONT-FAMILY: Arial">Each = credit card=20 issuing bank=92s costs of funds is different from that of another bank = and is=20 dependent on a number of factors, including the capital and the number = of=20 branches it has (and, therefore, correspondingly the number and size of = the=20 deposits that it can garner for its business of = lending).<o:p></o:p></SPAN></P> <P class=3DMsoBodyText=20 style=3D"MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; LINE-HEIGHT: 200%; = tab-stops: list .25in; mso-list: l12 level1 lfo16"><![if = !supportLists]><SPAN=20 style=3D"FONT-FAMILY: Symbol; mso-fareast-font-family: Symbol; = mso-bidi-font-family: Symbol"><SPAN=20 style=3D"mso-list: Ignore">=B7<SPAN=20 style=3D"FONT: 7pt 'Times New = Roman'">       =20 </SPAN></SPAN></SPAN><![endif]><SPAN style=3D"FONT-FAMILY: Arial">A = substantial=20 portion of credit card customers do avail of the interest-free credit = period to=20 the maximum limit.<o:p></o:p></SPAN></P> <P class=3DMsoBodyText=20 style=3D"MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; LINE-HEIGHT: 200%; = tab-stops: list .25in; mso-list: l12 level1 lfo16"><![if = !supportLists]><SPAN=20 style=3D"FONT-FAMILY: Symbol; mso-fareast-font-family: Symbol; = mso-bidi-font-family: Symbol"><SPAN=20 style=3D"mso-list: Ignore">=B7<SPAN=20 style=3D"FONT: 7pt 'Times New = Roman'">       =20 </SPAN></SPAN></SPAN><![endif]><SPAN style=3D"FONT-FAMILY: Arial">Cost = to the bank=20 of non-performing loans (i.e., bad debts on account of non-payment of=20 dues).<o:p></o:p></SPAN></P> <P class=3DMsoBodyText=20 style=3D"MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; LINE-HEIGHT: 200%; = tab-stops: list .25in; mso-list: l12 level1 lfo16"><![if = !supportLists]><SPAN=20 style=3D"FONT-FAMILY: Symbol; mso-fareast-font-family: Symbol; = mso-bidi-font-family: Symbol"><SPAN=20 style=3D"mso-list: Ignore">=B7<SPAN=20 style=3D"FONT: 7pt 'Times New = Roman'">       =20 </SPAN></SPAN></SPAN><![endif]><SPAN style=3D"FONT-FAMILY: Arial">Credit = card=20 issuing banks have credit card customers who default on their dues, and = have to=20 factor in the cost of write offs and losses incurred on account of=20 delinquency.<o:p></o:p></SPAN></P> <P class=3DMsoBodyText=20 style=3D"MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; LINE-HEIGHT: 200%; = tab-stops: list .25in; mso-list: l12 level1 lfo16"><![if = !supportLists]><SPAN=20 style=3D"FONT-FAMILY: Symbol; mso-fareast-font-family: Symbol; = mso-bidi-font-family: Symbol"><SPAN=20 style=3D"mso-list: Ignore">=B7<SPAN=20 style=3D"FONT: 7pt 'Times New = Roman'">       =20 </SPAN></SPAN></SPAN><![endif]><SPAN style=3D"FONT-FAMILY: Arial">The = bank=92s=20 account acquisition costs and costs related to the maintenance, and the = bank=92s=20 costs of marketing promotions, offers and rewards.<o:p></o:p></SPAN></P> <P class=3DMsoBodyText=20 style=3D"MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; LINE-HEIGHT: 200%; = tab-stops: list .25in; mso-list: l12 level1 lfo16"><![if = !supportLists]><SPAN=20 style=3D"FONT-FAMILY: Symbol; mso-fareast-font-family: Symbol; = mso-bidi-font-family: Symbol"><SPAN=20 style=3D"mso-list: Ignore">=B7<SPAN=20 style=3D"FONT: 7pt 'Times New = Roman'">       =20 </SPAN></SPAN></SPAN><![endif]><SPAN style=3D"FONT-FAMILY: Arial">In a = competitive=20 market like </SPAN><st1:country-region><st1:place><SPAN=20 style=3D"FONT-FAMILY: = Arial">India</SPAN></st1:place></st1:country-region><SPAN=20 style=3D"FONT-FAMILY: Arial">, acquisition costs are inevitable and = substantial.=20 Services include 24 hours =96 7 days a week call centers, =91phone = banking=92 customer=20 care assistance, ATM cash withdrawal facility, free statement = renditions, free=20 e-mail and mobile alerts, and costs of a host of value added features = for the=20 benefit of customers.<o:p></o:p></SPAN></P> <P class=3DMsoBodyText style=3D"LINE-HEIGHT: 200%"><U><SPAN=20 style=3D"FONT-FAMILY: Arial">Interest rates can be charged in two=20 ways</SPAN></U><SPAN style=3D"FONT-FAMILY: Arial"><o:p></o:p></SPAN></P> <P class=3DMsoBodyText=20 style=3D"MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; LINE-HEIGHT: 200%; = tab-stops: list .25in; mso-list: l10 level1 lfo17"><![if = !supportLists]><SPAN=20 style=3D"FONT-FAMILY: Symbol; mso-fareast-font-family: Symbol; = mso-bidi-font-family: Symbol"><SPAN=20 style=3D"mso-list: Ignore">=B7<SPAN=20 style=3D"FONT: 7pt 'Times New = Roman'">       =20 </SPAN></SPAN></SPAN><![endif]><SPAN style=3D"FONT-FAMILY: = Arial">Variable: These=20 are interest rates, which are assessed based on a =93market=94 index. = For such=20 interest rates, banks adopt an index rate, and then include a constant = factor to=20 the index rate. E.g., in the United States of America, in general, the = credit=20 card interest rate is set at =93Prime=94 index (or =93LIBOR=94), e.g., = Prime + 6.99%.=20 The index is market linked and disclosed in all major publications. The = interest=20 rate then moves each time the index move.<o:p></o:p></SPAN></P> <P class=3DMsoBodyText=20 style=3D"MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in; LINE-HEIGHT: 200%; = tab-stops: list .25in; mso-list: l10 level1 lfo17"><![if = !supportLists]><SPAN=20 style=3D"FONT-FAMILY: Symbol; mso-fareast-font-family: Symbol; = mso-bidi-font-family: Symbol"><SPAN=20 style=3D"mso-list: Ignore">=B7<SPAN=20 style=3D"FONT: 7pt 'Times New = Roman'">       =20 </SPAN></SPAN></SPAN><![endif]><SPAN style=3D"FONT-FAMILY: Arial">Fixed: = These=20 interest rates are typically constant<SPAN style=3D"mso-spacerun: = yes"> =20 </SPAN>over time and the customer enjoys a =93known=94 interest. Each = time the rate=20 needs to change, the customer is informed.=94<o:p></o:p></SPAN></P> <P class=3DMsoBodyText style=3D"LINE-HEIGHT: 200%"><SPAN=20 style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>(8) Thereafter, HSBC has submitted as to how the rate of interest = is=20 being charged on credit cards in various countries, which we would = reproduce in=20 the subsequent paragraphs.<o:p></o:p></SPAN></P> <P class=3DMsoBodyText style=3D"LINE-HEIGHT: 200%"><B><U><SPAN=20 style=3D"FONT-FAMILY: Arial">Written Submissions of the American Express = Bank</SPAN></U></B><SPAN style=3D"FONT-FAMILY: = Arial"><o:p></o:p></SPAN></P> <P class=3DMsoBodyText style=3D"LINE-HEIGHT: 200%"><SPAN=20 style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>(1) Under the Consumer Protection Act, 1986, the Consumer Fora = have no=20 jurisdiction to determine the fixing of rates of interest on credit = cards by the=20 banks contrary to the directives of the RBI under the statutory=20 provisions.<o:p></o:p></SPAN></P> <P class=3DMsoBodyText style=3D"LINE-HEIGHT: 200%"><SPAN=20 style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>(2) The Consumer Protection Act, 1986 does not provide for = interference=20 by the National Commission in the functioning of the regulator=20 (RBI).<o:p></o:p></SPAN></P> <P class=3DMsoBodyText style=3D"LINE-HEIGHT: 200%"><SPAN=20 style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>(3) In any case, appropriate remedy for the consumers would be to = approach the High Court under Art.226.<o:p></o:p></SPAN></P> <P class=3DMsoBodyText style=3D"LINE-HEIGHT: 200%"><SPAN=20 style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>(4) As long as the banks are functioning within the four corners = of the=20 statutory guidelines under the Banking Regulation Act, 1949, there is no = cause=20 of action available to even assert a plea of =91unfair trade practice=92 = or =91any=20 deficiency in service=92.<o:p></o:p></SPAN></P> <P class=3DMsoBodyText style=3D"LINE-HEIGHT: 200%"><SPAN=20 style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>(5) The credit card operations are in the nature of high risk = unsecured=20 lending and hence there is justification of a higher rate of=20 interest.<o:p></o:p></SPAN></P> <P class=3DMsoBodyText style=3D"LINE-HEIGHT: 200%"><SPAN=20 style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>(6) It is incorrect to state that by virtue of the Credit Bureau = the=20 credit card operations have now become safe. In fact the credit history = of=20 customers is not easily identifiable or assessable thus the risk from=20 non-performing assets is higher. The market in=20 </SPAN><st1:country-region><st1:place><SPAN=20 style=3D"FONT-FAMILY: = Arial">India</SPAN></st1:place></st1:country-region><SPAN=20 style=3D"FONT-FAMILY: Arial"> is still at a developing stage and there = are slim=20 chances of recovery against defaulters <SPAN=20 style=3D"mso-bidi-font-weight: bold">in view of the legal complexities=20 involved</SPAN>. Emerging markets like=20 </SPAN><st1:country-region><st1:place><SPAN=20 style=3D"FONT-FAMILY: = Arial">India</SPAN></st1:place></st1:country-region><SPAN=20 style=3D"FONT-FAMILY: Arial"> also have a high cost of acquisition and = high cost=20 of servicing an account as compared to other mature=20 markets.<o:p></o:p></SPAN></P> <P class=3DMsoBodyText style=3D"LINE-HEIGHT: 200%"><SPAN=20 style=3D"FONT-FAMILY: Arial">The <B style=3D"mso-bidi-font-weight: = normal">Written=20 Submissions of the Citibank, N. A.</B> and the <B=20 style=3D"mso-bidi-font-weight: normal">Standard Chartered Bank</B> are = on the same=20 lines as those of the HSBC.<o:p></o:p></SPAN></P> <P class=3DMsoBodyText2><B><U><SPAN=20 style=3D"FONT-SIZE: 12pt; LINE-HEIGHT: = 200%">Findings</SPAN></U></B><SPAN=20 style=3D"FONT-SIZE: 12pt; LINE-HEIGHT: 200%"><o:p></o:p></SPAN></P> <P class=3DMsoBodyText style=3D"LINE-HEIGHT: 200%"><B><SPAN=20 style=3D"FONT-FAMILY: Arial">I.<SPAN=20 style=3D"mso-tab-count: = 1">         =20 </SPAN></SPAN></B><SPAN style=3D"FONT-FAMILY: Arial">Whether a complaint = under the=20 Consumer Protection Act, 1986, alleging deficiency in service as = contemplated=20 under the Banking Regulation Act, 1949, is maintainable against the=20 RBI?<o:p></o:p></SPAN></P> <P class=3DMsoBodyText style=3D"LINE-HEIGHT: 200%"><SPAN=20 style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>(1) At the outset it is made clear that a complaint under the = Consumer=20 Protection Act, 1986 to curb unfair trade practice(s) adopted by the = banks is=20 maintainable.<o:p></o:p></SPAN></P> <P class=3DMsoBodyText style=3D"LINE-HEIGHT: 200%"><SPAN=20 style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>One of the objects and reasons of the Consumer Protection Act, = 1986 is,=20 =93the right to be informed about the quality, quantity, potency, = purity, standard=20 and price of goods to protect the consumer against unfair trade=20 practice=94.<o:p></o:p></SPAN></P> <P class=3DMsoBodyText style=3D"LINE-HEIGHT: 200%"><SPAN=20 style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>Similarly, section 6(b) of this Act provides that functions of = the=20 Central Council shall be, inter alia, to promote and protect the rights = of the=20 consumers against unfair trade practice. Thereafter, sec.14(1)(f), inter = alia,=20 empowers the Consumer Fora to direct traders or service providers to = discontinue=20 an unfair or restrictive trade practice or not to repeat=20 them.<o:p></o:p></SPAN></P> <P class=3DMsoBodyText style=3D"TEXT-INDENT: 0.5in; LINE-HEIGHT: = 200%"><SPAN=20 style=3D"FONT-FAMILY: Arial">Further, unfair trade practice is defined = very widely=20 under section 2(1)(r), which reads as under:<o:p></o:p></SPAN></P> <P class=3DMsoNormal=20 style=3D"MARGIN: 4pt 0in 0pt 71.25pt; LINE-HEIGHT: 200%; TEXT-ALIGN: = justify"><SPAN=20 style=3D"LINE-HEIGHT: 200%; FONT-FAMILY: Arial; mso-bidi-font-size: = 10.0pt">=932(1)=20 (r) =93<B>unfair trade practice</B>" means a trade practice which, for = the purpose=20 of promoting the sale, use or supply of any goods or for the provision = of any=20 service, <B>adopts any unfair method</B> or <B>unfair</B> or deceptive=20 <B>practice</B> including any of the following practices, namely,=20 =85..=94<o:p></o:p></SPAN></P> <P class=3DMsoNormal><B><SPAN style=3D"FONT-FAMILY: Arial">We are not = concerned with=20 the inclusive part of the definition.<o:p></o:p></SPAN></B></P> <P style=3D"MARGIN: 0in 0in 0pt"><SPAN=20 style=3D"FONT-FAMILY: Arial"><o:p> </o:p></SPAN></P> <P class=3DMsoNormal style=3D"LINE-HEIGHT: 200%"><B><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN></B><SPAN style=3D"FONT-FAMILY: Arial">Thereafter, section = 2(1)(o) reads as=20 under:<o:p></o:p></SPAN></P> <P class=3DMsoNormal=20 style=3D"MARGIN: 4pt 0in 0pt 1in; LINE-HEIGHT: 200%; TEXT-ALIGN: = justify"><SPAN=20 style=3D"LINE-HEIGHT: 200%; FONT-FAMILY: Arial; mso-bidi-font-size: = 10.0pt">=932(1)(o)=20 "service" means service of any description which is made available = to=20 potential users and includes, but not limited to, <B>the provision = of =20 facilities in connection with banking</B>, financing, insurance, = transport,=20 processing, supply of electrical or other energy, board or lodging or = both,=20 housing construction, entertainment, amusement or the purveying of news = or other=20 information, but does not include the rendering of any service free of = charge or=20 under a contract of personal service;=94<o:p></o:p></SPAN></P> <P class=3DMsoNormal style=3D"LINE-HEIGHT: 200%; TEXT-ALIGN: = justify"><SPAN=20 style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>The aforesaid sub-section would establish beyond doubt that if = the=20 service provided by the bank in connection with banking facilities is = deficient,=20 then it would be =91service=92 as<SPAN style=3D"mso-spacerun: = yes"> =20 </SPAN>contemplated under the Act and any dispute pertaining to such = service=20 would be governed under the Consumer Protection Act, = 1986.