Silence on usurious rates

All credit card issuing banks/institutions charge more than 37% per annum interest if card dues are not paid within a stipulated period.

All credit card issuing banks/institutions charge more than 37% per annum interest if card dues are not paid within a stipulated period. In India, we have the Usurious Loan Interest Act to regulate interest rates. Courts reduce rates, via decrees, if, in their opinion, contractual rate of interest is high.Then why are the RBI and government so silent on the more than 37% interest charged by banks on overdue credit card dues? Deplorably, even consumer associations are silent on this.

?Sudhir K Bhave

Inhuman theft

It has been reported that the Central Information Commission has sought action by the Prime Minister?s Office regarding the alleged misappropriation of money from the PM?s National Relief Fund. Siphoning off money meant for providing relief to victims of natural catastrophes is both cruel and inhuman. An effective method that could prevent such misappropriation of funds is to stop the collection of money from the public and allot a reasonable amount in annual government budgets. With annual budgets running to trillions of rupees, both the Union and state governments can certainly allocate a small part of it for relief operations. This will go a long way in creating accountability in relief operations.

?VS Venkatavaradan, Salem

This article was first uploaded on October twenty-seven, twenty seven, at zero minutes past twelve in the am.