REVISION PETITION NO. 1913 OF 2004

(from the order dated 06.05.2004 in A No.1706 of 2003 of the State Commission, Madhya Pradesh)

D C M Financial Services Ltd … Petitioner

Versus

Mukesh Rajput and Another … Respondent

CONSUMER COMPLAINT NO. 51 OF 2007

Awaz and Others … Complainant

Versus

Reserve Bank of India & Ors. … Opposite Parties

BEFORE :

HON’BLE MR. JUSTICE M.B. SHAH, PRESIDENT

HON’BLE MRS. RAJYALAKSHMI RAO, MEMBER

HON’BLE MR. ANUPAM DASGUPTA, MEMBER

In R.P. NO. 1913 OF 2004

For the Petitioner : Mr. Hari Kishan, Advocate for

Mr.Sachin Chopra, Advocate

For the RBI : Mr.Jaideep Gupta, Sr. Advocate with

Mr.H.S. Parihar and Mr.K.S. Parihar, Advocates

For Respondent No.1 : Mr.Prem Kumar Chugh, Advocate

AND

Ms. Indu Malhotra, Sr. Advocate as

Amicus Curiae with Mr.Abhinav

Agnihotri, Advocate

In C.C. No. 51 of 2007

For the Complainant : Mr.Mayur R. Shah, Advocate

For Opp. Party No.1 : Mr.Jaideep Gupta, Sr. Advocate with

(RBI) Mr.H.S. Parihar and Mr.K.S. Parihar, Advocates

For Opp.Party No.2 : Mr.Sanjeev Puri, Sr.Advocate with

(HSBC) Mr.Sanjeev Malhotra & Pranav Vyas,

Advocates

For Opp.Party No.3 : NEMO

(American Exp. Bank)

For Opp.Party No.4 : Mr.Altaf Ahmed, Sr.Advocate

(Citi Bank) with Mr.R.S. Suri, Mr.Rahul Malhotra,

and Mr.Gurinder Suri, Advocates

For Opp.Party No.5 : Mr.Sanjay Gupta, Advocate with (Standard Chartered Bank) Mr.Ajay Monga and Mr.Ateev Kumar,

Advocates

22.05.2008

O R D E R

Arguments heard. Order reserved. All the parties are directed to file their written submissions within a period of 10 days from today.

Learned senior counsel appearing on behalf of Citi Bank submits that within a period of 10 days from today, written submissions would be filed which would include the basis for charging interest at the rate more than 36% from the credit card users. It is his contention that it is the function of the RBI under Section 35A of the Banking Regulations Act to prescribe a limit and if they fail to do so and leave it to the Banks as per Circular dated 2.7.2007, the consumer fora may not interfere with the rate of interest determined on the basis of market forces by holding that the same is excessive.

……………………………………….J.

( M.B. SHAH)

PRESIDENT

…………………………………………

(RAJYALAKSHMI RAO)

MEMBER

…………………………………………

(ANUPAM DASGUPTA)

MEMBER

/sra/ 105-106 / Court-1