<o:p></o:p></SPAN></P> <P class=3DMsoNormal style=3D"LINE-HEIGHT: 200%; TEXT-ALIGN: = justify"><SPAN=20 style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>Hence, if there is any unfair trade practice on the part of = banks, the=20 provisions of the Consumer Protection Act, 1986 would be applicable and = the=20 banks can be directed, as provided under sec.14(1)(f), to discontinue = such=20 unfair trade practice and not to repeat them. Hence, to contend that a = complaint=20 under Consumer Protection Act, 1986 against the banks is not = maintainable, is of=20 no substance.<o:p></o:p></SPAN></P> <P class=3DMsoNormal style=3D"LINE-HEIGHT: 200%; TEXT-ALIGN: = justify"><SPAN=20 style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>(2) Further, section 2(1)(b) provides who can be a complainant. = It reads=20 as under:<o:p></o:p></SPAN></P> <P class=3DMsoNormal=20 style=3D"MARGIN: 4pt 0in 0pt 71.25pt; TEXT-INDENT: 0.75pt; LINE-HEIGHT: = 200%; tab-stops: 405.0pt"><SPAN=20 style=3D"LINE-HEIGHT: 200%; FONT-FAMILY: Arial; mso-bidi-font-size: = 10.0pt">=93(2)(1)(b)=20 "complainant" means=97<o:p></o:p></SPAN></P> <P class=3DMsoNormal=20 style=3D"MARGIN: 4pt 0in 0pt 108.3pt; TEXT-INDENT: -37.05pt; = LINE-HEIGHT: 200%; TEXT-ALIGN: justify; tab-stops: 405.0pt"><SPAN=20 style=3D"LINE-HEIGHT: 200%; FONT-FAMILY: Arial; mso-bidi-font-size: = 10.0pt">(i)<SPAN=20 style=3D"mso-tab-count: = 1">        =20 </SPAN>a consumer; or<o:p></o:p></SPAN></P> <P class=3DMsoNormal=20 style=3D"MARGIN: 4pt 0in 0pt 108.3pt; TEXT-INDENT: -37.05pt; = LINE-HEIGHT: 200%; TEXT-ALIGN: justify; tab-stops: 405.0pt"><SPAN=20 style=3D"LINE-HEIGHT: 200%; FONT-FAMILY: Arial; mso-bidi-font-size: = 10.0pt">(ii)<SPAN=20 style=3D"mso-tab-count: 1">        = </SPAN>any=20 voluntary consumer association registered under the Companies Act, 1956 = (1of=20 1956)or <B>under any other law for the time being in force</B>;=20 or<o:p></o:p></SPAN></P> <P class=3DMsoNormal=20 style=3D"MARGIN: 4pt 0in 0pt 108.3pt; TEXT-INDENT: -37.05pt; = LINE-HEIGHT: 200%; TEXT-ALIGN: justify; tab-stops: 405.0pt"><SPAN=20 style=3D"LINE-HEIGHT: 200%; FONT-FAMILY: Arial; mso-bidi-font-size: = 10.0pt">(iii)<SPAN=20 style=3D"mso-tab-count: 1">       = </SPAN>the Central=20 Government or any State Government; or<o:p></o:p></SPAN></P> <P class=3DMsoNormal=20 style=3D"MARGIN: 4pt 0in 0pt 108.3pt; TEXT-INDENT: -37.05pt; = LINE-HEIGHT: 200%; TEXT-ALIGN: justify; tab-stops: 405.0pt"><SPAN=20 style=3D"LINE-HEIGHT: 200%; FONT-FAMILY: Arial; mso-bidi-font-size: = 10.0pt">(iv)<SPAN=20 style=3D"mso-tab-count: 1">       = </SPAN><B>one or=20 more consumers</B>, where <B>there are numerous consumers having = the same=20 interest</B>;<o:p></o:p></SPAN></P> <P class=3DMsoNormal=20 style=3D"MARGIN: 4pt 0in 0pt 108.3pt; TEXT-INDENT: -37.05pt; = LINE-HEIGHT: 200%; TEXT-ALIGN: justify; tab-stops: 405.0pt"><SPAN=20 style=3D"LINE-HEIGHT: 200%; FONT-FAMILY: Arial; mso-bidi-font-size: = 10.0pt">(v)<SPAN=20 style=3D"mso-tab-count: 1">        = </SPAN>in=20 case of death of a consumer, his legal heir or representative; who or = which=20 makes a complaint;=94<o:p></o:p></SPAN></P> <P class=3DMsoBodyText style=3D"LINE-HEIGHT: 200%"><SPAN=20 style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>Similarly, the word =91complaint=92 as defined under section = 2(1)(c) reads as=20 under:<o:p></o:p></SPAN></P> <P class=3DMsoNormal=20 style=3D"MARGIN: 4pt 0in 0pt 0.5in; TEXT-INDENT: 0.5in; LINE-HEIGHT: = 200%"><SPAN=20 style=3D"LINE-HEIGHT: 200%; FONT-FAMILY: Arial; mso-bidi-font-size: = 10.0pt">=93(c)<SPAN=20 style=3D"mso-tab-count: 1">      = </SPAN>"complaint" means=20 any <B>allegation in writing made by a complainant=20 that</B>=97<o:p></o:p></SPAN></P> <P class=3DMsoNormal=20 style=3D"MARGIN: 4pt 0in 0pt 108.3pt; TEXT-INDENT: -37.05pt; = LINE-HEIGHT: 200%; TEXT-ALIGN: justify"><SPAN=20 style=3D"LINE-HEIGHT: 200%; FONT-FAMILY: Arial; mso-bidi-font-size: = 10.0pt">(i)<SPAN=20 style=3D"mso-tab-count: = 1">        =20 </SPAN>an <B>unfair trade practice</B> or a restrictive trade = <B>practice has=20 been adopted by any trader or service = provider;</B><o:p></o:p></SPAN></P> <P class=3DMsoNormal=20 style=3D"MARGIN: 4pt 0in 0pt 108.3pt; TEXT-INDENT: -37.05pt; = LINE-HEIGHT: 200%; TEXT-ALIGN: justify"><SPAN=20 style=3D"LINE-HEIGHT: 200%; FONT-FAMILY: Arial; mso-bidi-font-size: = 10.0pt">(ii)<SPAN=20 style=3D"mso-tab-count: 1">        = </SPAN>the=20 goods bought by him or agreed to be bought by him; suffer from one or = more=20 defects;<o:p></o:p></SPAN></P> <P class=3DMsoNormal=20 style=3D"MARGIN: 4pt 0in 0pt 108.3pt; TEXT-INDENT: -37.05pt; = LINE-HEIGHT: 200%; TEXT-ALIGN: justify"><SPAN=20 style=3D"LINE-HEIGHT: 200%; FONT-FAMILY: Arial; mso-bidi-font-size: = 10.0pt">(iii)<SPAN=20 style=3D"mso-tab-count: 1">       = </SPAN>the=20 services hired or availed of or agreed to be hired or availed of by him = suffer=20 from deficiency in any respect;<o:p></o:p></SPAN></P> <P class=3DMsoNormal=20 style=3D"MARGIN: 4pt 0in 0pt 108.3pt; TEXT-INDENT: -37.05pt; = LINE-HEIGHT: 200%; TEXT-ALIGN: justify"><SPAN=20 style=3D"LINE-HEIGHT: 200%; FONT-FAMILY: Arial; mso-bidi-font-size: = 10.0pt">=85=85=85=85=85=85=85=85=85=85..<o:p></o:p></SPAN></P> <P class=3DMsoNormal=20 style=3D"MARGIN: 4pt 0in 0pt 108.3pt; TEXT-INDENT: -37.05pt; = LINE-HEIGHT: 200%; TEXT-ALIGN: justify"><SPAN=20 style=3D"LINE-HEIGHT: 200%; FONT-FAMILY: Arial; mso-bidi-font-size: = 10.0pt">=85=85=85=85=85=85=85=85=85=85..<o:p></o:p></SPAN></P> <P class=3DMsoNormal=20 style=3D"MARGIN-TOP: 4pt; LINE-HEIGHT: 200%; TEXT-ALIGN: justify"><SPAN=20 style=3D"LINE-HEIGHT: 200%; FONT-FAMILY: Arial; mso-bidi-font-size: = 10.0pt"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>In this connection, the meaning of the word =91deficiency=92 as = defined in=20 </SPAN><SPAN style=3D"FONT-FAMILY: Arial">section</SPAN><SPAN=20 style=3D"LINE-HEIGHT: 200%; FONT-FAMILY: Arial; mso-bidi-font-size: = 10.0pt">=20 2(1)(g) is also relevant:<o:p></o:p></SPAN></P> <P class=3DMsoNormal=20 style=3D"MARGIN: 4pt 0in 0pt 1in; LINE-HEIGHT: 200%; TEXT-ALIGN: = justify"><SPAN=20 style=3D"LINE-HEIGHT: 200%; FONT-FAMILY: Arial; mso-bidi-font-size: = 10.0pt">=932(1)(</SPAN><SPAN=20 style=3D"LINE-HEIGHT: 200%; FONT-FAMILY: Arial; mso-bidi-font-size: = 10.0pt; mso-fareast-font-family: Arial">g)</SPAN><SPAN=20 style=3D"LINE-HEIGHT: 200%; mso-bidi-font-size: 7.0pt; = mso-fareast-font-family: Arial">=20 </SPAN><SPAN=20 style=3D"LINE-HEIGHT: 200%; FONT-FAMILY: Arial; mso-bidi-font-size: = 10.0pt; mso-bidi-font-family: 'Times New Roman'">"deficiency"=20 means <B>any fault</B>, <B>imperfection</B>, <B>shortcoming </B>or=20 inadequacy in the quality, nature and <B>manner of performance</B> = <B>which=20 is required to be maintained by or under any law for the time being = </B>in force=20 or has been undertaken to be performed by a person in pursuance of a = contract or=20 otherwise in relation to any service;=94</SPAN><SPAN=20 style=3D"LINE-HEIGHT: 200%; FONT-FAMILY: Arial; mso-bidi-font-size: = 10.0pt"><o:p></o:p></SPAN></P> <P class=3DMsoBodyText2><SPAN style=3D"FONT-SIZE: 12pt; LINE-HEIGHT: = 200%"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>(3) All these provisions read together would establish beyond = doubt that=20 the present complaint is maintainable, if unfair trade practice is = adopted by=20 the banks. Further, complainant no.1 is a registered public trust; = complainant=20 No.2 is a consumer organization; and complainant No.3 is a consumer. = Therefore,=20 the complaint filed by them for the alleged unfair trade practice of the = banks=20 is maintainable under the Consumer Protection Act, 1986. Not only this, = the word=20 =91deficiency=92 as defined would mean any shortcoming or inadequacy in = the manner=20 of performance which is required to be maintained by or under any law = for the=20 time being in force. Therefore, if the Banking Regulation Act, 1949 = requires=20 that the RBI shall discharge certain functions in the public interest = and the=20 RBI does not discharge such functions, it would amount to unfair trade = practice.=20 But that question is not required to be dealt with finally in this=20 matter.<o:p></o:p></SPAN></P> <P class=3DMsoBodyText2><B><SPAN=20 style=3D"FONT-SIZE: 12pt; LINE-HEIGHT: 200%">II.</SPAN></B><SPAN=20 style=3D"FONT-SIZE: 12pt; LINE-HEIGHT: 200%"><SPAN=20 style=3D"mso-tab-count: = 1">        =20 </SPAN>Whether interest at rates ranging from 36% to 49% p.a. amounts to = usurious rate of interest?<o:p></o:p></SPAN></P> <P class=3DMsoBodyText2><SPAN style=3D"FONT-SIZE: 12pt; LINE-HEIGHT: = 200%"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>(1)<SPAN style=3D"mso-tab-count: = 1">      =20 </SPAN><U>Article in the Financial Express</U>.<o:p></o:p></SPAN></P> <P class=3DMsoBodyText2><SPAN style=3D"FONT-SIZE: 12pt; LINE-HEIGHT: = 200%"><SPAN=20 style=3D"mso-tab-count: = 2">           &nbs= p;           =20 </SPAN><SPAN style=3D"mso-spacerun: yes"> </SPAN>At this stage, we = would=20 quote a lead editorial published on </SPAN><st1:date Month=3D"5" = Day=3D"14"=20 Year=3D"2008"><SPAN style=3D"FONT-SIZE: 12pt; LINE-HEIGHT: = 200%">14<SUP>th</SUP>=20 May, 2008</SPAN></st1:date><SPAN style=3D"FONT-SIZE: 12pt; LINE-HEIGHT: = 200%"> in=20 the Financial Express wherein it has been stated as = under:<o:p></o:p></SPAN></P> <P class=3DMsoNormal=20 style=3D"MARGIN-LEFT: 0.5in; LINE-HEIGHT: 200%; TEXT-ALIGN: = justify"><SPAN=20 style=3D"FONT-FAMILY: Arial">=93<B>Rates on credit cards are very high.=20 Why</B>?<o:p></o:p></SPAN></P> <P class=3DMsoNormal=20 style=3D"MARGIN-LEFT: 0.5in; LINE-HEIGHT: 200%; TEXT-ALIGN: = justify"><SPAN=20 style=3D"FONT-FAMILY: Arial">Prime lending rates haven=92t gone up = following RBI=92s=20 squeeze through CRR, but sub-PLR rates are being hiked by banks and = these=20 include rates on credit cards. <B>Indian card users pay some of the = highest=20 rates in the world</B>. On average, card issuers charge around 36% = interest=20 annually, topped by other charges. So, as banks raise credit card rates = further,=20 the question always relevant becomes sharper: why do Indians pay close = <B>to 40%=20 annually when Americans pay around 13%</B>? American banks settled for = this rate=20 in the early years of this decade. No simple explanation suffices to = rationalize=20 the difference. <B>Cost of funds, lower in=20 </B></SPAN><st1:country-region><st1:place><B><SPAN=20 style=3D"FONT-FAMILY: = Arial">America</SPAN></B></st1:place></st1:country-region><B><SPAN=20 style=3D"FONT-FAMILY: Arial">, can=92t by itself explain = it</SPAN></B><SPAN=20 style=3D"FONT-FAMILY: Arial">. Again, while it is true that strict laws=20 against<SPAN style=3D"mso-spacerun: yes">  </SPAN>=93usury=94 used = to operate in=20 many<SPAN style=3D"mso-spacerun: yes">  </SPAN>American states and = they=20 capped interest rates, this legacy has been shaken off by the banking = industry,=20 which now charges interest rates the market can = bear.<o:p></o:p></SPAN></P> <P class=3DMsoNormal=20 style=3D"MARGIN-LEFT: 0.5in; LINE-HEIGHT: 200%; TEXT-ALIGN: = justify"><SPAN=20 style=3D"FONT-FAMILY: Arial">What about=20 </SPAN><st1:country-region><st1:place><SPAN=20 style=3D"FONT-FAMILY: = Arial">India</SPAN></st1:place></st1:country-region><SPAN=20 style=3D"FONT-FAMILY: Arial">=92s credit card industry? Does it have = something=20 peculiar that explains high interest rates? There are no detailed = studies in the=20 public domain on the profitability of credit card operations in=20 </SPAN><st1:country-region><st1:place><SPAN=20 style=3D"FONT-FAMILY: = Arial">India</SPAN></st1:place></st1:country-region><SPAN=20 style=3D"FONT-FAMILY: Arial">. <B>But available evidence suggests costs = of=20 operations are high because rates of default are high. Apparently, one = in every=20 ten cardholder in India defaults while one in 25 does in the US</B>. = This does=20 represent a significant cost and Indian credit card issuers have to = factor this=20 in while calculating rates. Issuers also point out that that the = presence of a=20 nationwide credit reporting system that makes assessment of credit = worthiness=20 easier, more certain and less costly can improve their business. = <B>However, all=20 this still doesn=92t fully explain the high rates. In 2005, RBI=92s = working group on=20 credit card business had reported that globally credit cards were = regulated not=20 by central banks <I>per se</I>, but by consumer/fair trade regulators = and=20 laws</B>. <B>These institutions, unfortunately, are weak in India</B>. = The=20 central bank did send out a guideline on credit card operations that = resulted in=20 higher levels of disclosure of transaction details to consumers. It also = asked=20 for rates to be rationalized. But the RBI cannot and should not =96 and, = in this=20 case, does not seem to want to =96 fix credit card interest rates. Only = more=20 competition, better information system and lower defaults can bring = rates down.