The court determined that the banking ombudsman failed significantly in adjudicating the petitioner’s case.
The court noted that the petitioner was consistently charged a higher interest rate throughout the loan tenure without any apparent justification.
The Allahabad High Court has observed that the Reserve Bank of India has been a “mute spectator” while banks are imposing arbitrarily high-interest rates on customers despite guidelines issued by the banking regulator.
The observation was made by a bench comprising Justices Mahesh Chandra Tripathi and Prashant Kumar while disposing of a petition filed by Manmeet Singh who had availed of a loan of Rs 9 lakh from a private bank.
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Namit writes on personal finance, economy and brands. Currently contributing to News18.com as a Senior Sub Editor in the business vertical. Prior to t…Read More