The Supreme Court on Monday admitted the appeals of Standard Chartered Bank, HSBC and Citibank challenging the order of the National Consumer Commission imposing restriction on charging credit card holders an interest rate in excess of 30 per cent.
A bench headed by Justice Ashok Bhan said the Railway staff should not carry out their duties in a mechanical manner and directed its administration to pay Rs 50,000 to an IAS officer who lost his bag in Rajdhani Express.
In a ruling that would bring cheers to thousands of customers, the National Consumer Commission has ruled that banks cannot unilaterally change its schemes as it might amount to 'deficiency of service.'
The commission said its agents are more interested in making a quick buck by getting more policies for the company and they show scant regard to the interest of the policy holder.
The Supreme Court stayed the National Consumer Commission's order, which had capped the interest rate chargeable on credit card holders at 30 per cent. The verdict will allow banks to levy any interest rate they consider applicable to card holders. In their appeal, the banks said they were following the guidelines of the RBI, which was the only authority to regulate the fixing of the interest. The commission had no jurisdiction to pass an order directly to the banks.
Holding that stock exchanges are service providers coming within the ambit of Consumer Protection Act, the National Consumer Commission has ruled that bourses would have to compensate investors in case its broker defaults.
ICICI Bank has been directed by a consumer court to pay Rs 50,000 compensation to a customer and return his Indica car forcibly repossessed by its employees in violation of SC guidelines. The West Delhi District Consumer Forum president J P Sharma said: "The conduct of the bank in taking forcible possession of car without intervention of the civil court was illegal in view of what has been observed by the SC and the National Consumer Commission."
The National Consumer Commission on Thursday dismissed a medical negligence claim to the tune of Rs 143 crore filed by a US-based doctor who had alleged that his wife died because of negligence at a Kolkata hospital.
A 71-year-old man, whose dream of starting a business with his life savings got shattered as a bank negligently transferred his money to a stranger, has now been provided relief with the National Consumer Commission asking the Punjab and Sind Bank to pay him Rs 15.5 lakh.
South Korean car giant Hyundai Motors has been asked by the National Consumer Commission to pay Rs 6.8 lakh to a consumer for supplying a defective Accent car. Ruling that it is the duty of the car manufacturers to replace defective vehicles, the Commission said that in such cases, the companies are "not justified" in protracting litigation for years merely because they have money power.
Now, the National Consumer Commission has come to the rescue of the car owner and directed Daimlerchrysler India Pvt Ltd - the makers of Mercedez-Benz - to either replace the car, which suffered from over-heating, or refund its price.
The National Consumer Commission has told KEL to refund the cost of Rs 41,970, besides compensation of Rs 5,000.
The Supreme Court has ruled that an insurance company will be liable to pay compensation to a vehicle owner, even if the vehicle involved in a mishap is manned by a driver without a valid licence.
Unitech alleged that the takeover of the management of the company by the Centre would make it difficult for them to deposit Rs 750 crore as directed by the apex court to safeguard the interests of homebuyers.
Companies think they are too big to bow before regulators.
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