Allahabad HC concerned over banks charging ‘very high’ rates of interest ...Middle East

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Allahabad HC concerned over banks charging ‘very high’ rates of interest
Prayagraj: The Allahabad High Court has observed that despite guidelines issued by the Reserve Bank of India (RBI), banks are imposing arbitrarily high interest rates on their customers. A bench of Justice Mahesh Chandra Tripathi and Justice Prashant Kumar observed this while disposing of a petition filed by one Manmeet Singh. The court observed, “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.” Further discussing RBI’s responsibility as the banking regulator in the country, the court said, “Even if the benefit of doubt is given t

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