Financial Daily from THE HINDU group of publications
Friday, Mar 21, 2003
Financial Daily from THE HINDU group of publications Friday, Mar 21, 2003 |
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Opinion
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Letters Credit card rules
This is with reference to "Plastic rules need reform" (Business Line, March 18). The article has rightly highlighted the problems faced by credit card holders because of the abnormal interest rates charged by banks. It is also surprising that the Finance Minister, Mr Jaswant Singh, and the Reserve Bank of India have not taken any measures to address the issue. Nearly 1 per cent of the population has credit cards, and the main beneficiaries of the high interest rates are the foreign banks. The RBI should intervene immediately and regulate the credit card sector. The cardholders should be given the option of converting their credit card dues into short-term loans with 36-48 month tenure.
When the governments in other countries have passed ordinances to control the credit card sector, why cannot the Centre follow suit? B. Gopinath Dindigul
Article E-Mail :: Comment :: Syndication
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