=20 <B>That sounds like a long-term solution. Sadly, it=20 is</B>=94.<o:p></o:p></SPAN></P> <P class=3DMsoBodyText2><SPAN style=3D"FONT-SIZE: 12pt; LINE-HEIGHT: = 200%"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>The comment in the aforesaid editorial is that globally credit = cards are=20 regulated not by central banks per se, but by consumer/fair trade = regulators and=20 laws. This institution is unfortunately weak in=20 </SPAN><st1:country-region><st1:place><SPAN=20 style=3D"FONT-SIZE: 12pt; LINE-HEIGHT: = 200%">India</SPAN></st1:place></st1:country-region><SPAN=20 style=3D"FONT-SIZE: 12pt; LINE-HEIGHT: 200%">.<o:p></o:p></SPAN></P> <P class=3DMsoBodyText2><SPAN style=3D"FONT-SIZE: 12pt; LINE-HEIGHT: = 200%"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>In our view, the aforesaid comments are justified to some extent = because=20 the Central Consumer Protection Council constituted under section 6 of = the Act=20 has not taken notice of the banks charging excessive rate of interest = from the=20 credit card holders.<o:p></o:p></SPAN></P> <P class=3DMsoBodyText2><SPAN style=3D"FONT-SIZE: 12pt; LINE-HEIGHT: = 200%">(2)<SPAN=20 style=3D"mso-tab-count: 1">       = </SPAN><U>Rate of=20 interest charged from credit card holders in other=20 countries</U><o:p></o:p></SPAN></P> <P class=3DMsoBodyText style=3D"LINE-HEIGHT: 200%"><SPAN=20 style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN><SPAN style=3D"mso-spacerun: yes"> </SPAN>We would now refer = to some=20 </SPAN><SPAN=20 style=3D"FONT-SIZE: 13pt; LINE-HEIGHT: 200%; FONT-FAMILY: Arial; = mso-bidi-font-size: 12.0pt">examples=20 of the credit card interest rates in various countries and the defence = for=20 charging interest at rates of 32% to 42%, as stated by the HSBC in its = written=20 submissions. These are as under:<o:p></o:p></SPAN></P> <P class=3DMsoBodyText style=3D"LINE-HEIGHT: 200%"><SPAN=20 style=3D"FONT-SIZE: 13pt; LINE-HEIGHT: 200%; FONT-FAMILY: Arial; = mso-bidi-font-size: 12.0pt">=93<U>Examples=20 of rate scenario</U><o:p></o:p></SPAN></P> <P class=3DMsoBodyText style=3D"TEXT-INDENT: 0.5in; LINE-HEIGHT: = 200%"><SPAN=20 style=3D"FONT-SIZE: 13pt; LINE-HEIGHT: 200%; FONT-FAMILY: Arial; = mso-bidi-font-size: 12.0pt">The=20 </SPAN><st1:country-region><st1:place><B><SPAN=20 style=3D"FONT-SIZE: 13pt; LINE-HEIGHT: 200%; FONT-FAMILY: Arial; = mso-bidi-font-size: 12.0pt">United=20 States of America</SPAN></B></st1:place></st1:country-region><SPAN=20 style=3D"FONT-SIZE: 13pt; LINE-HEIGHT: 200%; FONT-FAMILY: Arial; = mso-bidi-font-size: 12.0pt">=20 and the </SPAN><st1:country-region><st1:place><B><SPAN=20 style=3D"FONT-SIZE: 13pt; LINE-HEIGHT: 200%; FONT-FAMILY: Arial; = mso-bidi-font-size: 12.0pt">United=20 Kingdom</SPAN></B></st1:place></st1:country-region><SPAN=20 style=3D"FONT-SIZE: 13pt; LINE-HEIGHT: 200%; FONT-FAMILY: Arial; = mso-bidi-font-size: 12.0pt">,=20 both of which are considered <B>mature = markets</B>.<o:p></o:p></SPAN></P> <P class=3DMsoBodyText style=3D"TEXT-INDENT: 0.5in; LINE-HEIGHT: = 200%"><SPAN=20 style=3D"FONT-SIZE: 13pt; LINE-HEIGHT: 200%; FONT-FAMILY: Arial; = mso-bidi-font-size: 12.0pt">Mostly,=20 credit card interest in the </SPAN><st1:country-region><st1:place><SPAN=20 style=3D"FONT-SIZE: 13pt; LINE-HEIGHT: 200%; FONT-FAMILY: Arial; = mso-bidi-font-size: 12.0pt">United=20 States of America</SPAN></st1:place></st1:country-region><SPAN=20 style=3D"FONT-SIZE: 13pt; LINE-HEIGHT: 200%; FONT-FAMILY: Arial; = mso-bidi-font-size: 12.0pt">=20 / </SPAN><st1:country-region><st1:place><SPAN=20 style=3D"FONT-SIZE: 13pt; LINE-HEIGHT: 200%; FONT-FAMILY: Arial; = mso-bidi-font-size: 12.0pt">United=20 Kingdom</SPAN></st1:place></st1:country-region><SPAN=20 style=3D"FONT-SIZE: 13pt; LINE-HEIGHT: 200%; FONT-FAMILY: Arial; = mso-bidi-font-size: 12.0pt">,=20 is =93variable=94. Only a very small segment of the credit cards in = these markets=20 today carry a =93fixed=94 rate. The typical range currently of the = variable rates in=20 the </SPAN><st1:country-region><st1:place><SPAN=20 style=3D"FONT-SIZE: 13pt; LINE-HEIGHT: 200%; FONT-FAMILY: Arial; = mso-bidi-font-size: 12.0pt">United=20 States of America</SPAN></st1:place></st1:country-region><SPAN=20 style=3D"FONT-SIZE: 13pt; LINE-HEIGHT: 200%; FONT-FAMILY: Arial; = mso-bidi-font-size: 12.0pt">=20 is between Prime + 4.99% to Prime + 12.99% (annual) and with a current = prime=20 rate of 5%, the <B>interest rate ranges from 9.99% to=20 17.99%</B>.<o:p></o:p></SPAN></P> <P class=3DMsoBodyText style=3D"TEXT-INDENT: 0.5in; LINE-HEIGHT: = 200%"><SPAN=20 style=3D"FONT-SIZE: 13pt; LINE-HEIGHT: 200%; FONT-FAMILY: Arial; = mso-bidi-font-size: 12.0pt">The=20 reasons that credit card issuers in the=20 </SPAN><st1:country-region><st1:place><SPAN=20 style=3D"FONT-SIZE: 13pt; LINE-HEIGHT: 200%; FONT-FAMILY: Arial; = mso-bidi-font-size: 12.0pt">United=20 States of America</SPAN></st1:place></st1:country-region><SPAN=20 style=3D"FONT-SIZE: 13pt; LINE-HEIGHT: 200%; FONT-FAMILY: Arial; = mso-bidi-font-size: 12.0pt">=20 (or in the </SPAN><st1:country-region><st1:place><SPAN=20 style=3D"FONT-SIZE: 13pt; LINE-HEIGHT: 200%; FONT-FAMILY: Arial; = mso-bidi-font-size: 12.0pt">United=20 Kingdom</SPAN></st1:place></st1:country-region><SPAN=20 style=3D"FONT-SIZE: 13pt; LINE-HEIGHT: 200%; FONT-FAMILY: Arial; = mso-bidi-font-size: 12.0pt">)=20 can charge such interest rates are as follows:<o:p></o:p></SPAN></P> <P class=3DMsoBodyText=20 style=3D"MARGIN-LEFT: 1in; TEXT-INDENT: -0.5in; LINE-HEIGHT: 200%"><SPAN = style=3D"FONT-SIZE: 13pt; LINE-HEIGHT: 200%; FONT-FAMILY: Arial; = mso-bidi-font-size: 12.0pt">(a)<SPAN=20 style=3D"mso-tab-count: 1">     </SPAN>The=20 </SPAN><st1:country-region><st1:place><SPAN=20 style=3D"FONT-SIZE: 13pt; LINE-HEIGHT: 200%; FONT-FAMILY: Arial; = mso-bidi-font-size: 12.0pt">United=20 States of America</SPAN></st1:place></st1:country-region><SPAN=20 style=3D"FONT-SIZE: 13pt; LINE-HEIGHT: 200%; FONT-FAMILY: Arial; = mso-bidi-font-size: 12.0pt">=20 and the </SPAN><st1:country-region><st1:place><SPAN=20 style=3D"FONT-SIZE: 13pt; LINE-HEIGHT: 200%; FONT-FAMILY: Arial; = mso-bidi-font-size: 12.0pt">United=20 Kingdom</SPAN></st1:place></st1:country-region><SPAN=20 style=3D"FONT-SIZE: 13pt; LINE-HEIGHT: 200%; FONT-FAMILY: Arial; = mso-bidi-font-size: 12.0pt">,=20 have a 50-year history of development and building of the credit cards = business.=20 These are, therefore, mature markets. Customers are willing to pay = =91variable=92=20 rates, which can move several times in each year.<o:p></o:p></SPAN></P> <P class=3DMsoBodyText=20 style=3D"MARGIN-LEFT: 1in; TEXT-INDENT: -0.5in; LINE-HEIGHT: 200%"><SPAN = style=3D"FONT-SIZE: 13pt; LINE-HEIGHT: 200%; FONT-FAMILY: Arial; = mso-bidi-font-size: 12.0pt">(b)<SPAN=20 style=3D"mso-tab-count: 1">     </SPAN>With = established credit=20 bureaus in these countries, banks are in a position to more effectively = deal=20 with the credit card risks and the costs associated with customers, and = these=20 risks and costs are therefore a relatively small component, in these = countries,=20 of the total costs for credit cards incurred by issuers as opposed to = the=20 situation that prevails for issuers in comparatively less mature markets = for=20 credit cards.<o:p></o:p></SPAN></P> <P class=3DMsoBodyText=20 style=3D"MARGIN-LEFT: 1in; TEXT-INDENT: -0.5in; LINE-HEIGHT: 200%"><SPAN = style=3D"FONT-SIZE: 13pt; LINE-HEIGHT: 200%; FONT-FAMILY: Arial; = mso-bidi-font-size: 12.0pt">(c)<SPAN=20 style=3D"mso-tab-count: 1">     </SPAN>In mature = markets,=20 credit card issuers are in a better position to assess, from a = customer=92s prior=20 behaviour patterns, his ability as well as willingness to pay and hence=20 accordingly incorporate the relatively lower cost element for = non-performance=20 risk.<o:p></o:p></SPAN></P> <P class=3DMsoBodyText=20 style=3D"MARGIN-LEFT: 1in; TEXT-INDENT: -0.5in; LINE-HEIGHT: 200%"><SPAN = style=3D"FONT-SIZE: 13pt; LINE-HEIGHT: 200%; FONT-FAMILY: Arial; = mso-bidi-font-size: 12.0pt">(d)<SPAN=20 style=3D"mso-tab-count: 1">     </SPAN>Given a = developed=20 securitization of assets market in the=20 </SPAN><st1:country-region><st1:place><SPAN=20 style=3D"FONT-SIZE: 13pt; LINE-HEIGHT: 200%; FONT-FAMILY: Arial; = mso-bidi-font-size: 12.0pt">United=20 States of America</SPAN></st1:place></st1:country-region><SPAN=20 style=3D"FONT-SIZE: 13pt; LINE-HEIGHT: 200%; FONT-FAMILY: Arial; = mso-bidi-font-size: 12.0pt">=20 and effective balance-sheet management, banks issuing credit cards are = also able=20 to achieve a lower funding cost, which reflects in the form of the = interest=20 rates for customers.<o:p></o:p></SPAN></P> <P class=3DMsoBodyText=20 style=3D"MARGIN-LEFT: 1in; TEXT-INDENT: -0.5in; LINE-HEIGHT: 200%"><SPAN = style=3D"FONT-SIZE: 13pt; LINE-HEIGHT: 200%; FONT-FAMILY: Arial; = mso-bidi-font-size: 12.0pt">(e)<SPAN=20 style=3D"mso-tab-count: 1">     </SPAN>It may also = be noted=20 that when customers default in mature markets, or miss payments, the = interest=20 rate on defaulted payments can be as high as Prime +=20 24.99%.<o:p></o:p></SPAN></P> <P class=3DMsoBodyText style=3D"LINE-HEIGHT: 200%"><SPAN=20 style=3D"FONT-SIZE: 13pt; LINE-HEIGHT: 200%; FONT-FAMILY: Arial; = mso-bidi-font-size: 12.0pt"><SPAN=20 style=3D"mso-tab-count: = 1">         =20 </SPAN><B>Hong Kong SAR</B>, which is also considered a <B>mature=20 market</B>.<o:p></o:p></SPAN></P> <P class=3DMsoBodyText=20 style=3D"MARGIN-LEFT: 1in; TEXT-INDENT: -0.5in; LINE-HEIGHT: 200%"><SPAN = style=3D"FONT-SIZE: 13pt; LINE-HEIGHT: 200%; FONT-FAMILY: Arial; = mso-bidi-font-size: 12.0pt"><SPAN=20 style=3D"mso-tab-count: = 1">         =20 </SPAN>The Hong Kong SAR credit card market today operates on a = =93fixed=94 rate=20 basis. Typical rates currently vary from 24% to 32</SPAN><SPAN=20 style=3D"FONT-FAMILY: Arial">%<SPAN style=3D"mso-spacerun: yes">  = </SPAN>to 36%=20 to 40%.<o:p></o:p></SPAN></P> <P class=3DMsoBodyText style=3D"LINE-HEIGHT: 200%"><SPAN=20 style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN></SPAN><st1:country-region><st1:place><B><SPAN=20 style=3D"FONT-FAMILY: = Arial">Australia</SPAN></B></st1:place></st1:country-region><B><SPAN=20 style=3D"FONT-FAMILY: Arial">, </SPAN></B><SPAN style=3D"FONT-FAMILY: = Arial">which=20 is a <B>mature market</B><o:p></o:p></SPAN></P> <P class=3DMsoBodyText=20 style=3D"MARGIN-LEFT: 1in; TEXT-INDENT: -0.5in; LINE-HEIGHT: 200%"><SPAN = style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>The Australian credit card market today operates on a =93fixed=94 = rate basis.=20 Typical rates currently vary from 18% to 24% ( Annualised Percentage = Rate=20 -APR).<o:p></o:p></SPAN></P> <P class=3DMsoBodyText style=3D"LINE-HEIGHT: 200%"><SPAN=20 style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN><B>The Philippines, Indonesia, Mexico</B>, all of which are = <B>emerging=20 markets<o:p></o:p></B></SPAN></P> <P class=3DMsoBodyText=20 style=3D"MARGIN-LEFT: 1in; TEXT-INDENT: -0.5in; LINE-HEIGHT: 200%"><SPAN = style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>The credit card market today operates on a =93fixed=94 rate = basis. Typical=20 rates currently vary from 36% to 50% (APR).<o:p></o:p></SPAN></P> <P class=3DMsoBodyText=20 style=3D"TEXT-INDENT: 0.5in; LINE-HEIGHT: = 200%"><st1:country-region><st1:place><B><SPAN=20 style=3D"FONT-FAMILY: = Arial">India</SPAN></B></st1:place></st1:country-region><SPAN=20 style=3D"FONT-FAMILY: Arial">, which is an <B>emerging=20 market</B><o:p></o:p></SPAN></P> <P class=3DMsoBodyText=20 style=3D"MARGIN-LEFT: 1in; TEXT-INDENT: -0.5in; LINE-HEIGHT: 200%"><SPAN = style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>In </SPAN><st1:country-region><st1:place><SPAN=20 style=3D"FONT-FAMILY: = Arial">India</SPAN></st1:place></st1:country-region><SPAN=20 style=3D"FONT-FAMILY: Arial">, the credit card market operates on a = =93fixed=94 rate=20 basis. Typically, rates currently vary from 35% to 42% = annualized</SPAN><SPAN=20 style=3D"FONT-SIZE: 13pt; LINE-HEIGHT: 200%; FONT-FAMILY: Arial; = mso-bidi-font-size: 12.0pt">=20 (APR).<o:p></o:p></SPAN></P> <P class=3DMsoBodyText=20 style=3D"MARGIN-LEFT: 1in; TEXT-INDENT: -0.5in; LINE-HEIGHT: 200%"><SPAN = style=3D"FONT-SIZE: 13pt; LINE-HEIGHT: 200%; FONT-FAMILY: Arial; = mso-bidi-font-size: 12.0pt"><SPAN=20 style=3D"mso-tab-count: = 1">         =20 </SPAN></SPAN><st1:country-region><st1:place><SPAN=20 style=3D"FONT-SIZE: 13pt; LINE-HEIGHT: 200%; FONT-FAMILY: Arial; = mso-bidi-font-size: = 12.0pt">India</SPAN></st1:place></st1:country-region><SPAN=20 style=3D"FONT-SIZE: 13pt; LINE-HEIGHT: 200%; FONT-FAMILY: Arial; = mso-bidi-font-size: 12.0pt">=20 faces most of the same challenges as mentioned in the above emerging = market=20 scenario examples of the </SPAN><st1:country-region><st1:place><SPAN=20 style=3D"FONT-SIZE: 13pt; LINE-HEIGHT: 200%; FONT-FAMILY: Arial; = mso-bidi-font-size: = 12.0pt">Philippines</SPAN></st1:place></st1:country-region><SPAN=20 style=3D"FONT-SIZE: 13pt; LINE-HEIGHT: 200%; FONT-FAMILY: Arial; = mso-bidi-font-size: 12.0pt">,=20 </SPAN><st1:country-region><st1:place><SPAN=20 style=3D"FONT-SIZE: 13pt; LINE-HEIGHT: 200%; FONT-FAMILY: Arial; = mso-bidi-font-size: = 12.0pt">Indonesia</SPAN></st1:place></st1:country-region><SPAN=20 style=3D"FONT-SIZE: 13pt; LINE-HEIGHT: 200%; FONT-FAMILY: Arial; = mso-bidi-font-size: 12.0pt">,=20 and </SPAN><st1:country-region><st1:place><SPAN=20 style=3D"FONT-SIZE: 13pt; LINE-HEIGHT: 200%; FONT-FAMILY: Arial; = mso-bidi-font-size: = 12.0pt">Mexico</SPAN></st1:place></st1:country-region><SPAN=20 style=3D"FONT-SIZE: 13pt; LINE-HEIGHT: 200%; FONT-FAMILY: Arial; = mso-bidi-font-size: 12.0pt">.