RBI allowing banks to arbitrarily charge very high rate of interest: Allahabad High Court

It is the duty of RBI to see that the customers are not inconvenienced by huge rate of interest charged by the banks, the Court said.

The Allahabad High Court recently observed that despite guidelines issued by the Reserve Bank of India (RBI), banks are permitted to impose arbitrarily high interest rates on their customers. [Manmeet Singh v. UOI & Ors]

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