IMGCAP(1)]
Processing Content
The Reserve Bank of India, the country's central bank, reportedly wants the country's issuers to set and publish their highest credit card interest rates, a move that comes amid increasing attention to card interest rates in India. Bank officials did not offer immediate comment about the press reports, but financial authorities reportedly want to make the country's card-payment system more transparent. That would include providing clear definitions of such terms of "free credit period" and "minimum amount due." The National Consumer Disputes Redressal Commission, a quasi-judicial body, has called for issuers to cap annual interest rates at 30% (CardLine Global, 27 Aug.).
