National commission cannot re-write terms of contract entered between bank and credit cardholder

Hongkong And Shanghai Banking Corp. Ltd. Vs AWAZ & Ors. (Supreme Court of India) Supreme Court held that the National Commission had no jurisdiction to re-write the terms of the contract entered between the banks and the credit cardholders, which the parties have mutually agreed to be bound by. Thus, RBI cannot be directed to impose cap on charging interest from credit cardholders in case of default and delay in payment not questionable. Facts- The captioned set of appeals arise out of the common Judgment & Order dated 07.07.2008 passed by the National Consumer Disputes Redressal Comm...