National Commission's direction on credit card transactions

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National Commission (NCDRC) directs Banks:¬- (i) Not to charge interest at rates in excess of 30% p. a. from the credit card holders for their failure to make full payment on the due date or paying the minimum amount due. (ii) Charge penal interest only once for one period of default and not to capitalise same. (iii) Not to charging of interest with monthly rests. & directs Banks:- (iv) not to indulge in the aforesaid unfair trade practices or repeat them. #pdf

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