2024 INSC 1044
Civil Appeal No. 5273 of 2008 Page 1 of 44
REPORTABLE
IN THE SUPREME COURT OF INDIA
CIVIL APPELLATE JURISDICTION
CIVIL APPEAL NO. 5273 OF 2008
HONGKONG AND SHANGHAI
BANKING CORP. LTD. ...APPELLANT(S)
VERSUS
AWAZ & ORS. ...RESPONDENT(S)
WITH
CIVIL APPEAL NO. 5294 OF 2008
CIVIL APPEAL NO. 5627 OF 2008
CIVIL APPEAL NO. 5278 OF 2008
CIVIL APPEAL NO. 6679 OF 2008
Civil Appeal No. 5273 of 2008 Page 2 of 44
J U D G M E N T
SATISH CHANDRA SHARMA, J.
1. The captioned set of appeals arise out of the common
Judgment & Order dated 07.07.2008 passed by the National
Consumer Disputes Redressal Commission, Delhi (hereinafter
“National Commission/ NCDRC”) in Complaint Case No.
51/2007 and Revision Petition No. 1913/2004. No appeal has
been preferred from either of the parties, in the Revision Petition
No. 1913/2004.
2. The National Commission proceeded with the prima-facie
view that the charging of interest at rates ranging from 36% to
49% p.a. is exorbitant and amounts to the exploitation of the
borrowers/debtors and is usurious, had framed the following
issues:
i. Whether the Reserve Bank of India (hereinafter
referred to as RBI) is required to issue any circular or
guidelines prohibiting the Banks/Non-Banking
Financial Institutions/money lenders from charging
interest above a specific rate?
ii. (a) Whether banks ca...