Credit card holders to appeal


The memorandum appealed for the following: Fixing of a ceiling of atleast 18 per cent per annum on the maximum rate of interest as was done before the economic reforms, levying unauthorised charges like hidden charges and penalties, ensuring uniformity in debitting ECS, registration of terms, conditions and scrutiny, stoppage of filing of false criminal charges against customers, need for exclusion of housing loans and other loans below Rs 25 lakh from the purview of Securitization Act and a curb on hiring private agencies for recovery and repossession of property.

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