<o:p></o:p></SPAN></P> <P class=3DMsoBodyText=20 style=3D"MARGIN-LEFT: 1in; TEXT-INDENT: -0.5in; LINE-HEIGHT: 200%"><SPAN = style=3D"FONT-SIZE: 13pt; LINE-HEIGHT: 200%; FONT-FAMILY: Arial; = mso-bidi-font-size: 12.0pt"><SPAN=20 style=3D"mso-tab-count: = 1">         =20 </SPAN>In this </SPAN><SPAN style=3D"FONT-FAMILY: Arial">background, the = Respondent No.2 in </SPAN><st1:country-region><st1:place><SPAN=20 style=3D"FONT-FAMILY: = Arial">India</SPAN></st1:place></st1:country-region><SPAN=20 style=3D"FONT-FAMILY: Arial"> has adopted a dynamic interest rate = programme=20 whereby its credit card customers are charged interest by it, in line = with the=20 risk profile, the repayment record, and vintage of the=20 customer.<o:p></o:p></SPAN></P> <P class=3DMsoBodyText=20 style=3D"MARGIN-LEFT: 1in; TEXT-INDENT: -0.5in; LINE-HEIGHT: 200%"><SPAN = style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>For the first 12 months, customers are charged a fixed rate of = interest.=20 Subsequent thereto, the customer interest rate can either increase or = reduce=20 depending on the risk the Respondent No.2 has experienced, and how long = the=20 customer has been a credit card customer of the Respondent No.2.=20 <o:p></o:p></SPAN></P> <P class=3DMsoBodyText=20 style=3D"MARGIN-LEFT: 1in; TEXT-INDENT: -0.5in; LINE-HEIGHT: 200%"><SPAN = style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>Accordingly, a customer may initially (illustratively) pay a rate = of 5%=20 on balances if he opts for the minimum amount due payment or roll-overs=20 otherwise, and in the event of defaults, the rate of interest may = increase to=20 3.2% p.m. (38.4% p.a.) over a period of time, and in the event of no = defaults or=20 subsequent regularization of defaults, the rate of interest may=20 reduce.<o:p></o:p></SPAN></P> <P class=3DMsoBodyText=20 style=3D"MARGIN-LEFT: 1in; TEXT-INDENT: -0.5in; LINE-HEIGHT: 200%"><SPAN = style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>It would therefore be erroneous to assume that at all times, and = all the=20 time, the Respondent No.2 charges, or can afford to charge, it customers = a set=20 rate of interest on credit card dues. Further, interest on credit card = dues, and=20 late payment charges, are levied only after a customer fails to pay the = dues, or=20 opts to pay only a certain amount of his dues, within the stipulated, = interest=20 free credit, period. Again based on the customer=92s usage pattern, = history of=20 defaults (or otherwise) and the period of time for which he has been a = credit=20 card customer, the rate of interest applicable would vary.<SPAN=20 style=3D"mso-spacerun: yes">  </SPAN>Thus a complaint customer = stands on a=20 far better footing than does a defaulter and also has the option, in any = event,=20 of availing of the interest free period by paying the entire amount due = within=20 the stipulated time frame.<o:p></o:p></SPAN></P> <P class=3DMsoBodyText=20 style=3D"MARGIN-LEFT: 1in; TEXT-INDENT: -0.5in; LINE-HEIGHT: 200%"><SPAN = style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>It would be further erroneous to assume that the rate of interest = levied=20 by the Respondent No.2 is =93profit=94 in the hands of the Respondent = No.2.<SPAN=20 style=3D"mso-spacerun: yes">  </SPAN>at the expense of credit card = customers.=20 As illustrated above, the rate of interest is dependent upon several = factors,=20 including the cost of funds to the credit card issuer, and the risks to = the=20 credit card issuer and the costs associated with the business of credit = cards=20 and the stage at which a particular market is. The element of profit in = the=20 interest rate at present, on average, ranges between 2% to 3%, which, it = is=20 submitted, is by no stretch of imagination either usurious, excessive or = constitutes an unfair trade practice.<o:p></o:p></SPAN></P> <P class=3DMsoBodyText=20 style=3D"MARGIN-LEFT: 1in; TEXT-INDENT: -0.5in; LINE-HEIGHT: 200%"><SPAN = style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>The Respondent No.2 further submits that as a matter of fact, on = an=20 average, merely 30-35% of its credit card customers pay into on=20 dues.<o:p></o:p></SPAN></P> <P class=3DMsoBodyText=20 style=3D"MARGIN-LEFT: 1in; TEXT-INDENT: -0.5in; LINE-HEIGHT: 200%"><SPAN = style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>A brief illustrative snap-shot of the key components of the = interest rate=20 in relation to the credit card business, is provided=20 below:<o:p></o:p></SPAN></P> <TABLE class=3DMsoNormalTable=20 style=3D"BORDER-RIGHT: medium none; BORDER-TOP: medium none; = MARGIN-LEFT: 1in; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none; = BORDER-COLLAPSE: collapse; mso-border-alt: solid windowtext .5pt; = mso-padding-alt: 0in 5.4pt 0in 5.4pt; mso-border-insideh: .5pt solid = windowtext; mso-border-insidev: .5pt solid windowtext"=20 cellSpacing=3D0 cellPadding=3D0 border=3D1> <TBODY> <TR style=3D"mso-yfti-irow: 0"> <TD=20 style=3D"BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; = BORDER-TOP: windowtext 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: = 0in; BORDER-LEFT: windowtext 1pt solid; WIDTH: 275.4pt; PADDING-TOP: = 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-border-alt: solid = windowtext .5pt"=20 vAlign=3Dtop width=3D367> <P class=3DMsoBodyText style=3D"LINE-HEIGHT: 200%"><SPAN=20 style=3D"FONT-FAMILY: Arial">Interest rate payable (for=20 example)<o:p></o:p></SPAN></P></TD> <TD=20 style=3D"BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; = BORDER-TOP: windowtext 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: = 0in; BORDER-LEFT: medium none; WIDTH: 95.4pt; PADDING-TOP: 0in; = BORDER-BOTTOM: windowtext 1pt solid; mso-border-alt: solid windowtext = .5pt; mso-border-left-alt: solid windowtext .5pt"=20 vAlign=3Dtop width=3D127> <P class=3DMsoBodyText style=3D"LINE-HEIGHT: 200%; TEXT-ALIGN: = center"=20 align=3Dcenter><SPAN=20 style=3D"FONT-FAMILY: Arial">37%<o:p></o:p></SPAN></P></TD></TR> <TR style=3D"mso-yfti-irow: 1"> <TD=20 style=3D"BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; = BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; = BORDER-LEFT: windowtext 1pt solid; WIDTH: 275.4pt; PADDING-TOP: 0in; = BORDER-BOTTOM: windowtext 1pt solid; mso-border-alt: solid windowtext = .5pt; mso-border-top-alt: solid windowtext .5pt"=20 vAlign=3Dtop width=3D367> <P class=3DMsoBodyText><SPAN style=3D"FONT-FAMILY: Arial">Less: = cost of the=20 card issuer associated with the interest free=20 period<o:p></o:p></SPAN></P></TD> <TD=20 style=3D"BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; = BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; = BORDER-LEFT: medium none; WIDTH: 95.4pt; PADDING-TOP: 0in; = BORDER-BOTTOM: windowtext 1pt solid; mso-border-alt: solid windowtext = .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: = solid windowtext .5pt"=20 vAlign=3Dtop width=3D127> <P class=3DMsoBodyText style=3D"LINE-HEIGHT: 200%; TEXT-ALIGN: = center"=20 align=3Dcenter><SPAN=20 style=3D"FONT-FAMILY: Arial">11%<o:p></o:p></SPAN></P></TD></TR> <TR style=3D"mso-yfti-irow: 2"> <TD=20 style=3D"BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; = BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; = BORDER-LEFT: windowtext 1pt solid; WIDTH: 275.4pt; PADDING-TOP: 0in; = BORDER-BOTTOM: windowtext 1pt solid; mso-border-alt: solid windowtext = .5pt; mso-border-top-alt: solid windowtext .5pt"=20 vAlign=3Dtop width=3D367> <P class=3DMsoBodyText><SPAN style=3D"FONT-FAMILY: Arial">Less: = Cost of funds=20 for the issuer<o:p></o:p></SPAN></P></TD> <TD=20 style=3D"BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; = BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; = BORDER-LEFT: medium none; WIDTH: 95.4pt; PADDING-TOP: 0in; = BORDER-BOTTOM: windowtext 1pt solid; mso-border-alt: solid windowtext = .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: = solid windowtext .5pt"=20 vAlign=3Dtop width=3D127> <P class=3DMsoBodyText style=3D"LINE-HEIGHT: 200%; TEXT-ALIGN: = center"=20 align=3Dcenter><SPAN=20 style=3D"FONT-FAMILY: Arial">9-10%<o:p></o:p></SPAN></P></TD></TR> <TR style=3D"mso-yfti-irow: 3"> <TD=20 style=3D"BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; = BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; = BORDER-LEFT: windowtext 1pt solid; WIDTH: 275.4pt; PADDING-TOP: 0in; = BORDER-BOTTOM: windowtext 1pt solid; mso-border-alt: solid windowtext = .5pt; mso-border-top-alt: solid windowtext .5pt"=20 vAlign=3Dtop width=3D367> <P class=3DMsoBodyText><SPAN style=3D"FONT-FAMILY: Arial">Less: = Credit costs,=20 including bad debt provisioning for the = issuer<o:p></o:p></SPAN></P></TD> <TD=20 style=3D"BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; = BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; = BORDER-LEFT: medium none; WIDTH: 95.4pt; PADDING-TOP: 0in; = BORDER-BOTTOM: windowtext 1pt solid; mso-border-alt: solid windowtext = .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: = solid windowtext .5pt"=20 vAlign=3Dtop width=3D127> <P class=3DMsoBodyText style=3D"LINE-HEIGHT: 200%; TEXT-ALIGN: = center"=20 align=3Dcenter><SPAN=20 style=3D"FONT-FAMILY: Arial">7%<o:p></o:p></SPAN></P></TD></TR> <TR style=3D"mso-yfti-irow: 4"> <TD=20 style=3D"BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; = BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; = BORDER-LEFT: windowtext 1pt solid; WIDTH: 275.4pt; PADDING-TOP: 0in; = BORDER-BOTTOM: windowtext 1pt solid; mso-border-alt: solid windowtext = .5pt; mso-border-top-alt: solid windowtext .5pt"=20 vAlign=3Dtop width=3D367> <P class=3DMsoBodyText><SPAN style=3D"FONT-FAMILY: Arial">Less: = Issuer=92s=20 expenses<o:p></o:p></SPAN></P></TD> <TD=20 style=3D"BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; = BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; = BORDER-LEFT: medium none; WIDTH: 95.4pt; PADDING-TOP: 0in; = BORDER-BOTTOM: windowtext 1pt solid; mso-border-alt: solid windowtext = .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: = solid windowtext .5pt"=20 vAlign=3Dtop width=3D127> <P class=3DMsoBodyText style=3D"LINE-HEIGHT: 200%; TEXT-ALIGN: = center"=20 align=3Dcenter><SPAN=20 style=3D"FONT-FAMILY: Arial">7%<o:p></o:p></SPAN></P></TD></TR> <TR style=3D"mso-yfti-irow: 5; mso-yfti-lastrow: yes"> <TD=20 style=3D"BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; = BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; = BORDER-LEFT: windowtext 1pt solid; WIDTH: 275.4pt; PADDING-TOP: 0in; = BORDER-BOTTOM: windowtext 1pt solid; mso-border-alt: solid windowtext = .5pt; mso-border-top-alt: solid windowtext .5pt"=20 vAlign=3Dtop width=3D367> <P class=3DMsoBodyText><SPAN style=3D"FONT-FAMILY: Arial">Profit = before=20 tax<o:p></o:p></SPAN></P></TD> <TD=20 style=3D"BORDER-RIGHT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt; = BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; = BORDER-LEFT: medium none; WIDTH: 95.4pt; PADDING-TOP: 0in; = BORDER-BOTTOM: windowtext 1pt solid; mso-border-alt: solid windowtext = .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: = solid windowtext .5pt"=20 vAlign=3Dtop width=3D127> <P class=3DMsoBodyText style=3D"LINE-HEIGHT: 200%; TEXT-ALIGN: = center"=20 align=3Dcenter><SPAN=20 style=3D"FONT-FAMILY: = Arial">2-3%<o:p></o:p></SPAN></P></TD></TR></TBODY></TABLE> <P class=3DMsoBodyText style=3D"TEXT-INDENT: 0.5in; LINE-HEIGHT: = 200%"><SPAN=20 style=3D"FONT-FAMILY: Arial">An indicative synopsis of the elements of = the=20 supporting infrastructure and associated costs that the Respondent No.2 = as a=20 prudential banking company bears with regard to its credit cards = business, is as=20 follows:<o:p></o:p></SPAN></P> <P class=3DMsoBodyText=20 style=3D"MARGIN-LEFT: 1in; TEXT-INDENT: -0.5in; LINE-HEIGHT: 200%"><SPAN = style=3D"FONT-FAMILY: Arial">(a)<SPAN=20 style=3D"mso-tab-count: 1">       = </SPAN>Customer=20 call centers to address prospect and customer queries, receive, on an = average 5=20 lakh calls per month in relation to credit cards.<o:p></o:p></SPAN></P> <P class=3DMsoBodyText=20 style=3D"MARGIN-LEFT: 1in; TEXT-INDENT: -0.5in; LINE-HEIGHT: 200%"><SPAN = style=3D"FONT-FAMILY: Arial">(b)<SPAN=20 style=3D"mso-tab-count: 1">       = </SPAN>On an=20 average, the Respondent No.2 receives and deals with 40,000 e-mails and = 60,000=20 letters per month in relation to credit cards.<o:p></o:p></SPAN></P> <P class=3DMsoBodyText=20 style=3D"MARGIN-LEFT: 1in; TEXT-INDENT: -0.5in; LINE-HEIGHT: 200%"><SPAN = style=3D"FONT-FAMILY: Arial">(c)<SPAN=20 style=3D"mso-tab-count: 1">        = </SPAN>The=20 Respondent No.2 requires approximately 7500 in terms of head count with = regard=20 to credit card customer acquisition, customer support and maintenance = and=20 servicing, and requires the proportionate infrastructure in terms of = office=20 space, amenities, infrastructure and equipment.