IBNLive : Bank overcharges interest, then threatens consumer

Bank overcharges interest, then threatens consumer

The Mumbai Police have registered an FIR against Citi Financial.
Read The Article

Shivashankar

I perfectly agree with this article. The citibank and other NBFC charges interest like horrible money lenders. One can see near their credit card statement to convert the payment to EMI. Wonder how much is the interst ? Its whopping 24% per annum. :-)
RBI should definitely capture these robbers.

( Posted: Monday , February 04, 2008 at 16:52 )

Suhas

If 15% is the limit on private money lenders, what is the limit for NBFC and Banks regulated by RBI?
In case of credit card overdue, 2.95% PM Interest is charged which translates to @ 35 % PA.
CAN RBI or someone else highlight on this?

( Posted: Monday , February 04, 2008 at 16:07 )

Bharath

People should be careful before taking loan and should be more alert while signing docs

( Posted: Monday , February 04, 2008 at 15:28 )

Suman Kumar Ghosh

These financial institutions in our country earn revenunue by the many loopholes of law unknown to the public. By charging such huge amount of interest in Loan s and Credit cards they are directly lowering the purchasing power of the people effecting GDP. There should be a massive public ligigation against these institution so that the transparency and effectiveness of institution will prevail.

Sending Goondas for collection of money is a criminal offence and the victim should be compesated and the criminal and their propagator should be punished.

( Posted: Monday , February 04, 2008 at 15:21 )

kumar

I have three different loans from citi bank salary account.
I am surprised that the bank cannot charge more than 15%.I am paying 16% 17% and 18% whih is really very high.Thanks to CNN IBN for bringing this to light.We consumers have to get our hard earned money back.

( Posted: Monday , February 04, 2008 at 14:42 )

John Kottoor

Good move. Citibank is ruthless and you pay through the nose if you get into some trouble for any mistake of not yours like transactions on a stolen credit card. The so called fraud management system is a farce.
RBI needs to seriously look into how all the credit card companies charge interest in India.
For a statement balance of Rs 20000 even if the user pays 19500 the interest of 2.95 per month is charged on the entire 20000INR and not the rest 500INR as in the rest of the world. On top of that interest is charged on individual transactions from the date of transaction till the next statement. There's a big scam still to be uncovered there. Would appreciate if media does something on this front.

( Posted: Monday , February 04, 2008 at 14:39 )

Add Your Comment

Do not be rude to other users/authors or disrupt an ongoing conversation/debate.

Do not use ethnic slurs, engage in personal insults or use objectionable language.

Criticism, when constructive and non-disruptive is always welcome.

Comments with links in them won't be published other than in cases of rare exceptions.

Comments that include personal details such as postal addresses and telephone numbers will not be published.

Keep the comments relevant to the topic as much as possible.

Do not impersonate another reader or a public figure.

Do try to use English to write your comments.

Comment Policy Explained

Please enable javascript in your browser to use this form.

Disclaimer

All the content posted under the 'Comments' category are made by the readers of CNN-IBN, unless specified otherwise. CNN-IBN is not responsible for the opinions of the readers and the content posted by the readers are not representative of the views and opinions of CNN-IBN.

Current Topic

Bank overcharges interest, then threatens consumer