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The petitioner was not afforded any chance to respond to the objections raised by the Standard Chartered Bank, it said, and sent the matter back to the banking ombudsman to decide afresh. ....
RBI Mute Spectator As Banks Charge High Interest Rates: Allahabad High Court sahilonline.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from sahilonline.org Daily Mail and Mail on Sunday newspapers.
The observation was made by a bench comprising Justices Mahesh Chandra Tripathi and Prashant Kumar while disposing of a petition filed by Manmeet Singh who had availed of a loan of Rs 9 lakh from a private bank. "Surprisingly, RBI had been issuing guidelines but has done nothing for the implementation of the same. They have just been a mute spectator allowing the banks to charge arbitrarily a very high rate of interest," the court observed. ....