<o:p></o:p></SPAN></P> <H1 style=3D"TEXT-INDENT: -0.5in"><SPAN=20 style=3D"FONT-SIZE: 12pt; LINE-HEIGHT: 200%">(d)<SPAN=20 style=3D"mso-tab-count: 1">       = </SPAN>Costs=20 associated with approximately 13 =96 14% of credit card dues which are = defaulted=20 upon an average.=94</SPAN><B><SPAN=20 style=3D"FONT-SIZE: 12pt; LINE-HEIGHT: 200%; mso-bidi-font-size: = 13.5pt"><o:p></o:p></SPAN></B></H1> <P class=3DMsoNormal style=3D"LINE-HEIGHT: 200%; TEXT-ALIGN: = justify"><SPAN=20 style=3D"COLOR: black; FONT-FAMILY: Arial">(3) <SPAN=20 style=3D"mso-tab-count: 1">      = </SPAN><U>Justification=20 by HSBC cannot be accepted</U><o:p></o:p></SPAN></P> <P class=3DMsoNormal=20 style=3D"TEXT-INDENT: 0.5in; LINE-HEIGHT: 200%; TEXT-ALIGN: = justify"><SPAN=20 style=3D"COLOR: black; FONT-FAMILY: Arial">The foregoing detailed = written=20 submissions of the HSBC seek to make out a case (on behalf of all = private sector=20 banks involved here, as it were) that given the credit information = asymmetry in=20 India and the resultant comparatively higher costs of ascertaining the=20 creditworthiness of individuals availing of the facility of credit cards = as well=20 as other costs of operation, the rates of interest charged by such banks = on=20 defaulted / partial payment of credit card dues are fully=20 justified.<o:p></o:p></SPAN></P> <P class=3DMsoNormal style=3D"LINE-HEIGHT: 200%; TEXT-ALIGN: = justify"><SPAN=20 style=3D"COLOR: black; FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>The HSBC has also hinted at the application of lower rates of = interest to=20 compliant credit card users. It is, however, of interest to note that = there is=20 not even a whisper of any specific lower rates of interest charged from = such=20 compliant credit card users. Secondly, there is no mechanism available = in the=20 public domain of enforcing disclosure by any bank as to what<SPAN=20 style=3D"mso-spacerun: yes">  </SPAN>its best-case scenario of the = credit=20 card interest rates is. Had there been an indication of such rates as = well as of=20 the broad outlines of any mechanism set up by a bank like the HSBC for=20 determining such =93good behaviour=94 and had these details been = available in the=20 public domain, some evaluation of the tortuously lengthy justifications = given by=20 the HSBC for the excessive rates of interest charged by the banks in = most cases=20 may have been feasible. In short, even from these detailed contentions,=20 purporting to be discerning, global and fair, in the face of comparative = =93immaturity=94 of the Indian credit card market, there is no way of = assuring=20 ourselves (or, any independent observer) as to whether the debtor/ = borrower is,=20 in the ultimate analysis, left at the mercy of the bank / money lenders. = The=20 important question, therefore, is: =93whether the consumer - customer = (credit card=20 borrower / debtor) requires any protection?=94<o:p></o:p></SPAN></P> <P class=3DMsoNormal style=3D"LINE-HEIGHT: 200%; TEXT-ALIGN: = justify"><SPAN=20 style=3D"COLOR: black; FONT-FAMILY: Arial"><o:p> </o:p></SPAN></P> <P class=3DMsoNormal style=3D"LINE-HEIGHT: 200%; TEXT-ALIGN: = justify"><SPAN=20 style=3D"COLOR: black; FONT-FAMILY: Arial">(4) <SPAN=20 style=3D"mso-tab-count: 1">      = </SPAN>Further, till the=20 credit card market becomes competitive and<SPAN=20 style=3D"mso-spacerun: yes">   </SPAN>mature, banks cannot be = permitted=20 to exploit the situation.<SPAN style=3D"mso-spacerun: yes">  = </SPAN>If this=20 contention is accepted, then no law for protection against unfair trade = practice=20 is required.<o:p></o:p></SPAN></P> <P class=3DMsoNormal style=3D"LINE-HEIGHT: 200%; TEXT-ALIGN: = justify"><SPAN=20 style=3D"COLOR: black; FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-spacerun: yes"> </SPAN><SPAN=20 style=3D"mso-tab-count: = 1">          =20 </SPAN>It is to be stated in this context that a =93free market = economy=94 is not an=20 =93unregulated=94 economy =96 in fact, the =93freer=92 the economy, the = stronger is the=20 institutional =93regulatory=94 framework and prompter and more effective = the=20 enforcement of the independently administered regulatory practices by = the=20 regulator(s). =93De-regulation=94 in the context of a so-called = =93emerging market=20 economy=94 like </SPAN><st1:country-region><st1:place><SPAN=20 style=3D"COLOR: black; FONT-FAMILY: = Arial">India</SPAN></st1:place></st1:country-region><SPAN=20 style=3D"COLOR: black; FONT-FAMILY: Arial"> essentially means withdrawal = of=20 the</SPAN><SPAN=20 style=3D"FONT-SIZE: 14pt; COLOR: black; LINE-HEIGHT: 200%; FONT-FAMILY: = Arial; mso-bidi-font-size: 12.0pt">=20 </SPAN><SPAN style=3D"COLOR: black; FONT-FAMILY: Arial">=91State=94 and = its=20 =93instrumentalities=94 from directly prescribing the market regulations = and also=20 their enforcement by the same =93State=94 and its = =93instrumentalities=94. If the credit=20 card market in India is not =93mature=94 it is so because this market = has so far=20 been mostly created, driven and operated by the banks and for the banks = =96 with=20 unsolicited and alluring offers of credit card facilities at the = marketing=20 front-end and undisclosed, fine-printed sets of one-sided conditions of=20 credit</SPAN><SPAN=20 style=3D"FONT-SIZE: 14pt; COLOR: black; LINE-HEIGHT: 200%; FONT-FAMILY: = Arial; mso-bidi-font-size: 12.0pt">=20 </SPAN><SPAN style=3D"COLOR: black; FONT-FAMILY: Arial">at the back-end, = couched=20 in jargon and phraseology which even erudite scholars of the English = language,=20 law and finance would find rather obtuse and = opaque.<o:p></o:p></SPAN></P> <P class=3DMsoNormal style=3D"LINE-HEIGHT: 200%; TEXT-ALIGN: = justify"><SPAN=20 style=3D"COLOR: black; FONT-FAMILY: Arial"><o:p> </o:p></SPAN></P> <P class=3DMsoBodyText2 style=3D"MARGIN-LEFT: 0.25in; LINE-HEIGHT: = normal"><U><SPAN=20 style=3D"FONT-SIZE: 12pt"><o:p><SPAN=20 style=3D"TEXT-DECORATION: none"> </SPAN></o:p></SPAN></U></P> <P class=3DMsoBodyText2 style=3D"LINE-HEIGHT: normal"><U><SPAN=20 style=3D"FONT-SIZE: 12pt"><o:p><SPAN=20 style=3D"TEXT-DECORATION: none"> </SPAN></o:p></SPAN></U></P> <P class=3DMsoBodyText2 style=3D"MARGIN-LEFT: 0.25in; LINE-HEIGHT: = normal"><SPAN=20 style=3D"FONT-SIZE: 12pt"><o:p> </o:p></SPAN></P> <P class=3DMsoBodyText2 style=3D"MARGIN-LEFT: 0.25in; LINE-HEIGHT: = normal"><SPAN=20 style=3D"FONT-SIZE: 12pt"><o:p> </o:p></SPAN></P> <P class=3DMsoBodyText2 style=3D"LINE-HEIGHT: normal"><SPAN=20 style=3D"FONT-SIZE: 12pt">5.<SPAN=20 style=3D"mso-tab-count: = 1">        =20 </SPAN><U>Whether Consumer debtors should be left at the mercy of the = bank<SPAN=20 style=3D"mso-spacerun: yes">   = </SPAN><o:p></o:p></U></SPAN></P> <P class=3DMsoBodyText2 style=3D"TEXT-INDENT: 0.5in; LINE-HEIGHT: = normal"><U><SPAN=20 style=3D"FONT-SIZE: 12pt">indulging<SPAN style=3D"mso-spacerun: = yes"> =20 </SPAN>in money lending business</SPAN></U><SPAN=20 style=3D"FONT-SIZE: 12pt">.<o:p></o:p></SPAN></P> <P class=3DMsoBodyText2><SPAN=20 style=3D"FONT-SIZE: 12pt; LINE-HEIGHT: = 200%"><o:p> </o:p></SPAN></P> <P class=3DMsoBodyText2><SPAN style=3D"FONT-SIZE: 12pt; LINE-HEIGHT: = 200%"><SPAN=20 style=3D"mso-spacerun: yes"> </SPAN><SPAN=20 style=3D"mso-tab-count: = 1">          =20 </SPAN>From the aforesaid contentions, the question to be considered by = this=20 Commission is whether the debtor/borrower should be left at the mercy of = the=20 money lender/Bank? Or, Whether he requires any = protection?<o:p></o:p></SPAN></P> <P class=3DMsoNormal style=3D"LINE-HEIGHT: 200%; TEXT-ALIGN: = justify"><SPAN=20 style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>Firstly, as noted above, even in any free economy/deregulated = economy=20 exploitation of the borrower/debtor is prohibited and is considered to = be unfair=20 trade practice. Free economy would not mean licence to exploit the = borrowers /=20 debtors by taking advantage of their basic needs for their livelihood. = This=20 cannot be permitted in any civilized society =96 maybe a de-regulated = free market=20 economy. Even in a de-regulated free market economy, such as=20 </SPAN><st1:country-region><st1:place><SPAN=20 style=3D"FONT-FAMILY: = Arial">America</SPAN></st1:place></st1:country-region><SPAN=20 style=3D"FONT-FAMILY: Arial">, the maximum rate of interest charged on = credit=20 cards is 13% p.a. Is there any justification to exploit the situation in = </SPAN><st1:country-region><st1:place><SPAN=20 style=3D"FONT-FAMILY: = Arial">India</SPAN></st1:place></st1:country-region><SPAN=20 style=3D"FONT-FAMILY: Arial">?<o:p></o:p></SPAN></P> <P class=3DMsoNormal style=3D"LINE-HEIGHT: 200%; TEXT-ALIGN: = justify"><SPAN=20 style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>Secondly, the Benchmark Prime Lending Rate (BPLR) declared by = various=20 banks even in after de-regulation in = </SPAN><st1:country-region><st1:place><SPAN=20 style=3D"FONT-FAMILY: = Arial">India</SPAN></st1:place></st1:country-region><SPAN=20 style=3D"FONT-FAMILY: Arial">, varies from 10% p.a. to 15.50% p.a. In = that set of=20 circumstances, to contend that banks can charge interest at the rate of = 36% to=20 49% cannot be justified.<o:p></o:p></SPAN></P> <P class=3DMsoNormal style=3D"LINE-HEIGHT: 200%; TEXT-ALIGN: = justify"><SPAN=20 style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>Thirdly, is there any justification in treating moneylenders = differently=20 from the banks or non-banking financial institutions, which are also = doing the=20 business of money lending?<o:p></o:p></SPAN></P> <P class=3DMsoNormal style=3D"LINE-HEIGHT: 200%; TEXT-ALIGN: = justify"><SPAN=20 style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>Prima facie, there cannot be much distinction between money = lending=20 business carried out by the banks or the non-banking financial = institutions or=20 the moneylenders. Undisputedly, in this country, various money lending = Acts are=20 in existence and moneylenders are prohibited from charging interest = beyond a=20 particular limit. Further, the learned Counsel for the parties were not = in a=20 position to point out that they are permitted by any money lending Act = to charge=20 interest beyond 20% p.a.<o:p></o:p></SPAN></P> <P class=3DMsoBodyText style=3D"LINE-HEIGHT: 200%"><SPAN=20 style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>Fourthly, the Consumer Protection Act, 1986, inter alia, provides = that=20 the Consumer Fora would have jurisdiction to direct a service provider = or trader=20 not to indulge in unfair trade practice. The phrase, =91any unfair trade = practice=92=20 as used in section 2(1)(r) is very wide to include such trade practices = adopted=20 by the banks.<o:p></o:p></SPAN></P> <P class=3DMsoBodyText style=3D"LINE-HEIGHT: 200%"><SPAN=20 style=3D"FONT-FAMILY: Arial">(6)<SPAN=20 style=3D"mso-tab-count: 1">       = </SPAN><U>Unfair=20 trade practice as considered in<SPAN style=3D"mso-spacerun: yes">  = </SPAN>the=20 </U></SPAN><st1:country-region><st1:place><U><SPAN=20 style=3D"FONT-FAMILY: = Arial">U.K.</SPAN></U></st1:place></st1:country-region><SPAN=20 style=3D"FONT-FAMILY: Arial"><o:p></o:p></SPAN></P> <P class=3DMsoBodyText style=3D"LINE-HEIGHT: 200%"><SPAN=20 style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>(a) To some extent, =91unfair trade practice=92 has been codified = in the=20 </SPAN><st1:country-region><st1:place><SPAN=20 style=3D"FONT-FAMILY: = Arial">U.K.</SPAN></st1:place></st1:country-region><SPAN=20 style=3D"FONT-FAMILY: Arial"> This has been dealt with in Halsbury=92s = Laws of=20 England, Vol.9(1), page 547, para. 793, 4<SUP>th</SUP> Edition = (Reissue), which=20 reads as under:<o:p></o:p></SPAN></P> <P class=3DMsoNormal=20 style=3D"MARGIN-LEFT: 0.5in; LINE-HEIGHT: 200%; TEXT-ALIGN: = justify"><SPAN=20 style=3D"FONT-FAMILY: Arial">=93<B>793. Unfair terms; in general:</B> = For the=20 purposes of the Unfair Terms in Consumer Contracts Regulations 1994, and = subject=20 as follows, =91unfair term=92 means any term which contrary to the = requirement of=20 good faith causes a significant imbalance in the parties=92 rights and = obligations=20 under the contract to the detriment of the consumer. An assessment of = the unfair=20 nature of a term must be made taking into account the nature of<SPAN=20 style=3D"mso-spacerun: yes">  </SPAN>the goods or <B>services for = which</B>=20 the contract was concluded and referring, as<SPAN=20 style=3D"mso-spacerun: yes">  </SPAN>at the time<SPAN=20 style=3D"mso-spacerun: yes">  </SPAN>of the conclusion of the = contract, to=20 all circumstances attending the<SPAN style=3D"mso-spacerun: yes"> =20 </SPAN>conclusion of the contract and to all the other terms of the = contract or=20 of another contract on which it is dependent.