SC: Hard to Believe Married Woman Was Lured Into Sex by False Marriage Promise; Case Quashed  ||  SC: Properties Acquired by Karta are Presumed to be Joint Hindu Family Assets unless Proven Otherwise  ||  SC: Trial Courts Must Record that Free Legal Aid was Offered to Accused Before Witness Examination  ||  SC: State Government Employees Cannot Claim Dearness Allowance Twice a Year Unless Rules Allow  ||  P&H High Court: Anticipatory Bail on Settlement Can be Revoked if Compromise is Broken  ||  Delhi High Court: Consenting Adults can Choose Life Partners Without Societal or Parental Approval  ||  Cal HC: Excessive Palm Sweating Alone Cannot Render Candidate Medically Unfit for CAPF Appointment  ||  Del HC: Mother's Right to Education and Personal Growth Cannot be Restricted Due To Custody Disputes  ||  SC: Under RTE Act, States Cannot Justify Low Teacher Pay by Citing Centre’s Failure to Release Funds  ||  Supreme Court: While a Child’s Welfare is Paramount, It is Not the Sole Factor in Custody Disputes    

ICICI Bank Limited v. Pankaj Goyal - (08 Jun 2015)

Increase in floating rate of interest arbitrarily and without transparency can warrant court interference

MANU/RB/0005/2015

Consumer

Consumer courts can give relief if banks lending to consumers on a floating interest rate arbitrarily, without notice to the borrower and non-transparently alter the interest rate. In the instant case, where the lender bank had increased the rate of interest payable by the borrower and extended the duration over which it was to be paid without notice to the Respondent, the Punjab State Consumer Dispute Redressal Commission reverted the rate of iterest to its initial figures. The Commission was unable to find conformity with the bank's Asset-Liability Management and RBI guidelines pertaining to floating rate increases.

Relevant : Central Bank of India vs. Ravindra and ors. MANU/SC/0663/2001 Corporation Bank vs. D.S. Gowda and Anr. MANU/SC/0788/1994

Tags : CONSUMER   FLOATING RATE   LOAN  

Share :        

Disclaimer | Copyright 2026 - All Rights Reserved