IMGCAP(1)]
Banks in India reportedly are increasing credit card interest rates, but at least one large issuer in the country denies the trend. A report in The Economic Times newspaper on Sunday contends such financial institutions as the State Bank of India, ICICI, HDFC, Deutsche Bank and HSBC are raising annual credit card interest rates to as high as 50% from approximately 30%. No issuer except HSBC responded to requests for comment from CardLine Global, and an HSBC spokesperson disagrees with the report. "HSBC has not raised the interest rates on its cards, as has been wrongly reported," the spokesperson, Rajesh Joshi, tells CardLine Global. The report comes after the National Consumer Disputes Redressal Commission, a quasi-judicial body, called for issuers to cap annual interest rates at 30%, Prathima Rajan, an India-based analyst for United States-based Celent LLC, tells CardLine Global.