<o:p></o:p></SPAN></P> <P class=3DMsoNormal=20 style=3D"MARGIN-LEFT: 0.5in; LINE-HEIGHT: 200%; TEXT-ALIGN: = justify"><SPAN=20 style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>In determining whether a term satisfies the requirement of good = faith,=20 regard must be had in particular to the following = matters:<o:p></o:p></SPAN></P> <P class=3DMsoNormal=20 style=3D"MARGIN-LEFT: 0.5in; LINE-HEIGHT: 200%; TEXT-ALIGN: = justify"><SPAN=20 style=3D"FONT-FAMILY: Arial">(1)<SPAN=20 style=3D"mso-tab-count: 1">       = </SPAN>the=20 <B>strength of the bargaining positions of the=20 parties</B>;<o:p></o:p></SPAN></P> <P class=3DMsoNormal=20 style=3D"MARGIN-LEFT: 0.5in; LINE-HEIGHT: 200%; TEXT-ALIGN: = justify"><SPAN=20 style=3D"FONT-FAMILY: Arial">(2)<SPAN=20 style=3D"mso-tab-count: 1">       = </SPAN>whether the=20 consumer <B>had an inducement to agree to the = term</B>;<o:p></o:p></SPAN></P> <P class=3DMsoNormal=20 style=3D"MARGIN-LEFT: 0.5in; LINE-HEIGHT: 200%; TEXT-ALIGN: = justify"><SPAN=20 style=3D"FONT-FAMILY: Arial">(3)<SPAN=20 style=3D"mso-tab-count: 1">       = </SPAN>whether the=20 goods<SPAN style=3D"mso-spacerun: yes">  </SPAN>or services were = sold or=20 supplied to the special order of the consumer; and<o:p></o:p></SPAN></P> <P class=3DMsoNormal=20 style=3D"MARGIN-LEFT: 0.5in; LINE-HEIGHT: 200%; TEXT-ALIGN: = justify"><SPAN=20 style=3D"FONT-FAMILY: Arial">(4)<SPAN=20 style=3D"mso-tab-count: 1">       = </SPAN>the extent=20 to which<SPAN style=3D"mso-spacerun: yes">  </SPAN>the seller or = supplier has=20 dealt fairly and equitably with the consumer.<o:p></o:p></SPAN></P> <P class=3DMsoNormal=20 style=3D"MARGIN-LEFT: 0.5in; LINE-HEIGHT: 200%; TEXT-ALIGN: = justify"><SPAN=20 style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>The 1994 regulations contain an indicative list of unfair terms. = In so=20 far, however, as it is in plain, intelligible language, no assessment is = to be=20 made of the fairness of any term which defines the main subject matter = of the=20 contract or concerns the adequacy of the price or remuneration, as = against the=20 goods or services sold or supplied.=94<o:p></o:p></SPAN></P> <P class=3DMsoNormal style=3D"LINE-HEIGHT: 200%; TEXT-ALIGN: = justify"><SPAN=20 style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>Thereafter, para. 794 of the said Volume deals with =91Indicative = and=20 illustrative list of terms which may be regarded as unfair=92 are given. = One of=20 the unfair terms, as given in sub-para. (5), is: <B>=91requiring any = consumer who=20 fails to fulfill his obligation</B> to pay a <B>disproportionately high = sum in=20 compensation=92</B>.<o:p></o:p></SPAN></P> <P class=3DMsoBodyText style=3D"LINE-HEIGHT: 200%"><SPAN=20 style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>(b) It is to be stated that even in the free market, mature = economy of=20 the U.K., the Director General of Fair Trading considers every year what = would=20 be considered to be unfair trade practice and prepares a list for = disseminating=20 in such form and such manner, as he considers appropriate. = Unfortunately, in our=20 country, the regulator who is empowered under section 35-A of the = Banking=20 Regulation Act has left it to the absolute discretion of the=20 banks.<o:p></o:p></SPAN></P> <P class=3DMsoNormal style=3D"LINE-HEIGHT: 200%; TEXT-ALIGN: = justify"><SPAN=20 style=3D"FONT-FAMILY: Arial">7.<SPAN=20 style=3D"mso-tab-count: = 1">        =20 </SPAN><U>Role of the RBI</U><o:p></o:p></SPAN></P> <P class=3DMsoBodyText2><SPAN style=3D"FONT-SIZE: 12pt; LINE-HEIGHT: = 200%"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN><SPAN style=3D"mso-spacerun: yes"> </SPAN>For this purpose, = it is=20 pertinent to refer to section 35-A of the Banking Regulation Act, 1949 = which=20 provides as under:<o:p></o:p></SPAN></P> <P class=3DMsoNormal=20 style=3D"MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; LINE-HEIGHT: 200%; = TEXT-ALIGN: justify"><SPAN=20 style=3D"FONT-FAMILY: Arial">=9335-A. Power of Reserve Bank to give = directions.=97(1)=20 Where the Reserve Bank is satisfied that =96<o:p></o:p></SPAN></P> <P class=3DMsoNormal=20 style=3D"MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; LINE-HEIGHT: 200%; = TEXT-ALIGN: justify"><SPAN=20 style=3D"FONT-FAMILY: Arial">(a)<SPAN=20 style=3D"mso-tab-count: 1">       = </SPAN>in the=20 <B>public interest</B>; or<o:p></o:p></SPAN></P> <P class=3DMsoNormal=20 style=3D"MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; LINE-HEIGHT: 200%; = TEXT-ALIGN: justify"><SPAN=20 style=3D"FONT-FAMILY: Arial">(aa)<SPAN=20 style=3D"mso-tab-count: 1">     </SPAN>in the = interest of=20 banking policy; or <o:p></o:p></SPAN></P> <P class=3DMsoNormal=20 style=3D"MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; LINE-HEIGHT: 200%; = TEXT-ALIGN: justify"><SPAN=20 style=3D"FONT-FAMILY: Arial">(b)<SPAN=20 style=3D"mso-tab-count: 1">       = </SPAN>to prevent=20 the affairs of any banking company being conducted in a manner=20 <B>detrimental</B> to the <B>interests of the depositors</B> or in a = manner=20 prejudicial to the interests of the banking company; = or<o:p></o:p></SPAN></P> <P class=3DMsoNormal=20 style=3D"MARGIN-LEFT: 0.5in; TEXT-INDENT: 0.5in; LINE-HEIGHT: 200%; = TEXT-ALIGN: justify"><SPAN=20 style=3D"FONT-FAMILY: Arial">(c)<SPAN=20 style=3D"mso-tab-count: 1">        = </SPAN>to=20 secure the proper management of any banking company=20 generally,<o:p></o:p></SPAN></P> <P class=3DMsoNormal=20 style=3D"MARGIN-LEFT: 0.5in; LINE-HEIGHT: 200%; TEXT-ALIGN: = justify"><SPAN=20 style=3D"FONT-FAMILY: Arial">it is <B>necessary to issue directions</B> = to banking=20 companies generally or to any banking company in particular, it may, = from time=20 to time, issue such directions as it deems fit, and the banking = companies or the=20 banking company, as the case may be, shall be bound to comply with such=20 directions.<o:p></o:p></SPAN></P> <P class=3DMsoNormal=20 style=3D"MARGIN-LEFT: 0.5in; LINE-HEIGHT: 200%; TEXT-ALIGN: = justify"><SPAN=20 style=3D"FONT-FAMILY: Arial">(2)<SPAN=20 style=3D"mso-tab-count: 1">       = </SPAN>The Reserve=20 Bank may, on representation made to it or on its own motion, modify or = cancel=20 any direction issued under sub-section (1), and in so modifying or = canceling any=20 direction may impose such conditions as it thinks fit, subject to which = the=20 modification or cancellation shall have effect.=94<o:p></o:p></SPAN></P> <P class=3DMsoBodyText2><SPAN style=3D"FONT-SIZE: 12pt; LINE-HEIGHT: = 200%"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN><SPAN style=3D"mso-spacerun: yes"> </SPAN>The aforesaid = provision has=20 been interpreted by the </SPAN><st1:Street><st1:address><SPAN=20 style=3D"FONT-SIZE: 12pt; LINE-HEIGHT: 200%">Apex=20 Court</SPAN></st1:address></st1:Street><SPAN=20 style=3D"FONT-SIZE: 12pt; LINE-HEIGHT: 200%"><SPAN=20 style=3D"mso-spacerun: yes">  </SPAN>and the learned Counsel for = the parties=20 have relied upon the decision of the = </SPAN><st1:Street><st1:address><SPAN=20 style=3D"FONT-SIZE: 12pt; LINE-HEIGHT: 200%">Apex=20 Court</SPAN></st1:address></st1:Street><SPAN=20 style=3D"FONT-SIZE: 12pt; LINE-HEIGHT: 200%"> in the case of Central = Bank of India=20 Vs. Ravindra & Ors. (2002) 1 SCC 367. For the purpose of deciding = the=20 question involved, we would<SPAN style=3D"mso-spacerun: yes">  = </SPAN>refer=20 to a few notes of caution sounded by the = </SPAN><st1:Street><st1:address><SPAN=20 style=3D"FONT-SIZE: 12pt; LINE-HEIGHT: 200%">Apex=20 Court</SPAN></st1:address></st1:Street><SPAN=20 style=3D"FONT-SIZE: 12pt; LINE-HEIGHT: 200%"> in paragraphs 50 and 51, = which are=20 as under:<o:p></o:p></SPAN></P> <P class=3DMsoNormal=20 style=3D"MARGIN: 1pt 0in 0pt 0.5in; LINE-HEIGHT: 200%; TEXT-ALIGN: = justify; mso-layout-grid-align: none"><B><SPAN=20 style=3D"FONT-FAMILY: Arial">=9350.</SPAN></B><SPAN = style=3D"FONT-FAMILY: Arial">=20 Though we have answered the question of law before us, but we cannot = leave the=20 matter at that alone without sounding notes of caution, <B=20 style=3D"mso-bidi-font-weight: normal">lest our view of the law should = <SPAN=20 style=3D"mso-bidi-font-weight: bold">be misconstrued</SPAN> and = misapplied</B>.=20 Before we do so, it would be appropriate to refer to the decision of = this Court=20 in <I>Corporation Bank</I> v. <I>D.S. Gowda</I> in some=20 detail.<o:p></o:p></SPAN></P> <P class=3DMsoNormal=20 style=3D"MARGIN: 1pt 0in 0pt 0.5in; LINE-HEIGHT: 200%; TEXT-ALIGN: = justify; mso-layout-grid-align: none"><B><SPAN=20 style=3D"FONT-FAMILY: Arial">51.</SPAN></B><SPAN style=3D"FONT-FAMILY: = Arial"> The=20 Banking Regulation Act, 1949 empowers the Reserve Bank, on it being = satisfied=20 that it is necessary or expedient in the public interest or in the = interest of=20 depositors or banking policy so to do, to determine the policy in = relation to=20 advances to be followed by banking companies generally or by any banking = company=20 in particular and when the policy has been so determined it has a = binding=20 effect. In particular, the <B>Reserve Bank </B>of=20 </SPAN><st1:country-region><st1:place><B><SPAN=20 style=3D"FONT-FAMILY: = Arial">India</SPAN></B></st1:place></st1:country-region><B><SPAN=20 style=3D"FONT-FAMILY: Arial"> may give directions as to the rate of = interest=20 </SPAN></B><SPAN style=3D"FONT-FAMILY: Arial">and other <B>terms and = conditions on=20 which advances </B>or other <B>financial accommodation may be made</B>. = Such=20 directions are also binding on every banking company. Section 35-A also = empowers=20 the Reserve Bank of India in the public interest or in the interest of = banking=20 policy or in the interests of depositors (and so on) to issue directions = generally or in particular, which shall be binding. With effect from=20 </SPAN><st1:date Month=3D"2" Day=3D"15" Year=3D"1984"><SPAN=20 style=3D"FONT-FAMILY: Arial">15-2-1984</SPAN></st1:date><SPAN=20 style=3D"FONT-FAMILY: Arial">. Section 21-A has been inserted in the = Act, which=20 takes away power of the court to reopen a transaction between a banking = company=20 and its debtor on the ground that the rate of interest charged is = excessive. The=20 provision has been given an overriding effect over the Usury Loans Act, = 1918 and=20 any other provincial law in force relating to=20 indebtedness.=94<o:p></o:p></SPAN></P> <P class=3DMsoBodyText2 style=3D"MARGIN-TOP: 1pt; mso-layout-grid-align: = none"><SPAN=20 style=3D"FONT-SIZE: 12pt; LINE-HEIGHT: 200%">And, thereafter, in para. = 55, it is=20 held as under:<o:p></o:p></SPAN></P> <P class=3DMsoNormal=20 style=3D"MARGIN: 6pt 0in 0pt 0.5in; LINE-HEIGHT: 200%; TEXT-ALIGN: = justify; mso-layout-grid-align: none"><B><SPAN=20 style=3D"FONT-FAMILY: Arial">55.</SPAN></B><SPAN style=3D"FONT-FAMILY: = Arial">=20 During the course of hearing it was brought to our notice that in = <B>view of=20 several usury laws and debt relief laws</B> in force in several States = private=20 money-lending has almost come to an end and <B>needy borrowers by and = large=20 depend on banking institutions for financial</B> facilities. <B>Several=20 unhealthy practices having slowly penetrated into prevalence were = pointed out.=20 Banking is an organised institution</B> and most <B>of the banks press = into=20 service long-running documents wherein the borrowers </B>fill in the = blanks, at=20 times without <B>caring to read what has been </B>provided therein, and = bind=20 themselves by the stipulations articulated by the best of legal brains.=20 <B>Borrowers other </B>than those belonging to the corporate sector, = <B>find=20 themselves having unwittingly fallen into a trap and rendered themselves = liable=20 and obliged to pay interest the quantum whereof may at the end prove to = be=20 ruinous</B>. At times the interest charged and capitalised is manifold = than the=20 amount actually advanced. Rule of damdupat does not apply. <B>Penal = interest,=20 service charges and other overheads are debited in the account of the=20 </B>borrower and capitalised of which debits the borrower may not even = be aware.=20 If the practice of charging interest on quarterly rests is upheld and = given a=20 judicial recognition, <B>unscrupulous banks may resort to charging = interest=20 </B>even on <B>monthly rests </B>and capitalising the same. Statements = of=20 accounts supplied by banks to borrowers many a time do not contain = particulars=20 or details of debit entries and when written in hand are worse than = medical=20 prescriptions putting to test the eyes and wits of the borrowers. = <B>Instances=20 of unscrupulous, unfair and unhealthy dealings can be multiplied though = they=20 cannot </B>be generalised. Suffice it to observe <B>that such issues = shall have=20 to be left open </B>to be adjudicated <B>upon in appropriate cases as = and when=20 actually arising for decision and </B>we cannot venture into laying down = law on=20 such issues as do not arise for determination before us. = <o:p></o:p></SPAN></P> <P class=3DMsoNormal=20 style=3D"MARGIN-TOP: 6pt; LINE-HEIGHT: 200%; TEXT-ALIGN: justify; = mso-layout-grid-align: none"><SPAN=20 style=3D"FONT-FAMILY: Arial">In the following sub-paragraphs of para. = 55, the=20 Court has further observed:<o:p></o:p></SPAN></P> <P class=3DMsoNormal=20 style=3D"MARGIN: 1pt 0in 0pt 0.5in; LINE-HEIGHT: 200%; TEXT-ALIGN: = justify; mso-layout-grid-align: none"><SPAN=20 style=3D"FONT-FAMILY: Arial">(<I>5</I>) The power conferred by sections = 21 and=20 35-A of the Banking Regulation Act, 1949 <B>is coupled with duty to = act</B>. The=20 Reserve Bank of </SPAN><st1:country-region><st1:place><SPAN=20 style=3D"FONT-FAMILY: = Arial">India</SPAN></st1:place></st1:country-region><SPAN=20 style=3D"FONT-FAMILY: Arial"> is the prime banking institution of the = country=20 entrusted with a supervisory role over banking and conferred with the = authority=20 of issuing binding directions, having statutory force, in the interest = of the=20 public in general and preventing banking affairs from deterioration and=20 prejudice as also to secure the proper management of any banking company = generally. <B>The Reserve Bank of=20 </B></SPAN><st1:country-region><st1:place><B><SPAN=20 style=3D"FONT-FAMILY: = Arial">India</SPAN></B></st1:place></st1:country-region><B><SPAN=20 style=3D"FONT-FAMILY: Arial"> is one of the watchdogs of finance and = economy of=20 the nation</SPAN></B><SPAN style=3D"FONT-FAMILY: Arial">. It is, <B>and = it ought=20 to be</B>, <B>aware of all relevant factors, including credit conditions = as=20 prevailing, which would invite its policy decisions</B>. RBI has been = issuing=20 directions/circulars from time to time which, inter alia, deal with the = rate of=20 interest which can be charged and the periods at the end of which rests = can be=20 struck down, interest calculated thereon and charged and capitalised. It = should=20 continue to issue such directives. Its circulars shall bind those who = fall=20 within the net of such directives. For such transaction which are not = squarely=20 governed by such circulars, the RBI directives may be treated as = standards for=20 the purpose of deciding whether the interest charged is excessive, = usurious or=20 opposed to public policy.