IN a big relief for credit card issuers who are facing a rising tide of bad loans since the past few quarters (delinquencies are at nearing double-digit mark now; in June 2024 quarter it soared by 110 bps to 7.6%), the Supreme Court, over the weekend, has given them a free hand to set interest rates for late payments, defaults and even on the outstanding dues.
Not that their hands were tied till now--in a strict legal sense they were, but not in practice as even when the matter was subjudice since February 2009, card issuers were regularly increasing their interest rates which now vary from a low of 45% (3.8% per month) to a high of 55% annually or 4.5% per month on certain cards.
This story is from the December 23, 2024 edition of The New Indian Express.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the December 23, 2024 edition of The New Indian Express.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Engineering the Actor Within
Parvati Nair talks about her latest film Mr Rani, her career so far, and multiple projects on her plate.
It's a Bling Thing
From preppy fashion accessories to elevated essentials, designer Tiara Dhody's latest chic bijouterie works as a serotonin booster
The Sun and Stars of Inside Living
A home is a compelling personal statement of the owner's personality. How doing it up by zodiac sign can unleash the full potential of colours, shapes and textures
More than Just History
Though the writing begins with a little uncertainty, the author hits her stride quickly building on extensive research
The Black Book of 1975
Whoever said one should not let Whoever said one should not leted story has not read PK Sreenivasan's novel Midnight Knock.
How the Mesopotamians Imagined Earth
The Mesopotamian civilisation, which civilisation, arose around 3400 BC, was one of the earliest urban civilisations.
Her Cakes, Her Cakewalk
Mumbai's queen of confectionery completes two inspired decades of baking sweet somethings for movie stars and celebrity tycoons who get their sugar hit from her little empire.
The Power to Rise Above Loss
Children, some people say, \"We lead an ethical life. We do not betray or harm anyone.
Wild and High
Tucked away from the well-worn tourist paths of Madhya Pradesh's Kanha and Bandhavgarh lies Satpura's hidden gem the Denwa Backwater Escape.
Hands-on Learning for Under Graduates
Hoffman had won the Nobel prize in Medicine in 2011.