<o:p></o:p></SPAN></P> <P class=3DMsoNormal=20 style=3D"MARGIN: 1pt 0in 0pt 0.5in; LINE-HEIGHT: 200%; TEXT-ALIGN: = justify; mso-layout-grid-align: none"><SPAN=20 style=3D"FONT-FAMILY: Arial">(<I>7</I>) Any interest charged and/or = capitalised in=20 violation of RBI directives, as to rate of interest, or as to periods at = which=20 rests can be arrived at, shall be disallowed and/or excluded from = capital sum=20 and be treated only as interest and dealt with=20 accordingly.<o:p></o:p></SPAN></P> <P class=3DMsoNormal=20 style=3D"MARGIN: 6pt 0in 0pt 0.5in; LINE-HEIGHT: 200%; TEXT-ALIGN: = justify; tab-stops: list .5in; mso-layout-grid-align: none"><SPAN=20 style=3D"FONT-FAMILY: Arial">(<I>8</I>) Award of interest <I>pendente = lite</I> and=20 post-decree is discretionary with the court as it is essentially = governed by=20 section 34 CPC dehors the contract between the parties. In a given case = if the=20 court finds that in the principal sum adjudged on the date of the suit = the=20 component of interest <B>is disproportionate with the component of the = principal=20 sum actually </B>advanced the court <B>may exercise its discretion in=20 awarding</B> interest pendente <B>lite and post-decree interest at a = lower rate=20 </B>or may <B>even decline awarding such interest</B>. The discretion = shall be=20 exercised fairly, judiciously and for reasons and not in an arbitrary or = fanciful manner.=94<o:p></o:p></SPAN></P> <P class=3DMsoBodyText style=3D"LINE-HEIGHT: 200%"><SPAN=20 style=3D"FONT-FAMILY: Arial">(8)<SPAN=20 style=3D"mso-tab-count: 1">       = </SPAN><U>From the=20 aforesaid judgment it is apparent that</U>: <o:p></o:p></SPAN></P> <P class=3DMsoBodyText style=3D"LINE-HEIGHT: 200%"><SPAN=20 style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>(a) the </SPAN><st1:Street><st1:address><SPAN=20 style=3D"FONT-FAMILY: Arial">Apex = Court</SPAN></st1:address></st1:Street><SPAN=20 style=3D"FONT-FAMILY: Arial"> has noticed instances of unscrupulous, = unfair and=20 unhealthy dealings without generalising the same. The Court has = specifically=20 observed that instances of unscrupulous, unfair and unhealthy dealings = can be=20 multiplied. But such issues are left open to be adjudicated upon in = appropriate=20 cases as and when they actually arise for decision. The present case is = an=20 instance of charging usurious rate of interest, which is unfair trade=20 practice.<o:p></o:p></SPAN></P> <P class=3DMsoBodyText style=3D"LINE-HEIGHT: 200%"><SPAN=20 style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>(b) The Banking Regulation Act, 1949 empowers the Reserve Bank to = lay=20 down the policy in the public interest and it has binding effect on the = banks.=20 The Reserve Bank of </SPAN><st1:country-region><st1:place><SPAN=20 style=3D"FONT-FAMILY: = Arial">India</SPAN></st1:place></st1:country-region><SPAN=20 style=3D"FONT-FAMILY: Arial"> is entitled to give directions as to rate = of=20 interest to be charged and other terms and conditions on which advances = or other=20 financial accommodation may be made.<o:p></o:p></SPAN></P> <P class=3DMsoNormal style=3D"LINE-HEIGHT: 200%; TEXT-ALIGN: = justify"><SPAN=20 style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>(c) The power conferred by sections 21 and 35-A of the Banking = Regulation=20 Act, 1949 is <B>coupled with the duty to act</B>. The=20 </SPAN><st1:Street><st1:address><SPAN style=3D"FONT-FAMILY: Arial">Apex=20 Court</SPAN></st1:address></st1:Street><SPAN style=3D"FONT-FAMILY: = Arial">=20 considered the RBI as a watchdog of finance and economy of the nation, = and=20 presumed that it ought to be aware of the relevant factors including the = prevailing credit conditions, which would invite its policy=20 decision.<o:p></o:p></SPAN></P> <P class=3DMsoBodyText2><SPAN style=3D"FONT-SIZE: 12pt; LINE-HEIGHT: = 200%"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>(d) Charging of interest should be reasonable. Further, penal = interest=20 can be charged only once for one period of default and, therefore, = cannot be=20 permitted to be capitalized. It would be opposed to public=20 policy.<o:p></o:p></SPAN></P> <P class=3DMsoNormal style=3D"LINE-HEIGHT: 200%; TEXT-ALIGN: = justify"><SPAN=20 style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>(e) The Court has specifically stated that unscrupulous banks may = resort=20 to charging of interest even on monthly rests. It is, therefore, = required to be=20 clarified that such unscrupulous banks should not be permitted to charge = interest on credit cards on monthly rests.<SPAN style=3D"mso-spacerun: = yes"> =20 </SPAN><o:p></o:p></SPAN></P> <P class=3DMsoNormal style=3D"LINE-HEIGHT: 200%; TEXT-ALIGN: = justify"><SPAN=20 style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>(f) The Court has observed that most of the banks press into = service=20 long-running documents wherein the borrowers fill in the blanks, at = times=20 without caring to read what has been provided therein, and bind = themselves by=20 the stipulations articulated by the best of legal brains. In our view, = such=20 practice also would be an unfair trade practice.<o:p></o:p></SPAN></P> <P class=3DMsoNormal style=3D"LINE-HEIGHT: 200%; TEXT-ALIGN: = justify"><SPAN=20 style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>(g) Further, despite our repeated suggestion, the learned Counsel = for the=20 RBI failed to find out what could be considered as usurious rate of = interest on=20 the basis of which the RBI had issued circulars to banks. There was no = response=20 except to say that with regard to rate of interest RBI has deregulated = the=20 same.<o:p></o:p></SPAN></P> <P class=3DMsoNormal style=3D"LINE-HEIGHT: 200%; TEXT-ALIGN: = justify"><SPAN=20 style=3D"FONT-FAMILY: Arial"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>In our view, de-regulation is one thing but permitting the banks = to=20 charge excessive/usurious rates of interest would be quite different and = it=20 would be in clear violation of public policy.<o:p></o:p></SPAN></P> <P class=3DMsoBodyText2 style=3D"TEXT-INDENT: 0.5in"><SPAN=20 style=3D"FONT-SIZE: 12pt; LINE-HEIGHT: 200%">If the RBI is considered to = be one of=20 the watchdogs of finance and economy of the nation and the prevailing = credit=20 conditions are such as should invite its policy intervention, then, in = our view,=20 there is no justifiable ground for not controlling the banks which = exploit the=20 borrowers by charging exorbitant rates of interest varying from 36% to = 49% p.a.,=20 in case of default by the credit card holders to pay amount before the = due=20 date.<o:p></o:p></SPAN></P> <P class=3DMsoBodyText2><SPAN style=3D"FONT-SIZE: 12pt; LINE-HEIGHT: = 200%"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>It is also to be stated that the RBI itself has issued various = circulars=20 that banks should not charge usurious rate of interest. However, it has = failed=20 to specify what would be termed by it as usurious rate of interest.=20 <o:p></o:p></SPAN></P> <P class=3DMsoBodyText2><SPAN style=3D"FONT-SIZE: 12pt; LINE-HEIGHT: = 200%"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>The aforesaid stand of the RBI is required to be considered in = the=20 context<SPAN style=3D"mso-spacerun: yes">  </SPAN>of observation = made in=20 Lucknow Development Authority Vs. M. K. Gupta, [(1994) 1 SCC 243], one = of the=20 leading judgments on Consumer Protection Act, 1986.<SPAN=20 style=3D"mso-spacerun: yes">  </SPAN>The=20 </SPAN><st1:Street><st1:address><SPAN=20 style=3D"FONT-SIZE: 12pt; LINE-HEIGHT: 200%">Apex=20 Court</SPAN></st1:address></st1:Street><SPAN=20 style=3D"FONT-SIZE: 12pt; LINE-HEIGHT: 200%"> observed: =93<B>An = ordinary citizen or=20 a common man is hardly equipped to match the might of the State or its=20 instrumentalities</B>=94. The Court further observed: =93In fact, to = meet the long=20 felt necessity of protecting the common man from such <B>wrongs for = which the=20 remedy under ordinary law for various reasons has become illusory; the=20 importance of the Act lies in promoting the welfare of the society which = enable=20 the consumer to participate directly in the market=20 economy</B>=94.<o:p></o:p></SPAN></P> <P class=3DMsoBodyText2><SPAN style=3D"FONT-SIZE: 12pt; LINE-HEIGHT: = 200%"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>Imagine, how aptly the above quoted observations of the=20 </SPAN><st1:Street><st1:address><SPAN=20 style=3D"FONT-SIZE: 12pt; LINE-HEIGHT: 200%">Apex=20 Court</SPAN></st1:address></st1:Street><SPAN=20 style=3D"FONT-SIZE: 12pt; LINE-HEIGHT: 200%"> would apply to the present = case,=20 when the RBI refuses to define what is usurious<SPAN=20 style=3D"mso-spacerun: yes">  </SPAN>/ excessive rate of interest, = despite=20 various circulars issued by it directing the banks not to charge = usurious rate=20 of interest.<o:p></o:p></SPAN></P> <P class=3DMsoBodyText2><SPAN=20 style=3D"FONT-SIZE: 12pt; LINE-HEIGHT: = 200%"><o:p> </o:p></SPAN></P> <P class=3DMsoBodyText2><B><SPAN=20 style=3D"FONT-SIZE: 12pt; LINE-HEIGHT: 200%">III.</SPAN></B><SPAN=20 style=3D"FONT-SIZE: 12pt; LINE-HEIGHT: 200%"><SPAN=20 style=3D"mso-tab-count: 1">        = </SPAN>(1)=20 Considering the aforesaid aspects we have to find out whether charging = of=20 interest between 36% p.a. to 50% p.a. from the credit card holders is = usurious /=20 excessive rate of interest.<o:p></o:p></SPAN></P> <P class=3DMsoBodyText2><SPAN style=3D"FONT-SIZE: 12pt; LINE-HEIGHT: = 200%"><SPAN=20 style=3D"mso-spacerun: yes"> </SPAN><SPAN=20 style=3D"mso-tab-count: = 1">          =20 </SPAN>For determining whether charging of interest rates from 36% to = 49% is=20 unfair trade practice, we have to also take into consideration the = bargaining=20 position of the parties, namely, banks and credit card holders. Credit = card=20 holders have no bargaining capacity except not to accept the facility of = credit=20 card.<o:p></o:p></SPAN></P> <P class=3DMsoBodyText2 style=3D"TEXT-INDENT: 0.5in"><SPAN=20 style=3D"FONT-SIZE: 12pt; LINE-HEIGHT: 200%">Secondly, for having credit = card=20 there is all throughout inducement by the banks by various marketing=20 tactics.<o:p></o:p></SPAN></P> <P class=3DMsoBodyText2><SPAN style=3D"FONT-SIZE: 12pt; LINE-HEIGHT: = 200%"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>And, thirdly, if a condition requires a consumer to pay=20 disproportionately high sum as compensation if he fails to fulfill his=20 obligation, it would amount to unfair trade = practice.<o:p></o:p></SPAN></P> <P class=3DMsoBodyText2><SPAN style=3D"FONT-SIZE: 12pt; LINE-HEIGHT: = 200%"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>(2) As stated by the HSBC in its written submission, in the=20 </SPAN><st1:country-region><st1:place><SPAN=20 style=3D"FONT-SIZE: 12pt; LINE-HEIGHT: 200%">United States of=20 America</SPAN></st1:place></st1:country-region><SPAN=20 style=3D"FONT-SIZE: 12pt; LINE-HEIGHT: 200%"> and the=20 </SPAN><st1:country-region><st1:place><SPAN=20 style=3D"FONT-SIZE: 12pt; LINE-HEIGHT: 200%">United=20 Kingdom</SPAN></st1:place></st1:country-region><SPAN=20 style=3D"FONT-SIZE: 12pt; LINE-HEIGHT: 200%"> the interest rate for the = credit=20 card <B>ranges from 9.99% to 17.99%</B>. However, it is contended that = both the=20 countries have a 50-year history of development and building of the = credit card=20 business and the markets are mature markets. In=20 </SPAN><st1:country-region><st1:place><SPAN=20 style=3D"FONT-SIZE: 12pt; LINE-HEIGHT: = 200%">Australia</SPAN></st1:place></st1:country-region><SPAN=20 style=3D"FONT-SIZE: 12pt; LINE-HEIGHT: 200%"> also rate of interest = varies from=20 18% to 24%. In Hong Kong SAR credit card interest varies from 24% to = 32%. In the=20 Philippines, Indonesia and Mexico, which are emerging markets, the = credit card=20 interest rate varies from 36% to 50%.<o:p></o:p></SPAN></P> <P class=3DMsoBodyText2><SPAN style=3D"FONT-SIZE: 12pt; LINE-HEIGHT: = 200%"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>(3) In our view, there is no justifiable ground for adopting the = highest=20 rate of interest prevailing in smaller economies. Further, there is no=20 justifiable ground in not even attempting to follow what is prevailing = in=20 developed countries, namely,<SPAN style=3D"mso-spacerun: yes">  = </SPAN>the=20 rate of interest<SPAN style=3D"mso-spacerun: yes">  </SPAN>at 9.99% = to 17.99=20 (</SPAN><st1:country-region><st1:place><SPAN=20 style=3D"FONT-SIZE: 12pt; LINE-HEIGHT: = 200%">USA</SPAN></st1:place></st1:country-region><SPAN=20 style=3D"FONT-SIZE: 12pt; LINE-HEIGHT: 200%"> and=20 </SPAN><st1:country-region><st1:place><SPAN=20 style=3D"FONT-SIZE: 12pt; LINE-HEIGHT: = 200%">UK</SPAN></st1:place></st1:country-region><SPAN=20 style=3D"FONT-SIZE: 12pt; LINE-HEIGHT: 200%">) or 18% to 24% (in=20 </SPAN><st1:country-region><st1:place><SPAN=20 style=3D"FONT-SIZE: 12pt; LINE-HEIGHT: = 200%">Australia</SPAN></st1:place></st1:country-region><SPAN=20 style=3D"FONT-SIZE: 12pt; LINE-HEIGHT: 200%">).<o:p></o:p></SPAN></P> <P class=3DMsoBodyText2 style=3D"TEXT-INDENT: 0.5in"><SPAN=20 style=3D"FONT-SIZE: 12pt; LINE-HEIGHT: 200%">(4) For this purpose, we = would refer=20 to bank-wise lending rates for the advances for the quarter ending 2008, = published on the website of the RBI:<o:p></o:p></SPAN></P> <P class=3DMsoBodyText2 style=3D"MARGIN-LEFT: 0.5in; TEXT-INDENT: = -0.5in"><SPAN=20 style=3D"FONT-SIZE: 12pt; COLOR: black; LINE-HEIGHT: 200%">(i)<SPAN=20 style=3D"mso-tab-count: = 1">        =20 </SPAN>For the public sector banks, the BPLR varies from 12.52% to = 13.25%, i.e.,=20 the maximum is 13.25%.<o:p></o:p></SPAN></P> <P class=3DMsoBodyText2 style=3D"MARGIN-LEFT: 0.5in; TEXT-INDENT: = -0.5in"><SPAN=20 style=3D"FONT-SIZE: 12pt; COLOR: black; LINE-HEIGHT: 200%">(ii)<SPAN=20 style=3D"mso-tab-count: 1">        = </SPAN>On=20 demand loans, the maximum rate of interest varies from 13.75% to 17%; = and the=20 minimum rate varies from 6.25% to 13%.<o:p></o:p></SPAN></P> <P class=3DMsoBodyText2 style=3D"MARGIN-LEFT: 0.5in; TEXT-INDENT: = -0.5in"><SPAN=20 style=3D"FONT-SIZE: 12pt; COLOR: black; LINE-HEIGHT: 200%">(iii)<SPAN=20 style=3D"mso-tab-count: 1">       = </SPAN>For various=20 other banks, the Prime Lending Rate (PLR) varies from 10% pa to 15.50%=20 p.a.<o:p></o:p></SPAN></P> <P class=3DMsoBodyText2><SPAN=20 style=3D"FONT-SIZE: 12pt; COLOR: black; LINE-HEIGHT: 200%">(iv)<SPAN=20 style=3D"mso-tab-count: 1">       = </SPAN>The maximum=20 rate of interest charged on demand loans is 18% p.a. and minimum rate of = interest ranges from 5.63% to 14.50% p.a. On term loan also it is = between 7.50%.=20 to 14.50% p.a.<SPAN style=3D"mso-spacerun: yes">  </SPAN>From the = aforesaid=20 statement it is apparent that average rate of<SPAN=20 style=3D"mso-spacerun: yes">  </SPAN>interest on any kind of loan = is upto=20 15%.<SPAN style=3D"mso-spacerun: yes">  </SPAN>Even if we add = additional 15%=20 p.a. as additional costs for recovering the amount from the credit card = holders,=20 then also the rate of interest cannot exceed 30%.</SPAN><SPAN=20 style=3D"FONT-SIZE: 12pt; LINE-HEIGHT: 200%"><o:p></o:p></SPAN></P> <P class=3DMsoBodyText2><SPAN style=3D"FONT-SIZE: 12pt; LINE-HEIGHT: = 200%"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>(5) Further, apart from charging of interest, the banks are = undisputedly=20 also charging commission from the traders or the service providers, if = the items=20 are purchased or the services are availed of from such traders or = service=20 providers, using credit cards. This aspect is not discussed by the HSBC = in its=20 written submissions. Further, it is to be stated that the burden of = commission,=20 which the bank gets would usually be passed on to the purchasers as it = would=20 generally be included in the price of the goods/services so transacted = through=20 credit cards. That is to say, the payment of commission to the bank by a = trader=20 or service provider would be at the cost of the consumer/credit card=20 holder.<o:p></o:p></SPAN></P> <P class=3DMsoBodyText2><SPAN style=3D"FONT-SIZE: 12pt; LINE-HEIGHT: = 200%"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN><SPAN style=3D"mso-spacerun: = yes"> </SPAN><o:p></o:p></SPAN></P> <P class=3DMsoBodyText2><SPAN style=3D"FONT-SIZE: 12pt; LINE-HEIGHT: = 200%"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>(6) A contention has been raised on the basis of section 21-A of = the=20 Banking Regulation Act, 1949, which provides that no court shall reopen = a=20 transaction between the banking company and its debtor on the ground = that the=20 rate of interest charged by the banking company in respect of such = transaction=20 is excessive. The said section reads as under:<o:p></o:p></SPAN></P> <P class=3DMsoBodyText2 style=3D"MARGIN-LEFT: 0.5in"><SPAN=20 style=3D"FONT-SIZE: 12pt; LINE-HEIGHT: 200%">=9321-A. <B>Rates of = interest charged=20 by banking companies not to be subject to scrutiny by courts</B>.=97=20 Notwithstanding anything contained in the Usurious Loans Act, 1918 (10 = of 1918),=20 or any other law relating to indebtedness in force in any State, a = transaction=20 between banking company and its debtor shall not be reopened by any = court on the=20 ground that the rate of interest charged by the banking company in = respect of=20 such transaction is excessive.=94<o:p></o:p></SPAN></P> <P class=3DMsoBodyText2><SPAN style=3D"FONT-SIZE: 12pt; LINE-HEIGHT: = 200%"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>(7) In the present case, we are not reopening any transaction, = which has=20 taken place between the bank and the credit card holders. But under the=20 provisions of the Consumer Protection Act, 1986, the Consumer Fora are = required=20 to decide whether a bank has adopted any unfair trade practice as = defined under=20 section 2(1)(r)(i). If it has adopted any unfair trade practice, section = 14(1)(f) specifically empowers the Consumer Fora to give a direction to = the bank=20 / banks to discontinue such unfair trade practice and not to repeat it. = The=20 section, inter alia, reads as under:<o:p></o:p></SPAN></P> <P class=3DMsoBodyText2 style=3D"MARGIN-LEFT: 0.5in"><SPAN=20 style=3D"FONT-SIZE: 12pt; LINE-HEIGHT: 200%">=93<B>14. Finding of the = District=20 Forum</B>.=97 (1) If, after the proceeding conducted under section 13, = the=20 District Forum is satisfied that the goods complained against suffer = from any of=20 the defects specified in the complaint or that any of the allegations = contained=20 in the complaint about the services are proved, it shall issue an order = to the=20 opposite party directing him to do one or more of the following things,=20 namely:--<o:p></o:p></SPAN></P> <P class=3DMsoBodyText2><SPAN style=3D"FONT-SIZE: 12pt; LINE-HEIGHT: = 200%"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>(a) to (e) =85=85..=85=85=85=85=85=85=85.<o:p></o:p></SPAN></P> <P class=3DMsoBodyText2><SPAN style=3D"FONT-SIZE: 12pt; LINE-HEIGHT: = 200%"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>(f) <B>to discontinue the unfair trade practice or the = restrictive trade=20 practice or not to repeat them</B>;<o:p></o:p></SPAN></P> <P class=3DMsoBodyText2 style=3D"TEXT-INDENT: 0.5in"><SPAN=20 style=3D"FONT-SIZE: 12pt; LINE-HEIGHT: 200%">(g) to (i)=20 =85=85=85=85=85=85=85=85..=85=85=94<o:p></o:p></SPAN></P> <P class=3DMsoBodyText2><SPAN style=3D"FONT-SIZE: 12pt; LINE-HEIGHT: = 200%"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>(8) We are making it clear that the direction not to charge = interest in=20 excess of a specific rate would not be applicable to the past = transactions and=20 that we are not reopening the same.<o:p></o:p></SPAN></P> <P class=3DMsoBodyText2><SPAN style=3D"FONT-SIZE: 12pt; LINE-HEIGHT: = 200%"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>(9) Considering the aforesaid factors, in our view, charging of = interest=20 in excess of 30% shall be considered usuries rate of interest and that = if such=20 rate of interest is charged it would amount to unfair trade=20 practice.<o:p></o:p></SPAN></P> <P class=3DMsoBodyText2><B><U><SPAN=20 style=3D"FONT-SIZE: 12pt; LINE-HEIGHT: = 200%">Conclusion</SPAN></U></B><SPAN=20 style=3D"FONT-SIZE: 12pt; LINE-HEIGHT: 200%"><o:p></o:p></SPAN></P> <P class=3DMsoBodyText2><SPAN style=3D"FONT-SIZE: 12pt; LINE-HEIGHT: = 200%"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>For the foregoing reasons, it is directed as = under:<o:p></o:p></SPAN></P> <P class=3DMsoBodyText2><SPAN style=3D"FONT-SIZE: 12pt; LINE-HEIGHT: = 200%">(i)<SPAN=20 style=3D"mso-tab-count: = 1">        =20 </SPAN>Charging of interest at rates in excess of 30% p. a. from the = credit card=20 holders by banks for the former=92s failure to make full payment on the = due date=20 or paying the minimum amount due,<SPAN style=3D"mso-spacerun: = yes"> =20 </SPAN>is an unfair trade practice.<o:p></o:p></SPAN></P> <P class=3DMsoBodyText2><SPAN style=3D"FONT-SIZE: 12pt; LINE-HEIGHT: = 200%">(ii)<SPAN=20 style=3D"mso-tab-count: 1">        = </SPAN>Penal=20 interest can be charged only once for one period of default and shall = not be=20 capitalised.<o:p></o:p></SPAN></P> <P class=3DMsoBodyText2><SPAN=20 style=3D"FONT-SIZE: 12pt; LINE-HEIGHT: 200%">(iii)<SPAN=20 style=3D"mso-tab-count: 1">       = </SPAN>Charging of=20 interest with monthly rests is also an unfair trade=20 practice.<o:p></o:p></SPAN></P> <P class=3DMsoBodyText2><SPAN style=3D"FONT-SIZE: 12pt; LINE-HEIGHT: = 200%">(iv)<SPAN=20 style=3D"mso-tab-count: 1">       = </SPAN>Hence, the=20 banks are directed not to indulge in the aforesaid unfair trade = practices or=20 repeat them.<o:p></o:p></SPAN></P> <P class=3DMsoBodyText2><SPAN style=3D"FONT-SIZE: 12pt; LINE-HEIGHT: = 200%"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN><SPAN style=3D"COLOR: black">The complaint is allowed and the = revision=20 petition is disposed of accordingly. There shall be no order as to=20 costs.<o:p></o:p></SPAN></SPAN></P> <P class=3DMsoBodyText2><SPAN=20 style=3D"FONT-SIZE: 12pt; COLOR: black; LINE-HEIGHT: 200%"><SPAN=20 style=3D"mso-tab-count: = 1">           =20 </SPAN>We would like to place on record our appreciation of the valuable = assistance given to this Commission by Ms. Indu Malhotra, Senior = Advocate, with=20 Mr. Abhinav Agnihotri, Advocate as amicus curiae and also Mr. J. K. = Mittal,=20 Advocate, also an</SPAN><SPAN=20 style=3D"FONT-SIZE: 12pt; COLOR: red; LINE-HEIGHT: 200%"> </SPAN><SPAN=20 style=3D"FONT-SIZE: 12pt; COLOR: black; LINE-HEIGHT: 200%">amicus=20 curiae.<o:p></o:p></SPAN></P> <P class=3DMsoBodyText2 style=3D"LINE-HEIGHT: normal; TEXT-ALIGN: right" = align=3Dright><B><SPAN style=3D"FONT-SIZE: 12pt"><SPAN=20 style=3D"mso-spacerun: = yes">           &n= bsp;           &nb= sp;           =20 </SPAN><SPAN=20 style=3D"mso-tab-count: = 3">           &nbs= p;           &nbsp= ;           =20 </SPAN><SPAN=20 style=3D"mso-spacerun: yes"> </SPAN>Sd/-<o:p></o:p></SPAN></B></P> <P class=3DMsoBodyText2 style=3D"LINE-HEIGHT: normal; TEXT-ALIGN: right" = align=3Dright><B><SPAN=20 style=3D"FONT-SIZE: = 12pt">=85=85=85=85=85=85=85=85=85=85=85=85=85=85=85J.<o:p></o:p></SPAN></= B></P> <P class=3DMsoBodyText2 style=3D"LINE-HEIGHT: normal; TEXT-ALIGN: right" = align=3Dright><B><SPAN style=3D"FONT-SIZE: 12pt">[M. B.=20 SHAH)<o:p></o:p></SPAN></B></P> <P class=3DMsoBodyText2 style=3D"LINE-HEIGHT: normal; TEXT-ALIGN: right" = align=3Dright><B><SPAN style=3D"FONT-SIZE: 12pt"><SPAN=20 style=3D"mso-tab-count: = 2">           &nbs= p;           =20 </SPAN>PRESIDENT<o:p></o:p></SPAN></B></P> <P class=3DMsoBodyText2 style=3D"LINE-HEIGHT: normal; TEXT-ALIGN: right" = align=3Dright><B><SPAN style=3D"FONT-SIZE: 12pt"><SPAN=20 style=3D"mso-spacerun: = yes">           &n= bsp;           &nb= sp;           &nbs= p;           &nbsp= ;            =           =20 </SPAN>Sd/-<o:p></o:p></SPAN></B></P> <P class=3DMsoBodyText2 style=3D"LINE-HEIGHT: normal; TEXT-ALIGN: right" = align=3Dright><B><SPAN=20 style=3D"FONT-SIZE: = 12pt">=85=85=85=85=85=85=85=85=85=85=85=85=85=85=85=85<o:p></o:p></SPAN><= /B></P> <P class=3DMsoBodyText2 style=3D"LINE-HEIGHT: normal; TEXT-ALIGN: right" = align=3Dright><B><SPAN style=3D"FONT-SIZE: 12pt">[RAJYALAKSMI=20 RAO]<o:p></o:p></SPAN></B></P> <P class=3DMsoBodyText2 style=3D"LINE-HEIGHT: normal; TEXT-ALIGN: right" = align=3Dright><B><SPAN style=3D"FONT-SIZE: = 12pt">MEMBER<o:p></o:p></SPAN></B></P> <P class=3DMsoBodyText2 style=3D"LINE-HEIGHT: normal; TEXT-ALIGN: right" = align=3Dright><B><SPAN style=3D"FONT-SIZE: 12pt"><SPAN=20 style=3D"mso-spacerun: = yes">           &n= bsp;           &nb= sp;           &nbs= p;           &nbsp= ;            =            =20 </SPAN>Sd/-<o:p></o:p></SPAN></B></P> <P class=3DMsoBodyText2 style=3D"LINE-HEIGHT: normal; TEXT-ALIGN: right" = align=3Dright><B><SPAN=20 style=3D"FONT-SIZE: = 12pt">=85=85=85=85=85=85=85=85..=85=85=85=85=85=85=85<o:p></o:p></SPAN></= B></P> <P class=3DMsoBodyText2 style=3D"LINE-HEIGHT: normal; TEXT-ALIGN: right" = align=3Dright><B><SPAN style=3D"FONT-SIZE: 12pt">[ANUPAM=20 DASGUPTA]<o:p></o:p></SPAN></B></P> <P class=3DMsoBodyText2 style=3D"LINE-HEIGHT: normal; TEXT-ALIGN: right" = align=3Dright><B><SPAN=20 style=3D"FONT-SIZE: = 12pt">MEMBER<o:p></o:p></SPAN></B></P></DIV></BODY></HTML> ------=_NextPart_000_0000_01C8E0E6.F7F752E0--